El Salvador Defies IMF, Continues Bitcoin Accumulation

El Salvador, under President Nayib Bukele, remains steadfast in its bitcoin (BTC) accumulation strategy despite the International Monetary Fund’s (IMF) restrictions. Bukele reaffirmed this stance on X, rejecting claims that the country would halt its BTC purchases.

Following the IMF’s disclosure of a $3.5 billion loan deal, which included a prohibition on the "voluntary accumulation of bitcoin by the public sector," El Salvador announced new BTC acquisitions. The government revealed it purchased 19 BTC over the past week and added one more on Tuesday, increasing its total holdings to 6,101.15 BTC—valued at approximately $530 million with bitcoin trading around $88,000.

Bitcoin advocates, including Samson Mow, initially speculated that the IMF agreement might force El Salvador to stop its BTC purchases. However, Bukele's response indicated otherwise. "If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won’t stop now," he wrote, emphasizing his commitment to BTC adoption.

Juan Carlos Reyes, president of El Salvador’s National Commission on Digital Assets (CNAD), echoed Bukele’s sentiment, calling the move a catalyst for change.

Despite IMF pressure, El Salvador remains resolute in its Bitcoin strategy, reinforcing its position as a pioneering nation in crypto adoption.