Key dealers
- El Salvador paused his daily Bitcoin purchases, according to information on the chain.
- The IMF agreement requires El Salvador to scale back Bitcoin initiatives and make acceptance voluntary for companies.
El Salvador’s daily Bitcoin purchasing strategy seems to have paused, with the latest registered purchase from the country’s wallet, according to Arkham Intelligence, which occurs on February 17. The content comes as the nation recently secured A loan agreement with $ 1.4 billion with the International Monetary Fund (IMF).
The Central American nation currently has over 6,000 Bitcoin, valued at approximately $ 586 million at current market prices. President Nayib Bukele had previously implemented a strategy to buy a bitcoin daily, which began in November 2022.
In March 2024, Bukele transferred the country’s Bitcoin holding, then about $ 5,600 Bitcoin worth over $ 400 million, to a cold wallet, which he called “El Salvador’s first Bitcoin Piggy Bank.” This marked the first public disclosure of the country’s Bitcoin wallet address and resigns from his previous practice to announce purchases only via social media.
The IMF agreement, which is structured for 40 months during the extended fund facility, follows four years of negotiations and requires El Salvador to change its Bitcoin policy.
The deal is expected to attract additional financial support and potentially reach over $ 3.5 billion throughout the program period.
As part of the agreement, El Salvador has undertaken to scale back his Bitcoin initiatives, including making Bitcoin ACCEPTANCE voluntarily for companies in the private sector. The country’s legislators approved amendments to its Bitcoin law at the end of January 2025 to adapt to these requirements.
El Salvador has made extra Bitcoin purchases on several occasions and deviates from his usual “One Bitcoin a day” policy.
In December last year, shortly after securing the financing agreement with the IMF, El Salvador adds $ 1 million to Bitcoin to his strategic reserves in a single purchase.
Similarly, El Salvador acquired February 4, 11 BTC in a single day, valued at over $ 1 million.