El Salvador’s Firm Commitment to Bitcoin
El Salvador has solidified its dedication to Bitcoin despite warnings from the International Monetary Fund (IMF).
Recent Bitcoin Purchase
- El Salvador acquired six BTC for approximately $500,000 on March 9.
- The country added five BTC to its reserves while buying one BTC daily.
- El Salvador now holds a total of 18 BTC valued at around $1.4 million.
Accumulated Bitcoin Holdings
- The country’s total Bitcoin purchases in March amount to around 19 BTC.
- El Salvador currently possesses approximately 6,111 BTC, worth over $504 million at current market prices.
Utilizing Market Downturns
Stacy Herbert, the director of El Salvador’s Bitcoin Office, emphasized the country’s strategy of leveraging market downturns to strengthen its Bitcoin holdings.
IMF Tensions
Despite initial agreements, El Salvador’s continued Bitcoin purchases pose a direct challenge to the IMF’s conditions tied to a $1.4 billion financial aid package.
IMF Proposed Agreement
- The IMF outlined a proposed agreement with El Salvador after nearly four years of negotiations.
- The deal required the country to reduce public sector involvement in Bitcoin-related activities and implement stricter digital asset monitoring rules.
Restrictions on Bitcoin Purchases
- The IMF sought to restrict El Salvador from voluntarily purchasing Bitcoin, permitting holdings only from seizures, forfeitures, and legal actions.
- El Salvador had adjusted its policies to address international concerns but continues to make Bitcoin purchases.
President Bukele’s Stance
President Bukele reaffirms the country’s commitment to Bitcoin, emphasizing that BTC acquisitions will persist despite IMF pressures.
