El Salvador's BTC Hoard Reaches 7,762 as IMF Deal Looms

El Salvador's Bitcoin Reserve Grows to 7,762 BTC Amid IMF Concerns

The government of El Salvador has continued its daily purchases of Bitcoin, adding another coin to its national reserve this week. The stash now stands at 7,762 BTC, worth around $598 million at the current price of approximately $77,000 per coin.

This move comes despite a $1.4 billion IMF financing agreement that urged El Salvador to stop buying Bitcoin with public funds and make merchant acceptance voluntary. However, President Nayib Bukele has stated that the reserve is a long-term position, not an attempt to time the market.

The accumulation of Bitcoin by El Salvador has been ongoing since 2021, when the country became the first nation to adopt it as legal tender. The government's strategy involves dollar-cost averaging at a national scale, with the aim of building a significant stash of the cryptocurrency over time.