President Nayib Bukele Says El Salvador Will Continue Accumulating Bitcoin Despite IMF Pushback
El Salvador President Nayib Bukele says his country will continue accumulating Bitcoin (BTC) despite rumors suggesting otherwise.
El Salvador first adopted BTC as legal tender in 2021, but recent pressure from the International Monetary Fund (IMF) related to a recently approved $1.4 billion loan agreement has forced the Central American country to pull back on some of its Bitcoin evangelism.
Recent amendments to El Salvador’s BTC legislation make the acceptance of Bitcoin voluntary and shed the asset of its “currency” status, though it still is considered “legal tender” in the country.
As part of the conditions tied to El Salvador accessing the $1.4 billion loan facility, the IMF also wants the country to halt public sector acquisitions of BTC, dissolve the Fidebitcoin trust fund by July 2025 and cease operations of its Chivo wallet system.
Bukele pushed back against those conditions this week.
“’This all stops in April.’ ‘This all stops in June.’ ‘This all stops in December.’
No, it’s not stopping.
If it didn’t stop when the world ostracized us and most ‘Bitcoiners’ abandoned us, it won’t stop now and it won’t stop in the future.
Proof of work > proof of whining.”
The country’s National Bitcoin Office (ONBTC) has also continued purchasing one BTC a day, with holdings totaling 6,102.18 BTC at time of writing.
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Author: Conor Devitt
