El Salvador’s Bitcoin (BTC) stash just got a lot bigger, as the Bitcoin Pizza day rally restores market euphoria. Despite getting a strict warning from the International Monetary Fund (IMF), the country’s President Nayib Bukele continues to believe in Bitcoin (BTC).
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Indeed, the Bitcoin-loving President took it a step further after the IMF asked to wind down the government’s Bitcoin (BTC) operations a few months ago, including buying a BTC a day with the Dollar Cost Average (DCA) strategy.
El Salvador’s Bitcoin Strategy Silences IMF
Naturally, the millennial President has bragged about the small Latin American country’s profit on their cold storage Bitcoin (BTC) holdings. With 6,185 Bitcoin at hand, the all-time gains just breached $210 million. Marching to a brand new all-time high of $111,814 about 18 hours ago, Bitcoin extended El Salvador’s run to a new peak of $686.6 million.
However, these pre-planned Bitcoin (BTC) purchases might not sit well with the International Monetary Fund (IMF), which requested El Salvador to sunset its nation-wide Bitcoin adoption programme. That includes the so-far very fruitful Bitcoin DCA strategy, Chivo crypto wallet removal & significantly turning down the country’s Bitcoin (BTC) mining ambitions.
Market Embraces Record-High Bitcoin Price
Despite the presumption that Bitcoin (BTC) brings additional risks in the development of El Salvador, the IMF still thinks the country’s economy will grow by 2.5% this year. The ambitious Bitcoin enthusiast President Mr. Bukele doubled this forecast, betting that the country’s tourism will skyrocket to unprecedented levels after winning the war against local gangs.
Presently, crypto’s showpiece asset BTC is changing hands at $108,400, ditching Thursday’s gains for a 2.5% pullback on Friday. This happened just 21 hours after Bitcoin price tacked on a new all-time record of $111,814, restoring both retail & institutional confidence in the King crypto, with some analysts believing the dominance could take BTC above $250,000 this year.
On The Flipside
- Some lawyers argue that the flexible interpretation of IMF’s agreement to loan $3.5 billion might leave room to keep buying Bitcoin (BTC) via non-governmental entities.
Why This Matters
El Salvador’s Bitcoin journey portrays the tough experience when bold financial innovation meets deep-rooted economical regulations.
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