El Salvador has acquired 13 additional Bitcoin, totaling over 6,105 BTC valued at $527 million, despite IMF pressure to cease purchases. The government amended its Bitcoin laws following a loan agreement but continues its accumulation strategy. This policy has attracted major crypto firms, such as Bitfinex and Tether, to relocate to El Salvador.
El Salvador has persistently enhanced its Bitcoin holdings, acquiring an additional 13 Bitcoin since March 1, despite increasing pressure from the International Monetary Fund (IMF). The El Salvador Bitcoin Office announced that the nation now possesses over 6,105 BTC, valued at approximately $527 million. The buying strategy typically involves acquiring 1 BTC daily, although on March 3, a notable acceleration occurred with the acquisition of 5 BTC in one day.
In December 2024, El Salvador secured a $1.4 billion loan from the IMF, which included a stipulation to revoke Bitcoin’s status as legal tender and reduce the government’s engagement with cryptocurrency. Consequently, in January 2025, the National Assembly amended Bitcoin legislation, voting 55-2 to repeal previous laws. Nevertheless, the administration favored continued Bitcoin accumulation, purchasing two BTC on February 1 and persisting with its acquisition strategy.
On March 3, the IMF intensified its requests, urging El Salvador to cease Bitcoin acquisitions and restricting the issuance of debt or tokenized securities tied to Bitcoin. President Nayib Bukele firmly opposed these demands, asserting the nation’s commitment to its Bitcoin strategy and characterizing the IMF’s contention as mere “whining.” He emphasized, “If we didn’t stop when the world ostracized us… we won’t stop now, and we won’t stop in the future.”
El Salvador’s steadfast Bitcoin policy has led to significant interest from major cryptocurrency firms moving their operations to the country. On January 7, Bitfinex Derivatives announced its relocation from Seychelles to El Salvador, succeeded by Tether’s announcement to establish its headquarters there on January 13, marking a significant trend in crypto firm relocations due to El Salvador’s Bitcoin policies.
In conclusion, El Salvador’s determination to accumulate Bitcoin persists in the face of IMF pressure, showcasing a steadfast commitment to cryptocurrency. With significant transactions and high-profile relocations of crypto firms, El Salvador’s Bitcoin strategy continues to draw attention and investment. Despite external demands, President Nayib Bukele’s administration remains resolute in its approach, indicating a long-term vision for cryptocurrency within the nation.
Original Source: www.binance.com
