El Salvador has once again added Bitcoin to its national reserves, purchasing 12 BTC despite a previous agreement with the International Monetary Fund (IMF) to scale back some of its crypto-related policies. This latest acquisition brings the country’s total Bitcoin holdings to 6,044 BTC, valued at over $617 million at current market prices.

In a Jan. 19 X post, the country’s National Bitcoin Office announced the purchase of 11 Bitcoins (BTC) worth $102,318 for its Strategic Bitcoin Reserve. On January 20, it also spent $106,000 to buy one Bitcoin.

The purchase comes just days after El Salvador reached a financing agreement with the IMF, a deal that included provisions for the country to unwind its involvement in the Chivo cryptocurrency wallet and make private-sector acceptance of Bitcoin voluntary.

However, the country’s President, Nayib Bukele, has repeatedly emphasized his commitment to Bitcoin, stating that the recent agreement with the IMF does not change the country’s Bitcoin strategy.

El Salvador’s continued investment in Bitcoin has drawn both praise and criticism. Supporters argue that Bitcoin offers the country a hedge against inflation and a way to diversify its foreign reserves. Critics, on the other hand, express concerns about the volatility of Bitcoin and the potential risks associated with holding such a large portion of the country’s reserves in a single cryptocurrency.

Despite these concerns, El Salvador remains committed to its Bitcoin strategy. The country’s latest purchase of 12 BTC underscores its belief in the long-term potential of Bitcoin as a valuable asset and a key component of its economic development plans.

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