El Salvador’s Bitcoin office recently announced the deposit of over a million dollars’ worth of Bitcoin into the country’s Strategic Bitcoin Reserve, making it the first nation in the world to create such a reserve.
????????We just transferred over a million dollars worth of Bitcoin to our Strategic Bitcoin Reserve. pic.twitter.com/4ZrxGw9Od0
— The Bitcoin Office (@bitcoinofficesv) December 20, 2024
The announcement followed the purchase of 11 bitcoins worth $1.07 million by a wallet address linked to El Salvador earlier today.
After El Salvador struck a $1.4 billion loan deal with the International Monetary Fund (IMF), concerns arose within the crypto community that the country’s Bitcoin strategy might be scaled back. However, El Salvador has dispelled these rumors, stating that it intends to continue buying Bitcoin—possibly at an accelerated pace.
If you think El Salvador “bent a knee” to the IMF, zoom out:
The Bitcoin Law should’ve bankrupted El Salvador.
The establishment did everything in its power to force @nayibbukele into capitulation.
He didn’t. And not only did he keep the Bitcoin Law—he also got the IMF deal ???? pic.twitter.com/fpRrwS6iHa
— Lina Seiche (@LinaSeiche) December 19, 2024
Stacy Herbert, Director of El Salvador’s National Bitcoin Office, reiterated on X (formerly Twitter) that Bitcoin will remain legal tender in the Central American nation and that the government is committed to expanding its strategic reserves.
This bold move has garnered praise and admiration from the crypto community and Bitcoin maxis, though it risks drawing criticism from the IMF. El Salvador, proud of its pro-Bitcoin stance, has continued to pioneer such initiatives. Its One Bitcoin A day initiative helped El Salvador’s sovereign bonds made a impressive comeback: from 31 cents to above-par.
Notably, El Salvador’s Bitcoin Reserve holds particular significance as other countries, including the United States, Poland, Brazil, and several European nations, are reportedly considering the creation of their own Bitcoin reserves.
Also Read: Dutch Entrepreneur Urges Netherlands Gov to Establish Bitcoin Reserve