El Salvador has further expanded its Bitcoin reserves with a recent acquisition of 11 BTC, according to on-chain data.
The purchase occurred on February 3, coinciding with Bitcoin’s rebound above the $100,000 mark. Based on this price, the acquisition is valued at approximately $1.1 million. Notably, the latest transaction brings the country’s total Bitcoin holdings to 6,067 BTC, continuing its steady accumulation strategy.
Steady Bitcoin Accumulation
Historical transaction data shows El Salvador’s ongoing Bitcoin acquisition strategy. Over the past few days, multiple transactions of 1 BTC each, valued between $98,000 and $104,000, have been sent to the nation’s cold wallet.
Notably, this latest acquisition mirrors a prior 11 BTC purchase made approximately two weeks ago. Exactly 2 weeks ago, an identical transaction of 11 BTC was recorded.
Amid the latest purchase, President Nayib Bukele took to social media platform X to highlight to the acquisition with the “eyes” emoji, a gesture often interpreted as signaling attention or anticipation.
— Nayib Bukele (@nayibbukele) February 4, 2025
This reaction follows his long-standing advocacy for Bitcoin. El Salvador was the first country to adopt crypto as a legal tender. However, the country has since made changes to the legal framework governing BTC use.
Legal Tender Status and IMF Influence
El Salvador initially recognized Bitcoin as an official currency, making it acceptable for business payments in BTC. However, recent legislative changes have redefined its status.
On January 30, the Salvadoran Parliament approved reforms to the Bitcoin Law, effectively removing Bitcoin’s classification as legal tender. Under the revised law, Bitcoin use is now voluntary rather than obligatory and can no longer be used for tax payments.
The reforms follow nearly two years of pressure from the International Monetary Fund (IMF), which conditioned a $1.4 billion loan on mitigating risks associated with Bitcoin.
The Salvadoran government had until the end of January to implement these changes if it wished to secure financial aid. Lawmakers modified six articles and repealed three from the original legislation. President Bukele has remained silent regarding the changes despite his usual engagement on social media.
Bitfinex Bitcoin Mining Investment Under Bukele
Meanwhile, Bitfinex Securities has announced plans to introduce the Blockstream Mining Note 2 (BMN2) under El Salvador’s digital asset regulations.
The financial product aims to expose investors to Bitcoin mining, following the success of its predecessor, BMN1, which was issued in Luxembourg.
BMN1 generated significant returns over three years, distributing over 1,212 BTC to investors, valued at approximately $70.7 million, with a 108% return on capital.
The upcoming BMN2 issuance in El Salvador will to offer broader accessibility due to the nation’s regulatory framework. Bitfinex Securities plans to list BMN2 within the first quarter of the year, facilitating direct buying and selling of the tokenized financial instrument.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
