El Salvador has significantly increased its Bitcoin holdings, purchasing 11 BTC worth over $1 million, despite a recent agreement with the International Monetary Fund (IMF) to scale back its crypto initiatives. This acquisition, made just a day after the deal, boosts the nation’s total Bitcoin assets to approximately 5,980, valued at over $577 million. This move is part of a broader strategy to solidify El Salvador’s position as a leader in the cryptocurrency economy.

Deviation from their regular “1 Bitcoin a day” purchasing plan marks a bold step for the country, aligning with the National Bitcoin Office’s intent to accelerate Bitcoin acquisitions. Stacy Herbert, the director of the Bitcoin office, confirmed this strategic shift on December 19. This comes amid an IMF deal mandating changes to El Salvador’s Bitcoin policy, which includes reducing the compulsory nature of Bitcoin transactions in business operations and limiting tax payments to US dollars.

Despite international skepticism and economic warnings, El Salvador is doubling down on its commitment to Bitcoin. The country continues to embrace the cryptocurrency as legal tender and is pushing forward with initiatives to enhance Bitcoin education, market development, and support for private-sector Bitcoin wallets, aiming to bolster its digital economy and maintain its pioneering role in cryptocurrency adoption.