El Salvador's doubling down on Bitcoin. 

The country just added 12 more BTC to its stack, pushing total holdings to 6,044 BTC worth $617 million. 

And they did it right after signing a deal with the IMF that was supposed to cool their crypto fever.

Making Moves As Bitcoin Rips Higher

The timing's perfect, depending on who you ask.

El Salvador grabbed 11 BTC on January 19, then another one on January 20 – just as Bitcoin touched $109,000 during Trump's inauguration. 

The National Bitcoin Office isn't being shy about it either.

Despite buying the literal top, El Salvador’s time preference means that they still see it as a cheap buy. 

Dancing with the IMF

But not everyone is over the moon about El Salvador’s desire to stack sats.

El Salvador just landed $1.4 billion from the IMF with the stipulation that they were supposed to dial back the crypto stuff. 

They promised to take steps like making Bitcoin optional for businesses and stepping away from the Chivo wallet. 

But President Bukele's team isn't backing down. The sats are being stacked regardless.

Big Numbers for Small Nations

Since jumping into Bitcoin in September 2021, El Salvador's been accumulating like clockwork. 

Now they're sitting on 6,044 BTC, worth over $617 million. 

As of January 20, they're up $179 million on their bet. Not bad for a sleepy Central American country that, prior to this, few had heard of.

But not all Salvadorans have converted to Bitcoin Maximalism.

A survey from last showed that 92% of people in the country don't use Bitcoin in their day-to-day lives. 

That's arguably better than other jurisdictions, but it's not exactly screaming "new form of money" for the people. 

Regardless, the govenrment's enthusiasm could well rub off on the populace over time. 

Not The Only Nation-State Stacker

El Salvador is also in good company when it comes to massive Bitcoin stacks. 

The Kingdom of Bhutan has been leveraging its sustainable every grid to quietly mine new Bitcoin. 

So far, they’ve stacked around $780 million BTC as of September 2024. 

The club of Bitcoin-holding nations keeps on growing.

This Spells Big Business for Your Bags

El Salvador is making a massive statement with its Bitcoin stance. 

When the IMF is trying to pull them back, they're pushing forward. 

It's like they're saying, "We hear you, but we're doing this anyway." We’d wager the IMF isn’t too stoked about that attitude.

The next few months tell the real story – can El Salvador keep buying Bitcoin while keeping the IMF happy and their loans intact?

Will more countries follow their lead? 

Between Trump's pro-crypto stance and Bitcoin's new highs, El Salvador's bet looks better every day.