El Salvador has bought an additional 12 Bitcoins for its national reserve amid a pullback in the crypto market. The tiny Latin American nation has increased its hoard of the alpha cryptocurrency to 6,068 BTC.
The purchase comes days after El Salvador agreed to dial back its Bitcoin ambitions in order to secure a loan from the IMF.
El Salvador Buys Bitcoin Dip, Scoops 12 BTC
El Salvador purchased 11 BTC on Feb. 4, worth roughly $1.1 million, at an average price of $101,816 per coin. The Central American nation later acquired a further 1 BTC for $99,114, data from the Bitcoin Office tracker shows.
The latest purchase brings El Salavdor’s total Bitcoin cache to 6,068 BTC, worth around $591 million. Bitcoin was changing hands at $97,554 as of press time, according to CoinGecko.
“The first Strategic Bitcoin Reserve in the world keeps growing, and so El Salvador keeps winning,” the Bitcoin Office said in a Feb. 4 post on X.
BTC Purchases Continue Post-IMF Agreement
The acceleration of El Salvador’s BTC buys comes just days after President Nayib Bukele signed a $1.4 billion loan agreement with the International Monetary Fund, where he agreed to scale back on some of his Bitcoin activities.
Some of the policy changes made by El Salvador included easing a requirement that forced local businesses to accept Bitcoin and winding down the state-backed Chivo wallet.
As reported by ZyCrypto, the nation’s legislature swiftly passed legislation to amend its Bitcoin laws to comply with the IMF deal. Although El Salvador has continued to snap up more Bitcoin despite the financing deal, President Bukele, who championed the bill to make BTC legal tender, previously admitted that the nation’s monetary experiment had mixed results, adding that the premier crypto had seen limited domestic adoption.