- El salvador President Nayib Bukele has firmly rejected the IMF’s request to halt Bitcoin acquisitions, stating “No, it’s not stopping.”
- The IMF’s $1.4 billion facility arrangement included conditions to cease Bitcoin accumulation, mining, and debt issuance in BTC.
- El Salvador currently holds 6,101 Bitcoin valued at $534.5 million, ranking as the sixth-largest Bitcoin treasury among nation-states.
El Salvador’s government will continue its Bitcoin acquisition strategy despite renewed pressure from the International Monetary Fund, according to President Nayib Bukele. The declaration comes after the IMF issued a formal request on March 3 asking the Central American nation to cease its voluntary accumulation of the cryptocurrency as part of a $1.4 billion funding arrangement.
"No, it’s not stopping," Bukele stated firmly in a March 4 post on X. "If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future," the president added, emphasizing his administration’s unwavering commitment to its Bitcoin strategy.
The country has maintained its daily Bitcoin purchase program as of March 4, continuing to add at least one Bitcoin daily to its national treasury reserves. This persistent accumulation comes despite the IMF’s memorandum that explicitly requested the cessation of Bitcoin mining activities and restrictions on public sector issuance of debt or tokenized instruments denominated in Bitcoin.
While Bukele clearly rejected the Bitcoin acquisition restrictions, he has not specifically addressed whether El Salvador would comply with the IMF’s other Bitcoin-related requests. The National Bitcoin Office of El Salvador did not immediately respond when asked for comment on these additional conditions.
The current situation follows El Salvador’s December 2024 agreement with the IMF for $1.4 billion in funding, which initially included stipulations to scale back certain Bitcoin initiatives. Some compromises had already been made, including making Bitcoin payments voluntary and requiring tax payments in US dollars.
According to data from The National Bitcoin Office, El Salvador currently holds 6,101 Bitcoin worth approximately $534.5 million. This places the nation sixth globally among countries holding Bitcoin reserves, behind the United States, China, the United Kingdom, Ukraine, and Bhutan, as reported by BitBo’s Bitcoin Treasuries.
El Salvador’s Bitcoin journey began in September 2021 when it became the first nation to adopt Bitcoin as legal tender. However, the country has recently modified this approach, passing legislation in January 2024 that made Bitcoin acceptance voluntary for private sector merchants while maintaining its status as legal tender for government operations.
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