El Salvador Doubles Download on Bitcoin (BTC) Despite IMF's

El Salvador's innovative approach to Bitcoin (BTC) has been the centre of debate since 2021, when the Latin American country became the first around the globe to make BTC legal tender.

El Salvador’s bold move to adopt Bitcoin (BTC) has been a subject of much discussion since 2021, when the Central American nation became the first in the world to introduce the cryptocurrency as legal tender. Despite its journey being filled with ups and downs, Bitcoin has brought a considerable amount of tourism, contributing towards education & increasing national security.

However, the International Monetary Fund (IMF) has requested El Salvador to wind down its Bitcoin purchases.

The regulatory body stated on Friday that “Going forward, program commitments will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of Bitcoin”, referencing their $3.5 billion financing deal with El Salvador, freshly signed last month by both parties.

I feel like the fact that the IMF is forcing El Salvador to stop its Bitcoin adoption should be bigger news

I feel like the fact that the IMF is forcing El Salvador to stop its Bitcoin adoption should be bigger news

Zero coverage in the mainstream economic media but think of the simple implication:

The IMF considers Bitcoin a threat

The IMF considers Bitcoin a threat

No longer useless, but revolutionary

No longer useless, but revolutionary

The international financial regulator is also trying to enforce amendments on El Salvador’s BTC status as legal tender, arguing that actual Bitcoin adoption in the country has been “marginal”.

Bukele All In On Bitcoin: “No, it’s Not Stopping”

In a courageous tweet on Tuesday evening, El Salvador’s re-elected President Nayib Bukele mocked the IMF’s harsh stance on the country’s Bitcoin purchases.

“This all stops in April.” “This all stops in June.” “This all stops in December.” No, it’s not stopping.” Showing off the recent 13 BTC acquired over the past 7 days, the treasury made $1,123,252 in unrealized profit from this purchase so far.

Then, the Millennial President concluded that Proof of Work (PoW) consensus, on which crypto’s flagship asset is based, is certainly better than “proof of whining”. The message features a screenshot of El Salvador’s Bitcoin treasury, a strategic reserve unveiled to the public in March, 2024.

Pledging to buy a Bitcoin a day to keep the inflation away since November 18, 2022, El Salvador’s Nayib Bukele made a profit of $33,460,810 from this Dollar Cost Average (DCA) strategy. Cumulatively, El Salvador’s Bitcoin strategic reserve now boasts a gigantic return of $138,735,660, bumping the total balance to nearly $545 million, according to

On The Flipside

Recently, blockchain adoption assessments in Southeast Asian nations like Vietnam, Thailand, and the Philippines revealed low scores in macroeconomic and fiscal stats.

This lack of integration hinders a smooth transition from traditional to digital finance, as Bitcoin operations can be reflected in macroeconomic and fiscal stats.

What To Watch Next

The cooperation between the IMF and El Salvador will continue in the coming months to review and adjust the program as needed, taking into account new developments and changing economic circumstances.

As part of the new program, the international lender has urged the Salvadoran government to gradually wind down the use of the Chivo crypto e-wallet, which was launched in September 2021 to facilitate bitcoin transactions.

After a turbulent three years of engaging with the IMF to secure a $1.3 billion loan, El Salvador finally secured a $3.5 billion financing deal with the lender.

Earlier this year, the lender's managing director, Kristalina Georgieva, highlighted the importance of considering the implications for macroeconomic stability when implementing BTC legal tender.

Despite the varying opinions, the discussion surrounding El Salvador’s approach to Bitcoin has certainly brought the crypto space into the mainstream.