On 19 January, the country’s National Bitcoin Office announced the acquisition of 11 Bitcoin, valued at approximately 1 million USD. The following day, on 20 January, another Bitcoin was added to its reserve, costing around 106,000 USD.
With these purchases, El Salvador's total Bitcoin holdings now amount to 6,044 BTC, valued at nearly 610 million USD, based on the cryptocurrency's trading price of about 101,000 USD. Bitcoin reached a brief surge above 109,000 USD on 20 January, surpassing its previous all-time high of 108,000 USD from 20 December 2024.
In December 2024, the government of El Salvador, led by President Nayib Bukele, reached a 1.4 billion USD financing agreement with the IMF, in which the country committed to scaling back some of its Bitcoin activities. Changes under this agreement include making Bitcoin acceptance by private businesses voluntary and reducing government involvement in the Chivo crypto wallet project.
However, even after the deal with the IMF, El Salvador proceeded to buy 1 million USD worth of Bitcoin the following day. The director of the National Bitcoin Office stated that the country’s Bitcoin strategy remains unchanged.
In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender through the implementation of the Bitcoin law. As of 20 January, the country’s Bitcoin holdings had accrued a profit of 179 million USD, according to the National Bitcoin Office’s portfolio tracker.
Recent surveys indicate that a majority of Salvadorans still do not engage in Bitcoin transactions. A 2023 survey showed that 88% of the population did not use cryptocurrency for transactions, with a 2024 survey reporting that figure had increased to 92%.
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