El Salvador has continued its commitment to the Bitcoin community, adding more BTC to its strategic Bitcoin Reserve, to bring its total cache to 6,093. The total cache is now worth $523M, with the country adding $1M worth of BTC in the last seven days, and $3.75M worth of BTC in the past 30 days.
The country’s National Bitcoin Office released the official figures through its tracker, noting that the company is still committing to staking up its one BTC per day promise despite the market decline. El Salvador has relaxed its Bitcoin policies, removing the mandatory clause for businesses to accept the asset. The legislative arm of the country passed a new Bitcoin law at the end of January, removing “currency” while keeping it as legal tender.
The changes, set to take effect on May 1, have been added to the national newspaper in El Salvador. This means that users can decide to decline the use of BTC for several aspects of their everyday lives. In addition, students are being taught private and public key generation as they continue to learn about transaction data and Cold card simulators.
El Salvador continues to buy Bitcoin despite market slump
According to the National Bitcoin Office, the purchase is going to continue until morale improves. “The first Strategic Bitcoin Reserve in the world keeps growing and so El Salvador keeps winning,” the Bitcoin Office said. The office also mentioned on February 24 that it has added 7 more BTC to its reserve as part of the long-term strategy. According to a recent Reuters report, the country has continued to stack up BTC despite promising the International Monetary Fund (IMF) to scale back on the purchases.
The agreement signed with the IMF in December 2024 was the major reason why the acceptance of Bitcoin became voluntary in the country as opposed to the previous compulsory stance. Aside from that, other payments were made in the United States dollar, with economists noting that Bitcoin no longer had the strength of a legal tender, despite the government’s continued efforts to force it.
El Salvador has also scaled back its Chivo wallet, with the president passing legal amendments to effect the new changes. However, the new changes have not affected the country’s one BTC per day strategy, committing to since the beginning of 2025. “We have a Bitcoin Office, we have the Bitcoin Law, Bitcoin can be used in El Salvador,” El Salvador’s ambassador to the United States said. However, a recent survey showed that 92% of Salvadorians did not use Bitcoin in 2024.