Bukele Defies IMF, Vows El Salvador Will Keep Buying Bitcoin

President Nayib Bukele of El Salvador reaffirmed the country’s resolve to purchase Bitcoin despite fresh scrutiny from the International Monetary Fund (IMF). In line with its treasury strategy, the government intends to continue adding Bitcoin to its reserves despite the IMF’s admonishment toward Bitcoin purchases by public sectors.

El Salvador Rejects IMF Request to Stop Bitcoin Purchases

On March 3, the IMF issued a request as part of a proposed $1.4 billion fund arrangement, calling for El Salvador to stop its voluntary accumulation of Bitcoin. The following day, Bukele dismissed the request in a post on X (formerly Twitter).

“No, it’s not stopping,” Bukele stated. He continued, “It didn’t stop when we faced global isolation and many ‘bitcoiners’ walked away, and it won’t stop now or in the future.”

“This all stops in April.” “This all stops in June.” “This all stops in December.”

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.

Proof of work > proof of whining https://t.co/9pC0PoY3YQ

— Nayib Bukele (@nayibbukele) March 4, 2025

El Salvador has been purchasing at least one Bitcoin per day since 2022, a strategy Bukele has repeatedly defended. Data from the National Bitcoin Office of El Salvador indicates that the country currently holds 6,101 Bitcoin, valued at approximately $534.5 million.

IMF Calls for Limits on Bitcoin-Related Activities

In addition to urging an end to Bitcoin purchases, the IMF’s March 3 memorandum included other recommendations related to El Salvador’s Bitcoin policies. It called for the country to stop Bitcoin mining activities and restrict the issuance of debt or tokenized financial instruments linked to Bitcoin.

The document classified these restrictions as “continuous quantitative performance criteria,” meaning they would be mandatory if the funding arrangement is finalized. It remains unclear whether El Salvador will comply with these additional requests.

Samson Mow, CEO of Bitcoin technology firm JAN3, criticized the IMF’s approach on X, stating, “I’d rather have heard this from the Bukele administration than the IMF.”

Now we know what “confined” means. No more #Bitcoin buys for El Salvador.

I would have preferred to hear it from the Bukele administration than from the IMF. https://t.co/a7ZLh3DWQG pic.twitter.com/TuZLdrPOeC

— Samson Mow (@Excellion) March 4, 2025

El Salvador’s Bitcoin Strategy Under IMF Scrutiny

El Salvador became the first country to adopt Bitcoin as legal tender in September 2021. In January 2024, a new law made its acceptance optional for businesses.

That deal, $1.4 billion from the IMF, was granted to the country in December 2024. In the agreement, El Salvador said it would slow down some of its Bitcoin initiatives, making them voluntary and maintaining payment in U.S. dollars for taxes.

El Salvador Expands Tech and Crypto Partnerships

As El Salvador persists in its Bitcoin acquisitions, it has been cultivating collaborations with technology and crypto companies. On March 2, Bukele conversed with Andreessen Horowitz (a16z) co-founders Marc Andreessen and Ben Horowitz regarding investments in artificial intelligence and possible technology advancements in the nation.

In January, stablecoin provider Tether set up operations in El Salvador, and two weeks prior, Bukele talked with MicroStrategy Chairman Michael Saylor about Bitcoin adoption.

Despite outside pressures, El Salvador stays dedicated to its Bitcoin approach while working to enhance its role in the global tech and cryptocurrency sectors.