Crypto
El Salvador Boosts National Bitcoin Reserve to 7,762 BTC Amid IMF Pressure
El Salvador's president, Nayib Bukele, continues to uphold his country's unique stance on Bitcoin. Despite the International Monetary Fund (IMF) urging the government to limit public sector purchases and make Bitcoin acceptance voluntary for merchants, El Salvador has raised its national bitcoin reserve to 7,762 BTC.
The treasury is now worth approximately $598 million at the current price of around $77,000 per coin. This accumulation strategy was implemented in January, with over 1,600 coins added to the reserve between then and April alone.
Bukele has justified this move as a long-term position, likening it to a national-scale dollar cost average, where the coin count matters more than the price on any given day.