El Salvador Denies Plans to Abandon Bitcoin Amid Treasury Gains

El Salvador has denied rumors that it is planning to pivot away from using Bitcoin as its official currency. The country's treasury, which holds BTC, had seen a significant increase in value over the past few months.

The news of El Salvador's potential pivot was met with skepticism by some analysts, who pointed out that the country's treasury had actually grown significantly since it started holding Bitcoin.

According to data from BitRss, the total value of Bitcoin held by El Salvador's treasury has increased from 1,170 BTC in May to over 2,000 BTC in recent days.

The rumors of a pivot away from Bitcoin were likely sparked by the fact that some stablecoins have seen significant growth in value recently, and some analysts had speculated that El Salvador might consider diversifying its portfolio.