El Salvador to continue Bitcoin purchases despite IMF request

El Salvador President Nayib Bukele has reaffirmed that the government will continue buying Bitcoin (CRYPTO:BTC), rejecting a request from the International Monetary Fund (IMF) to halt the practice.

On March 4, Bukele posted on X, “No, it’s not stopping,” in response to the IMF’s latest call for El Salvador’s public sector to stop accumulating Bitcoin.

“If it didn’t stop when the world ostracised us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” he added.

El Salvador has been purchasing at least one Bitcoin per day as part of its treasury strategy, a policy it has maintained despite external pressures.

The IMF’s March 3 memorandum, tied to a $1.4 billion extended fund facility arrangement with the country, urged El Salvador to end Bitcoin mining and restrict public sector issuance of debt or tokenised instruments linked to Bitcoin.

It remains unclear whether El Salvador will comply with other aspects of the IMF’s recommendations.

The National Bitcoin Office of El Salvador has not provided further comments on the matter.

El Salvador’s agreement with the IMF, reached in December 2024, included measures to scale back Bitcoin-related policies, such as making cryptocurrency payments voluntary and requiring tax payments in U.S. dollars.

According to data from the National Bitcoin Office, El Salvador currently holds 6,101 Bitcoin, valued at approximately $534.5 million.

The country ranks sixth in Bitcoin holdings among nation-states, behind the United States, China, the United Kingdom, Ukraine, and Bhutan, according to Bitcoin Treasuries data from BitBo.

El Salvador first adopted Bitcoin as legal tender in September 2021.

In January 2025, a new law made Bitcoin acceptance voluntary for private sector businesses, modifying its legal status.

Despite concerns from the IMF, Bukele’s latest statement indicates the government remains committed to maintaining its Bitcoin strategy.

At the time of reporting, the Bitcoin (BTC) price was $87,121.21.