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El Salvador continues to expand its Bitcoin holdings despite significant international pressure notably from the International Monetary Fund (IMF). The country recently acquired an additional 5 BTC bringing its total reserves to 6,111.18 BTC valued at over $503 million. This move comes after an agreement with the IMF which included conditions to rescind Bitcoin as legal tender and reduce public sector involvement in the cryptocurrency.
Despite the IMF’s disapproval and recent legislative changes to comply with a $1.4 billion loan agreement El Salvador’s government has not ceased its Bitcoin acquisitions. Just this year the country added multiple Bitcoins to its treasury even after legislative adjustments in January that aimed to scale back its cryptocurrency engagements as per IMF’s conditions.
President Nayib Bukele remains firm on his pro-Bitcoin stance amidst ongoing pressure from the IMF. His administration’s unwavering support for Bitcoin has even influenced major crypto firms to consider relocating to El Salvador. This bold approach reflects a commitment to continue integrating Bitcoin into the country’s economic strategy regardless of external pressures.
