El Salvador is continuing to pile up Bitcoins (BTCThe Central American nation has been using its public money to buy Bitcoin in order to meet the terms of a loan deal it had with the International Monetary Fund.
As per data El Salvador Bitcoin Office reports that the country has acquired seven additional BTCs in the past seven days. This brings its total to 6,173 BTCs, worth over $637 Million.
El Salvador’s Bitcoin Office is continuing its steady pace of Bitcoin acquisitions The IMF has not stopped buying Bitcoins even months after signing the agreement.
Central American nation is among the few countries actively buying Bitcoins in open-market operations. National Bitcoin Treasury strategy to be adopted serve as a blueprint for other countries According to executives in the crypto industry, they are also looking at Bitcoin as strategic reserves.
Related: El Salvador works with Nvidia to develop sovereign AI infrastructure
El Salvador remains defiant against IMF pressure
El Salvador signed a $1.4 billion loan agreement The IMF will be able to provide a loan in December of 2024. The government also agreed, as part of this agreement, to repeal its Bitcoin law of legal tender and to make Bitcoin payment voluntary.
El Salvador is also bound by the agreement to limit its Bitcoin acquisition and not use public funds as a means of financing Bitcoin.
The deal also required that the government privatize Chivo Wallet. This wallet was funded by the public but little used among residents.
Despite the fact that the Central American government repealed Bitcoin’s legal tender status in January 2025 by a vote of 55 to 2, the law did not slow or halt Bitcoin transactions.
The IMF issued another request to El Salvador’s President, however, has stated his intention to stop buying Bitcoins by March 2025. He reiterated the terms originally agreed upon. However, El Salvador’s President Nayib Bukele pushed back against the requests.
Bukele said that despite the increasing pressure of the supranational institution, the country will not cease its Bitcoin purchases.
“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,” Bukele wrote a letter in the March 4, X post.
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Source: cointelegraph.com
