Bukele Rejects IMF Bitcoin Restrictions
El Salvador’s President Nayib Bukele has reaffirmed the country’s commitment to buying bitcoin, despite a $1.4 billion IMF loan agreement requiring reduced Bitcoin-related activities.
Responding to speculation on social media, Bukele wrote on X (formerly Twitter):
"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."
IMF Agreement and Bitcoin Policy Adjustments
In December 2024, El Salvador secured a financing package worth over $3.5 billion from the IMF. As part of the agreement, the country agreed to scale back Bitcoin-related activities, including limiting government transactions in bitcoin.
Congress acted swiftly to comply with the deal, approving amendments that made bitcoin acceptance voluntary in the private sector.
Last week, the IMF reiterated that the agreement would confine government purchases of bitcoin. However, El Salvador’s official Bitcoin reserve announced an additional purchase on Tuesday, raising its total holdings to 6,101 BTC (~$535 million).
Market Reactions and Future Outlook
Bukele’s latest stance on bitcoin has drawn mixed reactions from the crypto community. JAN3 CEO Samson Mow questioned whether the IMF’s restrictions could impact future bitcoin purchases. Meanwhile, MicroStrategy Chairman Michael Saylor and podcaster Peter McCormack voiced their support for Bukele’s commitment.
With El Salvador doubling down on bitcoin despite international pressure, the country remains a key case study for nation-state BTC adoption.
