Despite reaching a $3.5 billion loan agreement with the International Monetary Fund (IMF) in March this year — one of the conditions being that El Salvador must stop buying Bitcoin — President Nayib Bukele has chosen to ignore the terms and continue accumulating BTC. He even publicly declared: “We won’t stop.” Interestingly, the IMF has not expressed discontent; instead, it praised El Salvador for “performing well,” and relations between the two sides remain peaceful. As of now, El Salvador holds 6,190 BTC.
El Salvador Keeps Buying BTC Despite IMF Agreement
March 2025: El Salvador reached a $3.5 billion loan deal with the IMF
Key conditions of the agreement include:
- BTC no longer considered legal tender: Merchants can refuse to accept it
- Government agencies may not actively accumulate BTC
The IMF said the restrictions were due to concerns over Bitcoin’s extreme volatility potentially threatening El Salvador’s fiscal stability.
March 4, 2025: President Bukele Vows to Keep Buying
On the same day the IMF announced the agreement terms, President Bukele posted on X (formerly Twitter):
“Back then, the world and the Bitcoin community gave up on us. But we never stopped. And now, we surely won’t stop — not now, not in the future!”
At that time, El Salvador held 6,101.18 BTC.
May 2025: BTC Holdings Increase, IMF Turns a Blind Eye and Praises El Salvador
According to El Salvador’s official X account, the current BTC holding has increased to 6,190.18 BTC, worth approximately $672 million — clearly a violation of the IMF agreement.
Surprisingly, the IMF has not issued a complaint. Instead, its recent report states:
“Program implementation is progressing well. We appreciate the cooperation of the Salvadoran government.”
IMF Appears Powerless as Bukele Defies Agreement — Yet Peace Is Maintained
In summary, while the IMF tried to limit El Salvador’s Bitcoin purchases through its agreement terms, President Bukele has ignored them and kept buying. Unexpectedly, the IMF responded not with condemnation, but with praise — suggesting its oversight power is limited. Nevertheless, both sides continue to maintain peaceful relations.
