El Salvador continues to increase its Bitcoin reserves despite securing a loan from the International Monetary Fund (IMF) which limits further cryptocurrency accumulation.
Situation with Bitcoin Accumulation
According to the Bitcoin Office of the country, the government's treasury wallet now holds 6209 BTC, up by 240 coins since December 19, 2024, when the IMF agreement was finalized. President Nayib Bukele's one-Bitcoin-a-day strategy, launched in 2022, seems to be ongoing.
Restrictions from the IMF Agreement
The IMF agreement required El Salvador to remove Bitcoin's legal tender status and halt public purchases. However, the country technically continues to comply with these conditions. 'El Salvador continues to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector,' said Rodrigo Valdes, IMF's Western Hemisphere director, during an April 26 briefing.
Issues with Cryptocurrency Usage
Meanwhile, crypto remittances show a different story. According to El Salvador's Central Reserve Bank, Bitcoin-powered transfers dropped 44.5% in the first quarter of 2025 compared to the same period last year. Crypto remittances totaled just $16 million, down from $28.3 million a year earlier — now accounting for just 0.52% of all incoming transfers.
Despite the continued accumulation strategy, everyday use of cryptocurrency among citizens remains limited, with the majority of the population not using it for transactions.
