El Salvador has resumed its Bitcoin purchase after a brief pause. According to Arkham Intelligence, the country recently purchased seven BTC, which amounts to about $661k. This is the first purchase since the last one, which came on February 18.
The country currently holds more than 6,000 BTC, which is currently worth around $558 million, with the stash being propped up by its promise to purchase one BTC per day from November 2022. The recent halt in purchases came after an agreement between the IMF and the country to make modifications to its Bitcoin purchase to achieve a $3.5 billion financial contribution.
While it looked like the agreement may hamper its Bitcoin purchases, the country ramped it up, making a spirited purchase in December 2024, adding $1 million worth of the asset to its stash. The country also made the same worth of purchase the following month, marking another milestone.
El Salvador makes fresh BTC purchase
El Salvador’s Bitcoin policy involving the country’s adoption of Bitcoin as currency has influenced market sentiment, affecting Bitcoin’s volatility. The latest acquisition occurred after the price was below $95,000 due to U.S. President Donald Trump’s announcement on tariffs.
“El Salvador finally abandoned its failed experiment of using Bitcoin as legal tender. After two years, only 8% of Salvadorans used Bitcoin even once. If Bitcoin can’t function as a medium of exchange—the purpose for which it was created—what value does it have that can be stored?” – Peter Schiff.
El Salvador has enjoyed a nice relationship with Bitcoin, announcing its use as a legal tender. The country also made its first purchase of the asset within that period. However, statistics still point to the low volume of patronage of the asset in the country despite its wide recognition.