Key takeaways

As El Salvador marks four years since adopting Bitcoin, the country finds itself at a crossroads. However, with a $700 million BTC reserve still intact, the experiment hasn’t completely failed yet.

Four years on from its bold Bitcoin [BTC] experiment, El Salvador is celebrating the anniversary with quieter plans.

The country still boasts a hefty $700 million BTC reserve, but its early dreams of reshaping global finance have given way to pragmatism.

Under pressure from the IMF, policies have been pared back, leaving a mix of optimism and unanswered questions about whether national-level crypto adoption can truly endure.

Bitcoin Day at El Salvador

In a post on X (formerly Twitter), the Bitcoin Office of El Salvador announced that the government now holds 6,313 BTC (worth more than $700 million at press time).

Alongside, the office also announced the launch of a new law that enabled Bitcoin investment banks to cater to “sophisticated” investors.

The post pointed to education wins, with 80,000 public servants certified in Bitcoin, the launch of BTC banks and new public programs combining the king coin and AI.

Yet, celebrations come with a backdrop of scaled-back policies, as El Salvador’s government adjusts its Bitcoin ambitions under pressure from the International Monetary Fund (IMF).

IMF deal forces a BTC rethink

As part of their deal with the IMF, El Salvador lawmakers repealed the Bitcoin legal tender law and pledged not to buy additional BTC with public funds.

The agreement also required scaling back support for the Chivo wallet, which had already seen lukewarm adoption.

An IMF report published in Jul

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Author: Samyukhtha L KM