El Salvador Purchases 1,090 BTC Amid Market Sell-Off and IMF Pressure
El Salvador has purchased approximately 1,090 BTC, boosting its national bitcoin treasury to nearly 7,500 BTC. This purchase aligns with the country's policy of buying one bitcoin per day, despite the current downturn where BTC trades below $90,000 amid a broad market sell-off.
The new acquisition adds roughly $100 million to El Salvador’s bitcoin reserves. This move comes amid pressure from the International Monetary Fund (IMF), which has imposed conditions discouraging further public sector holdings of bitcoin. Nevertheless, the Salvadoran government continues to double down on its bitcoin strategy.
The ongoing purchases also follow closer coordination with the United States on digital asset oversight, including a meeting in June with U.S. Representative Bo Hines. Regulatory discussions with Washington continue as El Salvador maintains its bitcoin-buying policy during one of the year’s sharpest market declines.
