El Salvador Buys More BTC to Raise January Stockpile

El Salvador continues to increase its Bitcoin reserves with the purchase of 12 more cryptocurrencies in two separate transactions this week.

The purchases included 11 BTC on January 19 and an additional 1 BTC on January 20, El Salvador’s National Bitcoin Office (ONBTC) said.

El Salvador Increases Bitcoin Ownership While BTC Hits Record High

ONBTC highlighted this trade in a post on X (formerly Twitter), sharing his steady accumulation strategy.

“This is how we will win: accumulate slow and steady and then ‘hodl’ with a steady hand,” the article stated.

The latest transaction brings El Salvador’s total Bitcoin holdings to 6,044.18 BTC, worth over $617 million at the moment.

This latest purchase underscores the country’s commitment to its cryptocurrency strategy, which has been a cornerstone of the country’s economic policy. In 2021, El Salvador passed the Bitcoin Law, becoming the first country in the world to accept BTC as legal tender.

However, the transaction comes after a $1.4 billion deal with the International Monetary Fund (IMF).

Under the terms of the agreement, the country agreed to minimize the risks associated with Bitcoin. This includes voluntary Bitcoin adoption in the private sector and limited public sector participation.

“For the public sector, participation in economic and transactional activities related to Bitcoin and the purchase of Bitcoin will be limited,” according to this agreement.

While BTC was a major talking point in the four-year negotiation, it seems the deal has done nothing to dampen El Salvador’s enthusiasm for Bitcoin. In fact, just one day after the deal, Stacy Herbert, Director of El Salvador’s National Bitcoin Office, did write on X that Bitcoin will remain legal tender in the Central American country and the government will continue to add to its strategic reserves.

Meanwhile, El Salvador’s latest Bitcoin purchase coincides with another cryptocurrency milestone. On January 20, Bitcoin hit a new record high. This was driven by optimism surrounding Donald Trump’s re-election to the White House.

Bitcoin trades at $102,316 at press time, down 5.7% over the past 24 hours.

As Bitcoin continues to grow, El Salvador’s commitment to the largest cryptocurrency is still attracting attention.