El Salvador resumed its bitcoin purchases, adding 7 BTC to its reserves despite regulatory changes and an IMF agreement. President Nayib Bukele reaffirmed the country’s commitment to accumulating bitcoin, surpassing its “one bitcoin a day” goal.
The Bitcoin Office says that El Salvador has started buying bitcoin again after a short break. The group said it bought 7 BTC, which added to the country’s critical bitcoin reserve.
The move puts an end to reports that acquisitions would stop. Even though El Salvador has agreed to work with the International Monetary Fund (IMF), President Nayib Bukele has said that the country will still buy bitcoin. However, recent changes to the law have made bitcoin less legal and less accepted in the market.
The language of the change isn’t very clear, but it’s clear how it will affect bitcoin’s role in El Salvador’s economy. But this new purchase shows that the country wants to keep buying bitcoin as long as the IMF, which provided a $1.4 billion credit facility, lets them.
Bukele joked about the purchase on social media by posting a picture with the words:
“O ye of little faith…”
Strategy’s Michael Saylor recently met with Bukele and reaffirmed his faith in El Salvador’s pledge to bitcoin by responding:
““I have faith.”
With this new purchase, El Salvador now has 6,088.18 BTC in bitcoin reserves, which are worth about $560 million at the moment.
Even with the recent break, the government bought 41 BTC in the last month, more than its “one bitcoin a day” scheme, which started in March.
Bukele said at the time that the plan would stay in place until BTC became “unaffordable” with foreign currencies.
