El Salvador has continued its Bitcoin accumulation strategy, adding 13 BTC since March 1 despite growing pressure from the International Monetary Fund (IMF). According to the country’s Bitcoin Office, the nation’s total BTC holdings now exceed 6,105 BTC, valued at over $527 million at current market prices.
While El Salvador typically acquires Bitcoin at a steady rate of 1 BTC per day, its treasury ramped up purchases on March 3, adding 5 BTC in a single day.
IMF Pressures El Salvador to Halt Bitcoin Accumulation
The IMF has been pushing El Salvador’s government to scale back its involvement with Bitcoin, particularly after a $1.4 billion loan agreement reached in December 2024. As part of the deal, El Salvador agreed to rescind BTC’s status as legal tender and reduce public sector Bitcoin holdings.
To comply, the country’s Congress amended its Bitcoin laws in January 2025, repealing the original legislation in a 55-2 vote. However, El Salvador’s Bitcoin buying spree has not stopped. The government continued its daily BTC purchases, acquiring 2 BTC in a single day on February 1 and maintaining its accumulation strategy through March.
On March 3, the IMF issued a fresh request urging El Salvador to halt Bitcoin purchases and prohibiting the country from issuing debt or tokenised securities linked to BTC.
Bukele Dismisses IMF’s “Whining”
President Nayib Bukele responded defiantly to the IMF’s demands, making it clear that El Salvador would continue its Bitcoin accumulation strategy.
“If it didn’t stop when the world ostracised us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future,” Bukele declared.
His unapologetic pro-Bitcoin stance has drawn significant attention from the crypto industry, prompting major players to relocate their operations to El Salvador.
Crypto Firms Flock to El Salvador
Several high-profile crypto companies have chosen to move their headquarters to El Salvador amid its pro-Bitcoin policies. On January 7, Bitfinex Derivatives announced its relocation from Seychelles to El Salvador, followed by stablecoin issuer Tether, which confirmed its move on January 13.
As El Salvador doubles down on its Bitcoin strategy despite IMF opposition, the country continues to position itself as a global hub for Bitcoin adoption and crypto innovation.
