El Salvador Amplifies Bitcoin Purchases as Reserves Surpass $574 Million

El Salvador's government significantly increased its daily Bitcoin #BTC purchases last week, raising its acquisitions elevenfold on two separate occasions.

Since November 2022, shortly after the collapse of crypto exchange FTX, the Central American nation has consistently purchased one Bitcoin daily. However, last Friday, El Salvador spent approximately $1.07 million to purchase 11 BTC, repeating the same volume on Sunday, as reported by the Bitcoin analytics platform Arkham.

Max Keiser, a prominent Bitcoin advocate, revealed that President Nayib Bukele aims to accumulate 20,000 more Bitcoin as part of a broader interim strategy.

This buying spree coincides with El Salvador securing a $1.4 billion credit facility from the International Monetary Fund (IMF). The IMF claimed this arrangement would "catalyze" an additional $3.5 billion in financing from the World Bank and other financial institutions. However, the UN-backed agency also disclosed that El Salvador agreed to scale back its cryptocurrency initiatives to secure the funding.

As Bitcoin adoption evolves in El Salvador, these developments underscore the country's growing commitment to its cryptocurrency strategy while balancing international financial agreements.

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