El Salvador increased its Bitcoin holdings on Monday, purchasing 5 BTC after a price dip that saw the cryptocurrency fall to $83,000, according to data from Arkham Intelligence.
The purchase, worth approximately $415,000, brings the Central American nation’s total Bitcoin reserves to 6,100, which are currently valued at around $510 million. El Salvador has been consistently acquiring one Bitcoin daily since November 2022.
The most recent purchase was made despite conditions attached to the International Monetary Fund’s (IMF) recent approval of a $1.4 billion loan on February 27th. The IMF stipulated that El Salvador should reduce state involvement in crypto activities, including government Bitcoin purchases and transactions.
To comply with the IMF’s requirements, El Salvador has implemented voluntary Bitcoin acceptance policies and reduced its participation in Bitcoin-related projects. The IMF agreement primarily aims to improve public finances and governance while managing risks associated with the country’s Bitcoin program.
At the time of this report, Bitcoin was trading at approximately $83,700, representing an 8% decrease in the past 24 hours, according to CoinGecko data.
Beyond Bitcoin, El Salvador’s President, Nayib Bukele, is also focusing on artificial intelligence and technological advancements. President Bukele recently held discussions with a16z co-founders, Ben Horowitz and Marc Andreessen, to explore possibilities regarding technology and AI investment opportunities.
The discussions centered on establishing El Salvador as a regional technology hub. Policy changes such as a 0% tax rate for tech industries and the creation of a supportive regulatory environment for AI were discussed. Technological advancements and regional investments were explored as potential catalysts for transforming El Salvador into a significant destination for technology innovators.
