El Salvador Ignores IMF's Stipulations, Buys the Dip, Increasing its Bitcoin Holdings to 6,101 BTC

In direct contradiction to the IMF’s stipulations, El Salvador’s Bitcoin Office recently purchased an additional Bitcoin (BTC), increasing the country's total holdings to 6,101 BTC

output: El Salvador continues adding Bitcoin (BTC) to its reserves despite pressure from the International Monetary Fund (IMF) to stop, having bought more coins on Monday.

The Central American nation’s Bitcoin Office purchased more BTC, now increasing the country’s total Bitcoin stash to 6,101 coins, valued at approximately US$510M (AU$804M).

President Nayib Bukele shared the news on X, once again showcasing his pro-Bitcoin preference and asserting that the country’s Bitcoin activities will continue, even despite a recent loan agreement that included strict measures that spanned halting BTC purchases and disclosing all public Bitcoin wallet addresses.

The president’s statement comes as the IMF recently launched a report on March 5, highlighting a set of conditions for the US$1.4B (AU$2.21B) loan to El Salvador.

The institution is requesting the government to halt all Bitcoin-related activities, including purchases, and to liquidate the Fidebitcoin trust by July 2025. It also seeks the discontinuity of its state-run Chivo wallet, which has already failed in the country, given that neither regular citizens nor businesses use it.

The IMF highlights that cryptocurrencies and blockchain can enhance payments worldwide, yet crypto adoption could bring “macroeconomic risks” to financial stability.

In that sense, the reason why El Salvador has not collapsed economically is because Salvadorians don’t really care about or use Bitcoin, having “limited trust in the technology,” according to the institution.

The report adds that the financial sector in the country has no exposure, and companies do not pay their taxes in Bitcoin.