- Metaplanet increases its Bitcoin reserves by adding another 497 BTC worth $43.3M.
- El Salvador adds another Bitcoin to its holdings despite restrictions from the IMF.
- Holding presently 6,101 BTC, El Salvador has promised to add even more in the future.
Metaplanet has accumulated another 497 Bitcoins to its holdings on Wednesday. The recent purchase is valued at $43.3 million with each Bitcoin priced at an average of $84,251.60. With a total base cost of 240 million dollars, Metaplanet continues to strengthen its position as one of the main corporate holders of Bitcoin in Japan. Despite the dip, Metaplanet is not the only company pursuing a Bitcoin accumulation strategy.
El Salvador has significantly garnered attention with its Bitcoin accumulation. Being the first country to introduce Bitcoin as a legal currency, El Salvador’s relationship with Bitcoin is similar to that of Strategy’s Michael Saylor. Despite restrictions from the International Monetary Fund (IMF), El Salvador has consistently accumulated Bitcoins.
According to an X post from the National Bitcoin Office of El Salvador, the nation had bought another Bitcoin boosting its strategic reserve to 6,101.18 BTC. Earlier on March 4, the nation bought 5 Bitcoins boosting its total to 6,100.18 BTC. Emphasizing the potential of Bitcoin, President Nyib Bukele in his X post stated that the country will not stop its purchase.
However, El Salvador’s action drew criticism from the authorities at the IMF. Earlier in December 2024, El Salvador had secured a $1.4 billion loan from the IMF. However, the deal required the government to limit its Bitcoin-related activities, which included making the token voluntary for businesses and ceasing involvement with the Chivo wallet. Despite the restrictions, Bitcoin was used on par with the USD. However, the IMF imposed new conditions on March 4 which instructed the nation to expose its hot and cold wallet addresses and Bitcoin holdings to the IMF and stressed regular IMF reviews to ensure compliance. Although the statements have caused a stir in the community, El Salvador’s president has yet to respond.
Related: El Salvador Buys 1.6 BTC Daily, Boosts Holdings to 6,081 BTC
On the other hand, the nation’s Bitcoin accumulation has increased its status in the community. Michael Saylor, the founder of Strategy, stated in his X post that Bitcoin adoption is unstoppable. The firm which accumulates Bitcoin at every given opportunity has 499,096 BTC acquired for $33.1 billion with each Bitcoin priced at $66,357. Also when the market experienced a severe dip with Bitcoin falling below $80K, Saylor suggested users to even lose their kidney, but hold onto their Bitcoin.
Meanwhile, in an interview, Mexican billionaire Ricardo Salinas Pliego stated that nearly 70% of his wealth is now in Bitcoin and that he does not own any bonds or stocks. He further stated that it is better to buy everything as it won’t go anywhere but up. This statement of Ricardo’s garnered mixed responses from the community, wherein several appreciated his confidence while others speculated on the authenticity.
