El Salvador embraces Christmas 2024 with a Bitcoin-themed tree amidst IMF challenges
The country recently added 11 Bitcoins, valued at over $1 million, to its reserves, bringing its total holdings to nearly 6,000 coins worth approximately $572 million.
El Salvador is celebrating Christmas 2024 with a Bitcoin-themed tree, showcasing its unwavering commitment to the cryptocurrency despite facing restrictions from the International Monetary Fund (IMF). On 19 December, the country added 11 BTC, valued at over $1 million, to its reserves, a move that highlights its bold strategy of embracing Bitcoin as a key part of its financial future.
Despite the IMF’s criticism and a $1.4 billion loan agreement signed the previous week, which includes terms limiting cryptocurrency transactions and the use of state-backed wallets, El Salvador has maintained its position. The IMF’s loan conditions also prevent companies from being required to accept Bitcoin and mandate taxes to be paid in US dollars.
However, the government has remained steadfast, with the National Bitcoin Office reaffirming that no Bitcoin from the country’s reserves will be sold. El Salvador’s total BTC holdings now amount to nearly 6,000 coins, valued at approximately $572 million. The country’s long-term strategy remains focused on Bitcoin as a means of achieving financial independence and reducing reliance on traditional global financial institutions.
Despite facing global scepticism, El Salvador’s Bitcoin strategy continues to evolve, with recent portfolio statistics showing steady long-term growth. The festive Bitcoin tree is a symbol of the nation’s enduring dedication to cryptocurrencies, which could play a significant role in its financial future.
