El Salvador Adds 1 Bitcoin to National Reserve, Raising Holdings to 7,762

El Salvador's government added 1 Bitcoin to its national reserve this week, bringing total holdings to 7,762. According to Odaily, the reserve was valued at about $598 million based on a Bitcoin price of roughly $77,000. The International Monetary Fund previously asked El Salvador to stop public-sector Bitcoin purchases and make merchant acceptance voluntary as part of a $1.4 billion financing agreement. Legal amendments removed Bitcoin's status as legal tender but did not end the reserve accumulation policy. El Salvador became the first country to adopt Bitcoin as legal tender in 2021 and has continued its policy of buying 1 Bitcoin a day. From January to April, the government added more than 1,600 Bitcoin to the reserve.