El Salvador's Bitcoin Holdings Increase to 6,189.18 After Reaching Agreement with IMF
According to Deep Tide TechFlow, the International Monetary Fund (IMF) has stated it will continue to ensure that the amount of Bitcoin held by the El Salvador government remains unchanged. In March, El Salvador reached a $3.5 billion loan agreement with the IMF, which limited the status and accumulation of Bitcoin. According to the agreement, Bitcoin lost its legal tender status, and merchants are no longer required to accept Bitcoin as payment.
Nevertheless, El Salvador continues to increase its Bitcoin holdings. Since the announcement of the agreement on March 4, the government's Bitcoin holdings have increased from 6,101.15 to 6,189.18, worth approximately $678 million. President Bukele has stated that he will not stop purchasing Bitcoin. The IMF report indicates that the plan is on track, and key fiscal and reserve targets have been met.
