El Salvador’s Bitcoin Reserves Surpass $620 Million Amid Market Rally
By: ethnews|2025/05/12 04:45:04
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Government defends Bitcoin strategy despite IMF warnings, emphasizing fiscal and investment goals.Jeff Booth’s visit reinforces El Salvador’s bid to lead in monetary innovation via Bitcoin.El Salvador’s government now holds 6,170.18 Bitcoin (BTC), valued at over $620 million, as the cryptocurrency’s price exceeds $100,000. The Central American nation continues its strategy of regular Bitcoin purchases, adding seven BTC in the past week at an average cost of $95,000 per coin. This brings the total estimated portfolio to $625.4 million, with monthly acquisitions of 30 BTC worth more than $3 million.Economy Minister María Luisa Hayem reiterated President Nayib Bukele’s commitment to Bitcoin as a fiscal tool and private investment magnet. “Bitcoin remains a priority project” Hayem stated in a Bloomberg interview, underscoring its role in national strategy. The policy persists despite repeated warnings from the International Monetary Fund (IMF) to limit state involvement with volatile digital assets.El Salvador recently hosted Jeff Booth, Canadian entrepreneur and general partner at Ego Death Capital, for private talks. Booth, author of The Price of Tomorrow, advocates Bitcoin as a pathway to equitable economic systems, criticizing inflationary fiat policies as a “hidden tax.” Stacy Herbert, head of El Salvador’s National Bitcoin Office, noted Booth left convinced the country is “the Bitcoin nation,” aligning with Bukele’s aim to position it as a monetary innovation hub.El Salvador’s approach mirrors corporate strategiesStrategy (formerly MicroStrategy) acquired $1.4 billion in BTC, raising its holdings to 553,555 BTC. Firms like Metaplanet and Semler Scientific also reported sizable Bitcoin purchases, reflecting growing institutional confidence.Bitcoin’s 4% intraday surge to $100,000 follows geopolitical developments, including former U.S. President Donald Trump’s hints of a U.K. trade agreement. While El Salvador’s reserves gain value, the IMF cautions against exposure to crypto volatility. The government, however, shows no signs of halting its digital asset agenda, betting on long-term gains over short-term risks.The post El Salvador’s Bitcoin Reserves Surpass $620 Million Amid Market Rally appeared first on ETHNews.
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