In the past week, the government of El Salvador has increased its daily Bitcoin purchases by 11 times on two separate days. The Central American country had started purchasing 1 Bitcoin daily since November 2022 after the collapse of the FTX exchange. However, last Friday, El Salvador bought over 11 Bitcoins worth $1.07 million and also made another purchase of 11 Bitcoins on Monday. Max Keiser, a senior Bitcoin advisor to Vice President Nayib Bukele, says Bukele aims to temporarily increase holdings by 20,000 more Bitcoins. These additional purchases came shortly after securing a $1.4 billion loan facility from the International Monetary Fund (IMF). The IMF has stated that El Salvador has agreed to limit its efforts in digital currencies. This includes the country’s commitment to voluntarily restrict Bitcoin acceptance in the private sector and limit Bitcoin-related activities in the government sector.
