The government of El Salvador increased its daily Bitcoin (BTC) purchases by 11 times on two different days last week.
The Central American country began buying one BTC every day in November 2022, shortly after crypto exchange FTX imploded.
However, according to crypto data platform Arkham, El Salvador purchased more than 11 BTC worth $1.07 million last Friday and made another purchase of 11 BTC on Sunday.
BTC proponent Max Keizer, who works as a “senior Bitcoin advisor” to El Salvador President Nayib Bukele, says Bukele is increasing his purchases “with an interim goal of acquiring 20,000 more Bitcoins.”
The additional purchases come shortly after El Salvador received a $1.4 billion credit facility from the International Monetary Fund (IMF).
The IMF says the facility is expected to “catalyze” a total of $3.5 billion in financing from the World Bank and various other international financial institutions, but the U.N. finance agency claimed in a news release that El Salvador’s government had agreed to its Restrict crypto efforts as part of the agreement.
“The potential risks of the Bitcoin project are significantly reduced in accordance with….”
