El Salvador Raises Daily Bitcoin Purchase Elevenfold for Two Days As BTC Reserves Soars to Over $574,000,000

The government of El Salvador raised its daily Bitcoin (BTC) purchase by elevenfold on two separate days in the past week.

The Central American country started buying one BTC every day in November 2022, shortly after the crypto exchange FTX imploded.

Last Friday, however, El Salvador purchased more than 11 BTC worth $1.07 million, and they executed another 11 BTC purchase on Sunday, per the crypto data platform Arkham.

BTC advocate Max Keiser, who works as the “senior Bitcoin advisor” to El Salvador President Nayib Bukele, says Bukele is ramping up buys “with an interim goal of acquiring 20,000 more Bitcoin.”

The additional purchases come shortly after El Salvador secured a $1.4 billion loan facility from the International Monetary Fund (IMF).

The IMF says the facility is expected to “catalyze” a combined total of $3.5 billion in financing from the World Bank and various other international financial institutions, but the UN financial agency claimed in a press release that El Salvador’s government agreed to limit its crypto efforts as part of the agreement.

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies. Legal reforms will make the acceptance of Bitcoin by the private sector voluntary. For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined. Taxes will only be paid in US dollars and the government’s participation in the crypto e-wallet (Chivo) will be gradually unwound. Transparency, regulation, and supervision of digital assets will be enhanced to safeguard financial stability, consumer and investor protection, and financial integrity.”

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