El Salvador has acquired an additional 13 Bitcoin since March 1, raising its total to over 6,105 BTC valued at $527 million. Despite IMF pressure to cease purchases and revoke Bitcoin’s legal tender status, President Nayib Bukele affirmed the government’s commitment to Bitcoin accumulation. Notable crypto companies have been attracted to the country due to its pro-Bitcoin policies.
El Salvador has continued to increase its Bitcoin holdings, securing an additional 13 Bitcoin since March 1 despite pressure from the International Monetary Fund (IMF). As reported by the El Salvador Bitcoin Office, the total Bitcoin treasury now exceeds 6,105 BTC, valued at over $527 million based on current market rates. Typically, the government acquires Bitcoin at a consistent rate of one BTC daily, but it significantly ramped up purchases to include 5 BTC on March 3.
In December 2024, El Salvador formalized a $1.4 billion loan agreement with the IMF, wherein the government consented to revoke Bitcoin’s legal tender status and reduce public sector activities involving cryptocurrency. Consequently, the country’s Congress amended its Bitcoin regulations in January 2025, repealing the previous laws by a 55-2 vote. Despite these changes, the government persisted in its Bitcoin acquisition, purchasing two BTC on February 1 and adhering to its daily acquisition policy.
The IMF intensified its stance on March 3, imploring El Salvador to cease Bitcoin transactions and forbidding the issuance of debt associated with Bitcoin. In response, President Nayib Bukele firmly dismissed the IMF’s requests, stating that the country would persist in accumulating Bitcoin and ridiculing the IMF’s stance as mere “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 steadfast policy on Bitcoin has attracted significant interest from major cryptocurrency firms moving operations to the country. Notably, Bitfinex Derivatives shifted its headquarters from Seychelles to El Salvador on January 7, followed closely by Tether—the largest stablecoin issuer—announcing its establishment of operations there on January 13.
In conclusion, El Salvador continues its strategy of accumulating Bitcoin despite facing pressure from the IMF. The government has made significant moves to maintain its Bitcoin holdings while also seeing an influx of crypto firms relocating to the country. President Bukele’s determination suggests an unwavering commitment to embracing Bitcoin as part of El Salvador’s economic framework, regardless of external pressures.
Original Source: www.binance.com
