El Salvador’s Commitment to Bitcoin Continues Despite IMF Pressure
El Salvador has acquired an additional 13 Bitcoin since March 1, growing its treasury to over 6,105 BTC worth more than $527 million. Despite intense pressure from the IMF to halt Bitcoin purchases, President Nayib Bukele continues to reaffirm the nation’s Bitcoin strategy, attracting major cryptocurrency firms to relocate to El Salvador, such as Bitfinex and Tether.
El Salvador continues to acquire Bitcoin, having added 13 more since March 1, indicating its steadfast commitment to the cryptocurrency despite International Monetary Fund (IMF) pressures. The El Salvador Bitcoin Office reports that the nation’s Bitcoin treasury now consists of over 6,105 BTC, accumulating a value exceeding $527 million based on current market rates. The government typically purchases Bitcoin at a measured rate of one BTC daily, but it made a substantial purchase of five BTC on March 3.
In December 2024, El Salvador secured a $1.4 billion loan from the IMF, which stipulated a change in the country’s Bitcoin legislation, necessitating a repeal of its legal tender status for Bitcoin. The amendments to the cryptocurrency laws were approved in January 2025 by a vote of 55-2 in Congress, responding to the IMF’s conditions. Despite these modifications, El Salvador has persisted in its Bitcoin accumulation strategy, purchasing two BTC on February 1.
The IMF’s pressures intensified on March 3, when it urged the nation to cease Bitcoin purchases entirely, additionally barring El Salvador from issuing any debt or tokenized securities associated with Bitcoin. In defiance of the IMF’s recommendations, President Nayib Bukele reaffirmed his administration’s dedication to Bitcoin accumulation, dismissing the pressures as ‘whining.’ He stated, “If we didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, we won’t stop now, and we won’t stop in the future.”
El Salvador’s persistent commitment to Bitcoin has attracted numerous cryptocurrency enterprises to relocate to the country. Notably, on January 7, Bitfinex Derivatives announced its move from Seychelles to El Salvador, and shortly thereafter, on January 13, Tether, the largest stablecoin issuer, also declared intentions to set up its headquarters in the nation. This influx highlights how El Salvador’s Bitcoin policy continues to shape its economic landscape.
El Salvador’s resolute stance on Bitcoin acquisition stands in stark contrast to IMF demands, reinforcing its commitment to the digital asset. The country’s actions, characterized by consistent purchases and legislative adjustments, illustrate a defiance that has attracted significant interest from crypto firms. President Bukele’s determination encapsulates El Salvador’s ongoing journey towards becoming a pivotal player in the cryptocurrency space, ultimately forging its unique economic identity amid international pressures.
Original Source: www.binance.com
