El Salvador expands Bitcoin holdings by 11 BTC amid policy changes

El Salvador has increased its Bitcoin (CRYPTO:BTC) reserves by acquiring an additional 11 BTC on February 4, bringing its total holdings to 6,067.18 BTC, valued at approximately $613.7 million.

This purchase aligns with President Nayib Bukele's strategy to accumulate Bitcoin during market dips.

The country initially adopted a plan to purchase one Bitcoin daily but has recently accelerated its buying pace, acquiring over 20 BTC in just the past week.

Bukele has expressed enthusiasm for purchasing Bitcoin at discounted rates, especially following significant sales by the U.S. government that often trigger market fluctuations.

In September 2021, El Salvador made history as the first nation to adopt Bitcoin as legal tender, implementing various initiatives such as bonds and mining operations powered by volcanic energy.

However, recent developments have prompted the government to adjust its approach to cryptocurrency.

A $1.4 billion financing agreement with the International Monetary Fund (IMF) required El Salvador to make Bitcoin acceptance voluntary for businesses and discontinue tax payments in cryptocurrency.

Despite these changes, Bukele's administration remains committed to expanding its Bitcoin reserves.

Stacy Herbert, director of the National Bitcoin Office, reaffirmed this commitment, stating that El Salvador will continue purchasing Bitcoin at an accelerated pace.

The government's ongoing crypto policies have attracted attention from major industry players, including Tether, which recently moved its headquarters to El Salvador due to its favorable regulatory environment.

Additionally, Bukele has invited other companies to consider relocating their operations to the country, further solidifying El Salvador's position in the cryptocurrency landscape.

At the time of reporting, the Bitcoin (BTC) price was $97,983.23.