In a recent post on X, El Salvador’s President Nayib Bukele hinted at an opportunity to purchase Bitcoin at a discount. This follows the US government’s decision to sell seized assets from the defunct Silk Road marketplace.
Bukele was reacting to a recent post that revealed the US DOJ has the green light to sell approximately 69,370 Bitcoins, valued at around $6.5 billion, seized from the now-closed Silk Road digital black market.
Maybe we’ll all get the chance to buy Bitcoin at a discount! https://t.co/d16TnQ9SAl
— Nayib Bukele (@nayibbukele) January 9, 2025
El Salvador’s government, under the leadership of Nayib Bukele, has stayed true to its strategy to increase Bitcoin holdings. As of January 9, 2025, El Salvador holds 6,022.18 BTC. The country looks to keep up with the “buy one Bitcoin a day” plan by adding more coins to its reserves periodically.
More acquisitions with profits planned for 2025
El Salvador has increased its Bitcoin purchases again, as confirmed by the country’s leader in a social media post on Thursday. Bukele shared a screenshot of the transaction from the country’s Bitcoin Office platform.
On Wednesday, the country bought 11 BTC, worth over $1.047 million. The purchase is El Salvador’s third large purchase since December 20. Last year, the country bought 11 BTC on December 20 and another on December 22.
Senior Bitcoin adviser Max Keiser revealed the government plans to acquire 20,000 more BTC. Currently, per Arkham Intelligence data, El Salvador holds BTC valued at approximately $562 million. The country spent $145 million to acquire the assets at an average price of $45,641 per coin.
President Bukele has been vocal about the benefits of this investment. On multiple occasions, he has proudly shared on his X account the substantial gains El Salvador has realized from its early adoption strategy.
IMF loan agreement won’t change El Salvador’s Bitcoin stance
Stacy Herbert, director of El Salvador’s Bitcoin Office, defended the country’s ongoing Bitcoin purchases amid concerns over its agreement with the International Monetary Fund (IMF).
Herbert stated that the continued Bitcoin acquisitions disproved claims that El Salvador was winding down its Bitcoin strategy. She dismissed suggestions that President Nayib Bukele had been “bought out” by the IMF with fiat currency.
The IMF has long expressed caution about El Salvador’s bullish crypto stance, urging Bukele’s administration to reconsider due to the coin’s fluctuating value.
El Salvador recently secured a $1.4 billion loan from the IMF, reportedly agreeing to scale back some of its Bitcoin-related policies. The IMF noted that risks associated with Bitcoin adoption had lessened, as businesses would now have the option to accept or reject Bitcoin payments.
The IMF said in a statement that “the potential risks of the Bitcoin project will be diminished significantly. ” The agreement includes legal reforms that will make Bitcoin acceptance by the private sector voluntary. The public sector’s involvement in Bitcoin-related activities will also be restricted.
In response, Herbert emphasized El Salvador’s continued commitment to Bitcoin. “Just as the US plans to become the number one Bitcoin country, so too are we free to compete for that spot,” she wrote on X.
Herbert reiterated that Bitcoin remains legal tender in El Salvador, and the country will continue to purchase Bitcoin, potentially at an accelerated pace. However, she confirmed that the Chivo wallet, a cryptocurrency wallet used for international payments, could be sold or phased out.
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