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- El Salvador’s President Nayib Bukele has reaffirmed his commitment to Bitcoin, declaring in a recent X post that the country has no intention of stopping its Bitcoin purchases.
- This comes after the nation secured a $1.4 billion deal with the IMF, an organization that has long expressed concerns over the risks associated with cryptocurrency.
Despite mounting pressure from global financial institutions, El Salvador’s Bitcoin experiment shows no signs of slowing down. The International Monetary Fund (IMF) has once again urged the country to reconsider its Bitcoin purchases, but President Nayib Bukele remains steadfast.
In response to calls to halt Bitcoin acquisitions, Bukele took to X with a defiant message stating:
This all stops in April, This all stops in June, This all stops in December. No, it’s not stopping. 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. Proof of work > proof of whining.
To further emphasize his stance, Bukele shared an image showcasing El Salvador’s expanding Bitcoin holdings. The data revealed a 7-day increase of 13 BTC and a 30-day rise of 46 BTC. The most recent purchase, made on March 4, added 1 BTC, bringing the country’s total Bitcoin reserves to 6,101.18 BTC.
Supporting Bukele’s commitment, Michael Saylor, the former CEO of MicroStrategy and a well-known Bitcoin advocate, responded to the post with a simple statement: “Bitcoin adoption is unstoppable.”
Bitcoin adoption is unstoppable.
— Michael Saylor⚡️ (@saylor) March 4, 2025
IMF vs. El Salvador’s Bitcoin Strategy
The International Monetary Fund (IMF) has long voiced concerns over El Salvador’s Bitcoin policy, citing risks related to financial stability, market volatility, and economic integrity. Since the country made Bitcoin legal tender in September 2021, the IMF has repeatedly urged the government to roll back its Bitcoin initiatives, warning of potential macroeconomic consequences.
As part of the $1.4 billion loan agreement between El Salvador and the IMF, President Nayib Bukele’s government must comply with several financial conditions. Among these, the state-sponsored Chivo wallet must include public participation, and the government is expected to avoid issuing Bitcoin-backed debt and tokens. Additionally, the agreement stipulates that taxpayer funds can no longer be used to support Chivo after July 2025.
As we reported last month, El Salvador was required to end Bitcoin’s legal tender status. However, despite these conditions, President Nayib Bukele remains committed to Bitcoin, viewing it as a long-term asset that can boost tourism, attract foreign investment, and promote financial inclusion.
Yet, El Salvador has not received the full $1.4 billion from the IMF. Instead, the agreement is structured around milestone-based disbursements to ensure compliance with its terms. The first installment, $200 million in Special Drawing Rights (SDRs), is set for release at the end of March, contingent on a milestone review.
At the time of writing, Bitcoin (BTC) is trading at $87,416, up by 4.85% in the past day but down 1.11% over the past week. With Bitcoin’s price fluctuations and Bukele’s Bitcoin strategy still intact, the coming months will reveal how El Salvador navigates its agreement with the IMF while continuing to embrace its Trump-like crypto-driven vision.
