El Salvador’s Bukele continues to buy Bitcoin despite IMF pressure

El Salvador’s President Nayib Bukele has doubled down on his country’s commitment to Bitcoin, stating that the government will continue purchasing at least one Bitcoin per day — even as the International Monetary Fund (IMF) urges the nation to step back from its crypto strategy.

The IMF issued a renewed request on March 3 as part of an extended $1.4 billion funding arrangement, asking El Salvador’s public sector to stop voluntarily accumulating Bitcoin. 

The request is part of the IMF's ongoing concerns over the potential financial risks associated with the country’s Bitcoin adoption.

Bukele responded to the IMF's request with a resolute message. In a March 4 post on X, he wrote:

“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.”

This statement underscores Bukele’s unwavering stance on Bitcoin, portraying it as a long-term strategy for El Salvador’s financial independence and economic growth.

El Salvador made history in September 2021 when it became the first country to recognize Bitcoin as legal tender. The nation has since adopted an aggressive Bitcoin accumulation strategy, purchasing Bitcoin regularly as part of its treasury reserves. 

On March 4, the country continued its policy of buying at least one Bitcoin per day, reinforcing its commitment to integrating crypto into its national economy.

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

This makes El Salvador the nation with the sixth-largest Bitcoin treasury globally, trailing behind the United States, China, the United Kingdom, Ukraine, and Bhutan, based on data from BitBo’s Bitcoin Treasuries tracker.

The IMF’s March 3 memorandum went beyond recommending a halt to Bitcoin purchases. It also requested El Salvador to stop Bitcoin mining activities and restrict the public sector from issuing debt or tokenized instruments denominated or indexed in Bitcoin.

The IMF has previously expressed concerns about El Salvador’s Bitcoin adoption, warning that the volatility of crypto markets could destabilize the country’s economy and complicate its access to international financial markets. 

The $1.4 billion funding deal El Salvador secured in December 2024 came with conditions, including scaling back some of its Bitcoin initiatives, such as making crypto payments optional and requiring tax payments in U.S. dollars.

However, Bukele remains steadfast in his vision. His refusal to comply with the IMF's demands highlights El Salvador’s desire to break away from traditional financial systems and chart its own course.

While Bukele made it clear that Bitcoin accumulation will continue, it’s still uncertain whether El Salvador will comply with the IMF’s other requests regarding mining activities and tokenized debt issuance. 

The government has remained silent on those specific points, and the National Bitcoin Office did not immediately respond to media requests for comment.

Despite the criticism, El Salvador has continued to develop its Bitcoin ecosystem. The country launched "Bitcoin City," a tax-free crypto hub powered by geothermal energy from volcanoes, and issued "Volcano Bonds" to fund infrastructure projects. These efforts aim to attract crypto entrepreneurs and investors to the country, positioning El Salvador as a global pioneer in Bitcoin adoption.

In January 2025, El Salvador passed a law making Bitcoin acceptance voluntary for private businesses, refining its original legal tender policy to give merchants more flexibility. This move was seen as a compromise to balance Bitcoin adoption with the realities of running a business in a volatile market.

Bukele’s defiance against the IMF is not just about Bitcoin — it’s a political statement. It signals El Salvador’s intent to assert its sovereignty and resist pressure from international financial institutions. 

For Bukele, Bitcoin represents financial freedom, a way to reduce dependence on foreign aid, and a tool to empower Salvadorans, many of whom rely on remittances from abroad.

“We’re playing the long game,” Bukele wrote in a previous statement. “Bitcoin is not just a currency; it’s hope for a better future.”

As El Salvador continues to accumulate Bitcoin, the country remains at the center of the global crypto debate. Whether this gamble will pay off or lead to financial instability is still uncertain — but one thing is clear: El Salvador is not backing down.

With Bukele's unwavering leadership and the nation’s relentless pursuit of its Bitcoin vision, El Salvador is poised to remain a fascinating case study in the intersection of crypto, policy, and global finance for years to come.