Image by LA LIBERTAD, El Salvador — President Nayib Bukele marked the fourth anniversary of El Salvador’s Bitcoin Law on Sunday by announcing the purchase of 21 bitcoins, despite ongoing restrictions tied to an International Monetary Fund (IMF) loan program.
The acquisition, confirmed on September 7, increased the nation’s reserves to 6,313.18 bitcoins, valued at roughly $701.4 million.
The 21 coins cost $2.3 million at the time of purchase, according to data from the government’s National Bitcoin Office.
President Bukele announced the move on X, writing simply: “Buying 21 bitcoins for Bitcoin Day.”
SEE ALSO: El Salvador Bitcoin Holdings: A Nation’s Journey into Digital Currency Reserves
The purchase aligns with his administration’s daily-buying policy, initiated in November 2022, under which El Salvador acquires one bitcoin per day. However, occasional bulk purchases—such as seven coins on February 24 and five on March 3—have broken that pattern.
The celebration also underscored changes to the legal framework. Earlier this year, legislators amended the law to remove the mandate requiring businesses to accept bitcoin, though the cryptocurrency remains legal tender in the country.
Stacy Herbert, director of the National Bitcoin Office, praised the milestone, crediting “high-integrity partners and projects” for what she called “extraordinary results” that have added “immense tangible value” to the Salvadoran economy.
The office highlighted achievements including the creation of a “world’s first strategic Bitcoin reserve,” development of a regulatory framework for Bitcoin capital markets, and training of 80,000 Bitcoin-certified public servants.
The anniversary purchase comes despite El Salvador’s $1.4 billion financing agreement with the IMF, which includes commitments to scale back bitcoin exposure.
The government pledged to end its role in the Chivo Wallet platform and limit new purchases. In July, IMF officials said the country had so far complied with program conditions, noting that “the total amount of Bitcoin in government wallets remains unchanged.”
Still, Bukele’s administration has maintained its strategy of gradual accumulation. With the latest addition, El Salvador continues to test the balance between its pro-Bitcoin agenda and international financial obligations.
