El Salvador continues to buy Bitcoin, increasing its holdings to 6,111 BTC despite pressure from the International Monetary Fund (IMF).
New Bitcoin Purchases
The Central American country added 6 BTC to its reserves on Sunday, bringing its total holdings to 6,111.18 BTC, worth about $504 million at current market prices. That’s up from 6,072 BTC on Feb. 9, according to the country’s Bitcoin Office.
IMF Agreement and Rising Tensions
In December, El Salvador reached a $1.4 billion loan agreement with the IMF, with the total financial package expected to exceed $3.5 billion. As part of the deal, the country agreed to reduce its Bitcoin engagement.
Bukele Stands Firm on Bitcoin
Despite these agreements, President Nayib Bukele has made it clear that El Salvador will not stop accumulating Bitcoin. In a March 5 post on X (formerly Twitter), Bukele countered speculation that the country would abandon its Bitcoin-first approach.
El Salvador became the first country to accept Bitcoin as legal tender in September 2021. Despite concerns from the IMF and credit rating agencies, the Bukele administration continues to frame Bitcoin adoption as a long-term strategy for financial independence and economic growth.
