El Salvador continues Bitcoin purchases despite IMF agreement

El Salvador is continuing its Bitcoin (CRYPTO:BTC) acquisition strategy despite agreeing to conditions set by the International Monetary Fund (IMF), which include scaling back its crypto purchases.  

Economy Minister Maria Luisa Hayem confirmed the country’s ongoing commitment to acquiring bitcoin during an interview with Bloomberg News at the Web Summit in Rio de Janeiro.  

She reaffirmed President Nayib Bukele’s decision to keep accumulating bitcoin as part of the nation’s economic strategy.  

“There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that,” Hayem said.  

As of now, El Salvador holds 6.162K BTC, valued at over $583 million, according to Arkham Intelligence.

The government has been acquiring bitcoin at a rate of one BTC per day.  

In late 2024, El Salvador secured a $1.4 billion loan from the IMF, which included conditions to limit crypto purchases.

This deal came after El Salvador’s 2021 decision to adopt bitcoin as legal tender, which had led to credit rating downgrades and strained relations with institutional creditors.  

The IMF loan also required the country to make bitcoin adoption optional for businesses, easing concerns in global financial markets.  

Despite these conditions, Hayem stressed that bitcoin remains an essential part of the country’s financial strategy.  

“Bitcoin keeps being an important project. There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective,” Hayem said.  

The IMF has expressed concern about El Salvador’s continued Bitcoin purchases, with Rodrigo Valdes, the IMF’s Western Hemisphere Director, stating that there has been no new bitcoin accumulation, as per the terms of the $1.4 billion agreement.  

At the time of reporting, the Bitcoin price was $94,791.99.