El Salvador's Bitcoin Reserves Increase to 7,762, Valued at Approximately $598 Million

The government of El Salvador added 1 Bitcoin to its national Bitcoin reserves this week, bringing the total holdings to 7,762 Bitcoins. Based on a Bitcoin price of approximately $77,000, this batch of holdings is valued at about $598 million. The International Monetary Fund previously required El Salvador to stop public sector purchases of Bitcoin in a $1.4 billion financing agreement and to make merchant acceptance of Bitcoin voluntary; related legal amendments have removed Bitcoin's status as legal tender but have not terminated the reserve accumulation policy. El Salvador became the first country to adopt Bitcoin as legal tender in 2021 and continues to implement a policy of purchasing 1 Bitcoin daily. From January to April this year, the government has added over 1,600 Bitcoins to its reserves.

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