El Salvador has once again demonstrated its unwavering commitment to Bitcoin by purchasing 11 BTC, worth over $1 million, during the 2024 Christmas season. The purchase comes just days after securing a $1.4 billion loan from the International Monetary Fund (IMF).
The country marked the occasion with a Bitcoin-themed Christmas tree, symbolizing its dedication to cryptocurrency despite facing pressure from traditional financial institutions. With this latest acquisition, El Salvador's Bitcoin holdings have reached 5,995 BTC, valued at approximately $569.5 million.
The purchase is particularly noteworthy as it follows strict conditions imposed by the IMF loan agreement signed on December 18, 2024. These conditions include restrictions on cryptocurrency transactions and the discontinuation of the state-backed Chivo wallet.
"We will not sell any Bitcoin from our reserves," declared El Salvador's National Bitcoin Office, emphasizing the country's long-term cryptocurrency strategy. The nation maintains an average purchase price of $97,000 per Bitcoin.
Since becoming the first country to adopt Bitcoin as legal tender in September 2021, El Salvador has integrated cryptocurrency into daily life through government-backed Bitcoin ATMs and business adoption. Despite market volatility and international skepticism, the country's Bitcoin portfolio has shown steady growth throughout 2024.
The Christmas Bitcoin purchase reflects President Nayib Bukele's administration's continued push for financial independence, even as traditional financial institutions express concerns about cryptocurrency risks. As 2024 draws to a close, El Salvador's festive celebration intertwined with Bitcoin acquisition showcases its determination to forge ahead with its innovative financial strategy.