El Salvador’s economy minister reiterated the country’s resolve to hoard more Bitcoin BTC/USD Tuesday despite the International Monetary Fund’s requirement to reduce exposure to the leading cryptocurrency.
What happened: During an interview with Bloomberg, Maria Luisa Hayem called Bitcoin an “important project” initiated by President Nayib Bukele.
“There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that,” Hayem said when asked if the government was still buying Bitcoin.
Notably, the IMF had asked El Salvador to halt public sector Bitcoin purchases as part of a $1.4 billion funding deal earlier this year, but Bukele has remained defiant, stating emphatically, “It won’t stop now, and it won’t stop in the future.”
El Salvador’s Bitcoin stockpile has risen to 6,163.18 BTC as of this writing, worth over $584.47 million at prevailing prices. It has added 30 BTC to its treasury in the last month.
Price Action: At the time of writing, Bitcoin was exchanging hands at $94,767.23, down 0.16% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: mundissima on Shutterstock.com
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