El Salvador Continues to Buy Bitcoin Despite IMF! Here's the latest Bitcoin purchase!

Despite pressure from the International Monetary Fund to halt (IMF) purchases, El Salvador continued its aggressive strategy of buying Bitcoin, increasing its holdings to 6,111 BTC.

El Salvador Defies IMF, Resumes Bitcoin Accumulation

The Central American country added 6 BTC to its reserve on Sunday, bringing its total holdings to 6,111.18 BTC, worth about $504 million at current market prices. According to the country's Bitcoin Office, this figure marks an increase from 6,072 BTC on Feb. 9.

IMF Agreement and Rising Tensions

El Salvador reached a $1.4 billion loan agreement with the IMF in December, and the total financial package is expected to exceed $3.5 billion. As part of the deal, the country agreed to reduce its Bitcoin engagement in exchange for funding.

• In January, El Salvador's Legislative Assembly passed a bill to comply with IMF requirements linked to loans.
• On March 3, the IMF released a new report reinforcing the expectation that El Salvador will limit government involvement in Bitcoin-related activities.

Bukele Is Steadfast In His Bitcoin Strategy

Despite these agreements, President Nayib Bukele has made it clear that El Salvador will not stop accumulating Bitcoin.

• In a Twitter( post published on March 5 under the name )eski on X, Bukele dismissed speculation that the country would abandon its Bitcoin-first approach. "No, it won't stop," Bukele wrote, "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."

El Salvador became the first country to adopt Bitcoin as legal tender in September 2021, a move that initially drew criticism from global financial institutions, including the IMF and the World Bank. The government has since launched initiatives such as Bitcoin-backed bonds and a volcanic-powered Bitcoin mining operation.

Despite the concerns of the IMF and credit rating agencies, the Bukele administration continues to frame Bitcoin adoption as a long-term strategy for financial independence and economic growth.