El Salvador’s Bitcoin Reserve Reaches 7,762 BTC

El Salvador’s Bitcoin Office confirmed that the country’s sovereign Bitcoin reserve grew to 7,762 BTC this week, despite ongoing pressure from the International Monetary Fund (IMF) to halt further purchases.

Daily Buying Policy Continues

The government maintains a policy of acquiring one Bitcoin per day, regardless of price, a practice that began after Bitcoin was declared legal tender in 2021. Between January and April of this year, more than 1,600 coins were added, and the pace shows no sign of slowing.

Valuation at Current Prices

With Bitcoin trading near $77,000 per coin, the reserve is valued at roughly $598 million, placing El Salvador among the world’s largest disclosed sovereign Bitcoin holders.

IMF Agreement and Legal‑Tender Status

The IMF’s $1.4 billion financing agreement explicitly asked El Salvador to limit public‑sector Bitcoin purchases and to make merchant acceptance voluntary. A legislative amendment tied to the IMF deal rescinded Bitcoin’s legal‑tender status, but the daily‑buying policy was not included in the rollback, allowing the accumulation to continue.

Strategic Rationale

President Nayib Bukele describes the reserve as a long‑term position, emphasizing a dollar‑cost averaging approach that focuses on the total coin count rather than short‑term price movements. The strategy aims to mitigate the impact of daily price volatility on the overall accumulation plan.

Broader Crypto Commitment

Beyond the reserve, El Salvador pioneered the Chivo wallet to promote everyday Bitcoin use. Although the legal‑tender status has been removed and the wallet has faced operational challenges, the reserve‑building component of the strategy remains intact.

Outlook

At the current acquisition rate, the next Bitcoin purchase is expected within a day, and the reserve shows no indication of shrinking.