El Salvador’s President Nayib Bukele has announced the country will continue its Bitcoin purchases despite new IMF restrictions that prohibit additional acquisitions by public entities. Following a recent addition to its Bitcoin reserves, El Salvador’s total holdings have reached 6,101 BTC, making it the sixth-largest holder globally. Bukele’s stance has garnered support from prominent Bitcoin supporters.
In a recent development, El Salvador’s President Nayib Bukele has reaffirmed the country’s commitment to purchasing Bitcoin, despite new restrictions imposed by the International Monetary Fund (IMF) as part of a financing deal. This agreement, which encompasses a 40-month, $1.4 billion Extended Fund Facility (EFF), prohibits any additional Bitcoin acquisitions by public sector entities while allowing existing holdings to be retained.
The IMF’s terms, specified in a March 2025 country report, include a request for El Salvador to cease Bitcoin mining. Nonetheless, President Bukele has made it clear that these stipulations will not hinder the country’s intentions to continue its Bitcoin purchases. In his remarks, Bukele stated his resolve by saying that despite external pressures, El Salvador would persist in its Bitcoin accumulation strategy.
On March 4, El Salvador added another 5 BTC to its reserves, increasing its total holdings to 6,101 BTC, which are currently valued at approximately $530 million. This accumulation positions El Salvador as having the sixth-largest Bitcoin stockpile worldwide. The nation made history in September 2021 by becoming the first to recognize Bitcoin as legal tender.
Although the legal status of Bitcoin was adjusted earlier in January, allowing BTC acceptance for private sector merchants to be voluntary, President Bukele has received backing from influential figures in the Bitcoin community. Notably, Michael Saylor, co-founder of Strategy, expressed his support by declaring that “Bitcoin adoption is unstoppable,” reinforcing Bukele’s determination to embrace cryptocurrency in the face of criticism and external constraints.
In conclusion, President Nayib Bukele of El Salvador remains steadfast in his commitment to Bitcoin purchases despite the IMF’s new restrictions. The country continues to expand its Bitcoin holdings, reflecting its pioneering stance in cryptocurrency adoption. Bukele’s determination and the support from notable Bitcoin advocates signify a resilient approach toward enhancing El Salvador’s cryptocurrency landscape.
Original Source: zycrypto.com
