El Salvador increased its Bitcoin reserves by over $100 million amid a sharp decline in the cryptocurrency market.
According to data released by the country's Bitcoin Office, the government added 1,090 BTC to its reserves on Monday night.
President Nayib Bukele made the announcement by sharing an image from his X account showing the increase in reserves.
Following the latest purchase, El Salvador's total Bitcoin holdings have reached 7,474 BTC. At current prices, these assets are worth just under $700 million.
El Salvador's government signed a 40-month, $1.4 billion loan agreement with the IMF this year and pledged to limit new BTC purchases under the agreement. Despite this, the country has continued to purchase at least 1 BTC per day since the agreement.
El Salvador declared Bitcoin a legal tender alongside the US dollar in 2021. However, Bitcoin use in the country has not been widely adopted and remains very limited.
The IMF had previously called on El Salvador to reverse this decision, warning that Bitcoin use carried risks for consumers and could have negative consequences for financial stability.
*This is not investment advice.
