Skip to content
- El Salvador acquired six more Bitcoin, bringing its total reserves to 6,111 BTC, despite IMF concerns.
- The IMF urged restrictions on voluntary BTC purchases, but El Salvador continues its accumulation strategy.
- The government views Bitcoin declines as buying opportunities, reinforcing its long-term commitment to the asset.
El Salvador has continued to accumulate Bitcoin, defying repeated warnings from the International Monetary Fund (IMF). The country’s Bitcoin Office confirmed on March 9 that El Salvador purchased six BTC for approximately $500,000, bolstering its cryptocurrency reserves even amidst a market downturn.
This acquisition is part of an ongoing strategy where the nation, led by President Nayib Bukele, continues to purchase Bitcoin incrementally. According to the Bitcoin Office’s statement, El Salvador added five BTC to its reserves and bought one BTC per day, totaling 18 BTC over the past week. As of now, the country’s Bitcoin holdings have risen to 6,111 BTC, with a current market value of over $504 million.
This continued acquisition comes at a time when Bitcoin’s price has faced a significant dip of about 12%, pushing prices to hover around $80,000 per coin. Despite the downward trend, El Salvador has historically leveraged market declines to increase its Bitcoin holdings. Stacy Herbert, director of El Salvador’s Bitcoin Office, emphasized this strategy, pointing out that similar purchases were made during the last three major BTC dips, showcasing the country’s long-term view on the asset.
According to official data, March has seen a notable surge in El Salvador’s Bitcoin purchases, with the country acquiring around 19 BTC so far this month. This uptick in acquisitions is a clear signal that El Salvador remains steadfast in its commitment to Bitcoin, despite ongoing pressure from the IMF.
El Salvador Defies IMF, Bitcoin Strategy Continues
The IMF has been vocal about its concerns over El Salvador’s Bitcoin strategy, especially about a $1.4 billion financial aid package. In its latest report, published just last week, the IMF outlined conditions that would require El Salvador to reduce public sector involvement in BTC activities and implement tighter digital asset monitoring to meet international financial standards. The IMF further sought to restrict El Salvador from purchasing Bitcoin voluntarily, limiting future acquisitions to those made through legal actions such as seizures or forfeitures.
However, El Salvador’s persistent BTC purchases appear to directly challenge these conditions. While the country had previously made concessions to align with international expectations, such as revoking the mandate for businesses to accept Bitcoin and scaling back its use for tax payments, these actions have not deterred the government from expanding its BTC holdings.
President Bukele remains resolute, reiterating that El Salvador will continue its Bitcoin acquisition strategy regardless of external pressure. The country’s continued commitment to BTC underscores its long-term vision of positioning the cryptocurrency as an essential pillar of its economic future.
As the nation pushes forward with its Bitcoin strategy, the global financial community will be watching closely to see whether El Salvador’s bold approach will pay off, or if the IMF’s concerns will ultimately reshape the country’s cryptocurrency policy. For now, it seems that El Salvador’s dedication to BTC remains unwavering, even as it navigates the complex relationship with international financial institutions.
Related | Trump to Host White House Crypto Summit at Scheduled Time
