Hi HODLers, Hiveans and Lions,
If you remember, a few months ago when the IMF agreed to a $3.5bn loan package to El Salvador with conditions including not to accumulate more Bitcoins.
They also required to remove the legal status of Bitcoin in El Salvador. Despite agreeing, El Salvador has quietly continued stacking sats!
Since March, 4th; when we learned about these conditions; El Salvador held 6,015.15 $BTC.
A few months later, El Salvador is holding 6,189.18 $BTC
The IMF didn't seem to acknowledge any contradiction or friction in its note. In fact, it stated that program performance had been strong and that key fiscal and reserve targets had been met.
In reality, El Salvador did slow down its accumulation and seems like it has just been saving face by slightly increasing its #bitcoin holdings. I believe this is the main reason why the IMF did not threatened them for "breaking" or tweaking the conditions form March, 4th.
El Salvador's Bitcoin Reserves
We can clearly see the slow down of Bitcoin purchases. Nevertheless, Nayib Bukele really helped out his country by purchasing a lot of Bitcoins early in 2022 as the country now sits on some sizeable gains.
Stay safe out there,