The post El Salvador Purchases 2 More Bitcoin After IMF Deal appeared on BitcoinEthereumNews.com.

El Salvador revoked Bitcoin’s legal tender status due to IMF pressure. Despite the transition, the country continues to increase its BTC reserves. Currently in the news with a surge of its Bitcoin buys, El Salvador is a forerunner in this Bitcoin adoption world. The IMF recently signed a $1.4 billion deal with it, forcing its government to choose Bitcoin payments but reduce its power in the coin sector. So, the governments of El Salvador are still on aggressive Bitcoin stacks, they bought two more in one day alone and look forward to increasing buy rates. The nation is holding 6,055 BTC that are worth more than $612 million currently. In the previous month, El Salvador increased its reserve by acquiring more than 50 BTC. It continues daily purchases of Bitcoin. This aligns with the initiative of the country, dubbed the Strategic Bitcoin Reserve, which aims to create a hedge in Bitcoin for any future economic issues. Reaction of Bitcoin Amid Regulatory Changes El Salvador became the first nation to make bitcoin a legal tender, and recently it was the first to cancel the status of bitcoin as a tender, due to pressure from the IMF. As part of the IMF agreement, El Salvador is required to make Bitcoin payments optional, reduce its crypto activities, and privatize the Chivo wallet. However, the country remains committed to the goal of increasing its Bitcoin holdings, notwithstanding these regulatory changes. Since El Salvador decided to change its status, Bitcoin encountered a relatively gentle market decline. Investors evaluated the implications of such a change on El Salvador. As the country continues to add more Bitcoins to its wallet, eliminating Bitcoin as legal tender brings into question whether it can survive in the long term within the country’s economic system. Though the IMF requested that El…

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Filed under: News - @ February 3, 2025 10:25 pm