Key takeout
- El Salvador has suspended its daily Bitcoin purchases, according to on-chain data.
- Under the IMF agreement, El Salvador is demanding that it scale back its Bitcoin initiative and voluntarily accept it from businesses.
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El Salvador's daily Bitcoin purchase strategy appears to have paused along with the last recorded purchase from the country's wallet, according to Arkham Intelligence, which took place on February 17th. (IMF).
The Central American country currently owns over 6,000 Bitcoin, worth around $586 million at its current market price. President Nayib Bukele previously implemented a strategy to purchase one Bitcoin every day, which began in November 2022.
In March 2024, Bukere moved the country's Bitcoin Holdings, and then about 5,600 Bitcoins transferred over $400 million in Bitcoin to Cold Wallet. This marked the first public disclosure of the country's Bitcoin wallet address, deviating from his previous practice of announcing purchases through social media only.
The IMF agreement, which has been constructed for more than 40 months under the extended fund facility, requires El Salvador to change its Bitcoin policy following four years of negotiations.
The deal is expected to attract additional financial aid that could reach more than $3.5 billion over the program's duration.
As part of the deal, El Salvador has pledged to expand its Bitcoin initiative. The country's parliament approved amendments to the Bitcoin Act in late January 2025, and approved them according to these requirements.
El Salvador has purchased several additional Bitcoin, deviating from its usual “one-day Bitcoin” policy.
Shortly after securing a funding agreement with the IMF last December, El Salvador added $1 million worth of Bitcoin to its strategic reserves in a single purchase.
Similarly, on February 4th, El Salvador acquired 11 BTC in one day, valued at over $1 million.
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