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El Salvador Strengthens Crypto Bet Despite IMF Pressure
El Salvador has once again reaffirmed its commitment to Bitcoin, purchasing 21 BTC — worth approximately $2.3 million — in celebration of the fourth anniversary of its historic Bitcoin Law. The law, enacted in September 2021, made El Salvador the first country in the world to adopt Bitcoin as legal tender.
“Buying 21 bitcoin for Bitcoin Day,” said President Nayib Bukele in a post on X (formerly Twitter) on Sunday, referencing the symbolic nature of the purchase.
Total Holdings Now Over 6,300 BTC
According to the National Bitcoin Office, this latest acquisition brings El Salvador’s total Bitcoin holdings to approximately 6,313 BTC, valued at around $701.8 million at current market prices.
The move follows recent steps by the country to enhance the security of its Bitcoin reserves. Just last week, El Salvador split its BTC holdings across 14 separate addresses, a measure reportedly aimed at mitigating risks related to future quantum computing threats.
Conflicting Signals from Government Statements
Despite the official line from President Bukele, a report submitted to the International Monetary Fund (IMF) in July by El Salvador’s central bank president and finance minister stated that the public sector halted BTC acquisitions in February, in compliance with IMF loan agreements.
However, the National Bitcoin Office has continued its “1 BTC per day” purchasing campaign — a detail still displayed on its official website. President Bukele has previously denied claims that Bitcoin purchases had ceased.
“No, it’s not stopping,” Bukele posted in March. “If it didn’t stop when the world ostracized us… it won’t stop now.“
A New Phase for Institutional Adoption
In August, El Salvador passed new legislation allowing major financial institutions to apply for licenses to offer Bitcoin and other digital asset services to professional investors — a signal that the nation continues to double down on crypto adoption.
