El Salvador has expanded its Bitcoin reserves by purchasing an additional 11 BTC on February 4.

The move is part of President Nayib Bukele’s ongoing strategy to accumulate the cryptocurrency, especially during market downturns.

The latest acquisition brings El Salvador’s total assets to 6,067.18 BTC, valued at approximately $613.7 million, according to the Nayib Bukele Portfolio Tracker.

The country initially implemented a strategy of purchasing one bitcoin per day, but has recently accelerated its accumulation rate. Its National Bitcoin Office reported in a February 4 post on X that it has added more than 20 BTC to its reserves in the past week alone.

President Bukele has made it clear that El Salvador’s goal is to continue acquiring more bitcoin. He previously spoke of being able to “buy bitcoin at a discount” after the US government announced a $6.7 billion sale, a move typically associated with price volatility.

In September 2021, El Salvador became the first country to officially accept BTC as legal tender with the passage of the Bitcoin Act. Since then, the government has introduced several cryptocurrency-related initiatives, including bonds, Volcano-based BTC mining, and a citizenship-by-investment program, while continuing to expand and support its assets.

Last month, Bukele’s administration reached a $1.4 billion financing deal with the International Monetary Fund (IMF), which included commitments to scale back some bitcoin-related initiatives.

The deal will no longer require businesses to accept cryptocurrency as payment, will also end taxes paid in BTC, and will reduce the government’s role in the state-backed Chivo wallet.

El Salvador Remains Committed to Bitcoin Strategy

The IMF has repeatedly expressed concerns about Bitcoin adoption in El Salvador, warning of potential risks to financial stability. However, despite recent policy adjustments, the government remains committed to its broader strategy.

In December 2024, Stacy Herbert, Director of the National Bitcoin Office, hinted that El Salvador would accelerate its Bitcoin acquisitions. She recently reiterated this stance, stating:

“El Salvador will continue to purchase Bitcoin (possibly at an accelerated pace and at a reduced price) for its strategic Bitcoin reserve.”

The Central American country’s crypto policies have also attracted the interest of major industry players. Tether, the issuer of the world’s largest stablecoin, recently moved its headquarters to the country. The firm cited a favorable regulatory environment and long-term economic vision for the move.

Additionally, President Bukele personally invited Rumble CEO Chris Pawlowski to consider moving his company's operations to El Salvador, further demonstrating the country's commitment to a Bitcoin-first approach.

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