El Salvador has once again captured the attention of the crypto world. This week, the small Central American country added 8 BTC to its reserves, worth around US$728 thousand. Now, El Salvador's total Bitcoin holdings have surpassed 6,173 BTC—showing a strong commitment to this digital asset, despite being under pressure from global financial institutions.
This move was made under the leadership of President Nayib Bukele, who has consistently purchased 1 Bitcoin every day since the end of 2023. This policy continues, even though El Salvador is negotiating a loan agreement with the International Monetary Fund (IMF) worth US$1.4 billion.
In the agreement, the IMF had requested El Salvador to halt Bitcoin purchases by the public sector as part of the loan conditions. However, Bukele refused to succumb to that pressure and instead increasingly demonstrated a firm stance towards his vision of making Bitcoin an important part of his country's economic future.
This policy indeed triggers both support and opposition. On one hand, many investors and global economic observers assess this move as high-risk. On the other hand, the crypto community praises Bukele's courage, viewing him as a pioneer of Bitcoin adoption by sovereign nations.
El Salvador's move could set an important precedent for the future—will other countries follow in its footsteps, or will they choose a more conservative path?
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