El Salvador is actively pursuing Bitcoin purchases despite an agreement with the International Monetary Fund that discourages asset accumulation in the public sector.
Bitcoin Purchases by El Salvador
Since December 19, 2022, El Salvador has acquired 240 Bitcoin, despite a $1.4 billion loan agreement with the International Monetary Fund. The country's treasury wallet now holds 6,209 BTC. Daily purchases, initiated by President Nayib Bukele, continue at the rate of one Bitcoin per day.
Government Officials' Comments
Recent statements from government officials confirmed these acquisitions. Economy Minister Maria Luisa Hayem stated in a Bloomberg interview that asset accumulation remains a key strategic priority:
> "There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that. Bitcoin keeps being an important project. There is an asset accumulation that we’re seeing from the government perspective, from the private sector perspective."
IMF Agreement and Its Implications
The IMF's December 2024 agreement required El Salvador to cease Bitcoin's status as legal tender and refrain from further public-sector Bitcoin accumulation in exchange for the loan. However, the IMF later acknowledged that the country remains in technical compliance with the deal despite continuing to accumulate Bitcoin. Rodrigo Valdes, head of the IMF’s Western Hemisphere Department, stated that the agreement only applies to the formal fiscal sector.
Thus, El Salvador continues its active Bitcoin purchases, raising questions about the country's adherence to international obligations and its cryptocurrency strategy.
