El Salvador continues to accumulate Bitcoin, recently acquiring 13 BTC despite IMF pressure to halt purchases. Now holding over 6,105 BTC valued at more than $527 million, the country’s commitment to cryptocurrency has simultaneously attracted major firms like Bitfinex and Tether to relocate their headquarters to El Salvador.
El Salvador has continued to expand its Bitcoin holdings, acquiring an additional 13 Bitcoin since March 1, despite pressure from the International Monetary Fund (IMF). The El Salvador Bitcoin Office reported that the nation’s Bitcoin treasury now exceeds 6,105 BTC, with a current valuation of over $527 million based on market prices. Traditionally, El Salvador purchases Bitcoin at a steady rate of one BTC per day but increased this pace on March 3 by acquiring five BTC in one day.
In December 2024, El Salvador entered a $1.4 billion loan agreement with the IMF, which resulted in stipulations to revoke Bitcoin’s legal tender status and reduce public sector participation in cryptocurrency. To meet IMF stipulations, the National Assembly of El Salvador amended Bitcoin regulations in January 2025, repealing prior legislation through a 55-2 vote. Nevertheless, the government consistently continued its Bitcoin acquisitions, purchasing two BTC on February 1 while maintaining daily acquisitions.
On March 3, the IMF intensified its demands, urging El Salvador to cease Bitcoin purchases and banning debt issuance or tokenized securities tied to Bitcoin. President Nayib Bukele firmly rejected these demands, asserting that El Salvador would persist in acquiring Bitcoin and deemed the IMF’s pressure as mere complaints. He stated, “If we didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, we won’t stop now, and we won’t stop in the future.”
El Salvador’s steadfast Bitcoin policy has attracted numerous significant crypto enterprises to relocate there. On January 7, Bitfinex Derivatives announced their move of headquarters from Seychelles to El Salvador. Following this, on January 13, Tether, the world’s leading stablecoin issuer, also declared intentions to establish its headquarters in the country, reflecting a growing trend in the crypto space.
In conclusion, El Salvador remains resolute in its commitment to Bitcoin, continuing to augment its holdings amidst significant pressure from the IMF. The government’s actions signal a broader strategy to leverage cryptocurrency to bolster its economy, thereby attracting major crypto firms to the region. President Nayib Bukele’s unwavering stance emphasizes a commitment to a forward-looking approach in the face of international scrutiny.
Original Source: www.binance.com
