El Salvador Expands Bitcoin Holdings Amid Market Dip

According to Cointelegraph, El Salvador has increased its Bitcoin reserves by purchasing 12 Bitcoin during a recent market downturn. On February 4, the country acquired 11 Bitcoin for just over $1.1 million, averaging $101,816 per Bitcoin. An additional Bitcoin was later bought for $99,114, as reported by the government's Bitcoin Office tracker. This acquisition brings El Salvador's total Bitcoin holdings to 6,068 BTC, valued at over $554 million. The Bitcoin Office announced in a February 4 post on X that El Salvador had accumulated 21 BTC over the week, with a total of 60 BTC purchased in the past 30 days. The post highlighted the growth of the world's first Strategic Bitcoin Reserve, emphasizing El Salvador's continued success in expanding its cryptocurrency assets. Bitcoin experienced a 24-hour low of approximately $96,000 but has since recovered to around $98,000, though it remains below its intraday high of over $100,700, according to CoinGecko data. The recent Bitcoin purchases follow a $1.4 billion financing agreement between El Salvador's President Nayib Bukele and the International Monetary Fund (IMF) last month. As part of the agreement, the government agreed to reduce some of its Bitcoin-related activities. Changes implemented by El Salvador include making Bitcoin acceptance voluntary for the private sector and reducing government involvement in the Chivo crypto wallet. On January 29, Reuters reported that El Salvador's Congress quickly approved legislation to amend its Bitcoin laws to align with the IMF deal, which President Bukele had submitted shortly before. Despite the IMF agreement, El Salvador's government continues to invest in Bitcoin. The day after the deal was made, the country purchased $1 million worth of Bitcoin. National Bitcoin Office Director Stacy Herbert stated in late December that the country's Bitcoin strategy remains unchanged. A spokesperson from the Bitcoin Office also confirmed to Cointelegraph that El Salvador plans to continue buying Bitcoin, with intentions to "intensify in 2025."