The Bitcoin Office of El Salvador has revealed that the country possesses 6,101 bitcoins, which is approximately equivalent to 540 million dollars in current value. These digital assets were acquired by the government, led by President Nayib Bukele, who has been in the public spotlight since former U.S. President Donald Trump announced his intentions to create a cryptocurrency reserve in the North American country.
Trump, following the initial announcement, has continued to promote the idea of a cryptocurrency reserve, although the price of Bitcoin has experienced fluctuations in recent weeks due to a general shift towards higher-risk financial assets.
Despite certain previous measures that seemed to point in a different direction, such as the repeal of legislation that allowed tax payments in Bitcoin, El Salvador has continued to add bitcoins to its reserve. According to official data, the government recently purchased 12 additional bitcoins, despite commitments made in an agreement with the International Monetary Fund (IMF).
According to the IMF, El Salvador had committed not to accumulate more bitcoins or issue public debt indexed in this cryptocurrency, but the recent acquisition of bitcoins by the country seems to align with the objectives set out in the agreement. Furthermore, the Salvadoran government is expected to publish the financial statements of its Chivo digital wallet, as well as information about the state’s cold wallets.
President Bukele, who previously advocated for the adoption of Bitcoin as legal tender in El Salvador, has stated that the country will continue to buy this cryptocurrency, challenging rumors about a potential interruption of this practice. Bukele's statements come after the IMF approved a fund of 1.4 billion dollars for El Salvador at the end of February.
