El Salvador Buys 12 Bitcoin in a Day, Boosting Reserve to 6,068 BTC
El Salvador's overall Bitcoin stockpile has seen yet another growth spurt. The country's Bitcoin holdings now amount to 6,068 Bitcoin, which currently carry a value of over $554 million. In the midst of a dip in the crypto markets, El Salvador has once again replenished its expanding Bitcoin reserve by acquiring 12 Bitcoin within the last day.
On February 4th, the country made significant Bitcoin purchases. It bought 11 Bitcoin (BTC) for just a little over $1.1 million, at an average price of $101,816 per Bitcoin. Subsequently, according to the government's Bitcoin Office tracker, it purchased an additional 1 BTC for $99,114. These acquisitions have pushed the Central American nation's total holdings to 6,068 BTC, with a valuation exceeding $554 million.
"The first Strategic Bitcoin Reserve in the world keeps growing and so El Salvador keeps winning," the Bitcoin Office added. The Bitcoin Office also announced in a February 4th post on X that "El Salvador has stacked 21 BTC this week!" The post further revealed that the country had purchased 60 BTC over the past 30 days.
According to CoinGecko data, Bitcoin hit a 24 - hour low of approximately $96,000 but has since bounced back to around $98,000. However, it is still lower than its intraday high of over $100,700.
The additional Bitcoin purchases by El Salvador come on the heels of President Nayib Bukele's $1.4 billion financing agreement with the International Monetary Fund last month. As part of the agreement, he committed that his government would scale back some of its Bitcoin - related activities. Some of the adjustments made by the country included making the private sector's acceptance of Bitcoin voluntary and reducing the government's involvement in the Chivo crypto wallet.
Reuters reported on January 29th that El Salvador's Congress promptly approved legislation to amend its Bitcoin laws in order to comply with the IMF deal. The legislation was sent by Bukele just minutes prior to the approval.
Despite the IMF deal, El Salvador's government has persisted in buying Bitcoin. In fact, the day after reaching the agreement with the IMF, the country purchased $1 million worth of Bitcoin.
National Bitcoin Office Director Stacy Herbert took to X in late December to state that the country's Bitcoin plans had not changed. A Bitcoin Office spokesperson also previously informed Cointelegraph that the country intends to continue buying Bitcoin, with plans to "intensify in 2025."