The post El Salvador’s Bitcoin Holdings Skyrocket 133% Despite IMF Stark Warnings! appeared first on Coinpedia Fintech News
Amidst the multiple warnings from the International Monetary Fund (IMF) to limit its Bitcoin purchases, El Salvador, the first country to adopt Bitcoin as legal tender, shows no signs of slowing down. Recently, El Salvador’s Bitcoin Office announced the addition of $1 million worth of Bitcoin to its Strategic Bitcoin Reserve. This bold move seems to be paying off, as the country’s Bitcoin portfolio has surged by over 133%, reaching an impressive $632 million.
El Salvador’s Bitcoin Holding Pays Off Big!
In a recent tweet post, El Salvador’s Bitcoin Office announced that it has transferred $1 million worth of Bitcoin into the country’s strategic Bitcoin reserves. This came after reports showed a wallet linked to El Salvador had bought 11 Bitcoins, worth $1.07 million, to boost its holdings.
This shows the country’s strong belief in Bitcoin as part of its financial plans. El Salvador is sticking to its goal of buying 1 Bitcoin every day to grow its reserves.
President Nayib Bukele proudly shared that the country’s Bitcoin portfolio has grown by an impressive 133%, now worth $632 million. Starting with 5,966 BTC valued at $270 million, the holdings have surged as Bitcoin’s price went above $106,000.
By increasing its Bitcoin reserves, El Salvador is strengthening its place in the global crypto market and betting on even bigger gains in the future.
IMF Stark Warning
El Salvador’s decision to invest in Bitcoin has attracted both supporters and critics. Recently, as Bitcoin’s price dropped below $100,000, the International Monetary Fund (IMF) warned El Salvador to limit its Bitcoin investments.
Stacy Herbert, the director of El Salvador’s Bitcoin office, responded on X saying that Bitcoin would stay legal tender in the country. She also mentioned that the government would continue to add more Bitcoin to its reserves.
El Salvador also made a $1.4 billion loan deal with the IMF. As part of the deal, President Nayib Bukele’s government agreed to reduce some of its Bitcoin policies. The deal also made it clear that taxes would only be paid in the U.S. dollar, the country’s other official currency.
Despite the IMF’s warnings, El Salvador is still sticking to its Bitcoin plan, showing its belief in the long-term potential of cryptocurrency.