El Salvador Defies IMF Pressure, Doubles Down on Bitcoin
Bukele Stands Firm: Bitcoin Strategy Remains Unshaken
El Salvador is not backing down. Despite agreeing to a $1.4 billion deal with the International Monetary Fund (IMF) - which imposes restrictions on government Bitcoin activities - President Nayib Bukele has made it clear: El Salvador will continue accumulating Bitcoin.
On March 5, Bukele reaffirmed the nation’s commitment to BTC, dismissing speculation that the IMF agreement would halt purchases.
“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.” – Nayib Bukele, March 5
El Salvador’s National Bitcoin Office quickly confirmed a fresh Bitcoin purchase, bringing the country’s total holdings to 6,101 BTC—valued at approximately $530 million at the time of reporting.
IMF Restrictions vs. Bukele’s Bitcoin Vision
The IMF agreement introduces new restrictions on El Salvador’s Bitcoin strategy:
❌ No voluntary BTC purchases—Bitcoin can only be acquired through legal enforcement actions like seizures or forfeitures.
❌ No government Bitcoin mining—The country is barred from mining operations.
❌ Bitcoin payments no longer mandatory—Businesses are no longer required to accept BTC as payment.
These conditions are part of a broader IMF demand to increase financial oversight and align with global regulations. However, Bukele remains unwavering in his commitment to Bitcoin, signaling that El Salvador will continue stacking sats despite external pressures.
Bitcoiners Demand Transparency
While some Bitcoin advocates applaud Bukele’s defiance, others are asking tough questions about how El Salvador will navigate the IMF’s restrictions.
📢 Key voices in the Bitcoin space have weighed in:
Samson Mow (JAN3 CEO) urged Bukele to explain how the country will maintain its Bitcoin strategy under IMF oversight.
John Carvalho (Synonym CEO) questioned: “The IMF deal explicitly prohibits what you’re doing—so what’s your plan?”
Stacy Herbert (Director, El Salvador’s National Bitcoin Office) fired back at skeptics: “Some ‘bitcoiners’ trust the IMF’s words over El Salvador’s Bitcoin purchases recorded for eternity on the blockchain.”
What’s Next for El Salvador?
The big question now: How will El Salvador balance its commitment to Bitcoin with the IMF’s financial demands?
While the government has agreed to some policy rollbacks, the recent Bitcoin purchase suggests Bukele remains steadfast in his vision of making Bitcoin central to El Salvador’s economy. Whether the country will seek alternative acquisition strategies or rework its agreement with the IMF remains to be seen.
📊 One thing is certain: El Salvador isn’t giving up on Bitcoin.