El Salvador Boosts Bitcoin Reserves with 12 BTC Purchase Amid Market Fluctuations

El Salvador increased its Bitcoin holdings by acquiring 12 BTC on February 4 after a market dip.

The country previously bought 11 BTC for about $1.1 million at an average of $101,816 per Bitcoin and added another 1 BTC for $99,114. According to the Bitcoin Office tracker, this latest purchase brings the total Bitcoin reserve to 6,068 BTC, valued at over $554 million.

In a recent X post, the Bitcoin Office highlighted the country’s ongoing commitment: “El Salvador has added 21 BTC this week!” The post also revealed that, over the past 30 days, the government had acquired 60 BTC.

“The world’s first Strategic Bitcoin Reserve continues to grow, and El Salvador keeps winning,”

the office proudly proclaimed.

This expansion comes despite Bitcoin’s recent fluctuation. After dipping to a 24-hour low of around $96,000, the cryptocurrency rebounded to about $98,000, still lower than its intraday peak of $100,700, according to CoinGecko data.

Meanwhile, El Salvador has secured a $1.4 billion financing agreement with the IMF through a 40-month Extended Fund Facility to resolve balance of payment issues and support its reform agenda. A critical requirement of this agreement is reducing Bitcoin-related public sector activities, including restrictions on government transactions and purchases in Bitcoin. The country must also mandate tax payments in U.S. dollars and phase out the Chivo Bitcoin wallet.

The IMF has emphasized the need for transparency and regulation of digital assets to ensure financial stability and protect consumers and investors. In response, El Salvador’s Congress quickly approved reform measures proposed by President Nayib Bukele to conform Bitcoin policies to IMF demands. Lawmaker Elisa Rosales emphasized that these changes were vital for maintaining Bitcoin’s status as a legal tender while ensuring its practical usability. The approved reforms eliminate the obligation for businesses to accept Bitcoin, prioritize tax payments in U.S. dollars, and permit a reduction in government-sponsored cryptocurrency initiatives.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.