El Salvador Defies IMF, Continues Bitcoin Purchases Amid Pressure

El Salvador's President Nayib Bukele announced that his government will continue purchasing Bitcoin, defying a recent request from the International Monetary Fund (IMF) to halt such activities. The IMF's March 3 memorandum urged El Salvador to stop voluntary Bitcoin acquisitions and mining operations as part of a $1.4 billion funding agreement, but Bukele insisted on March 4 that the country will not comply, stating, 'If it didn’t stop when the world ostracized us, it won’t stop now.' Despite the IMF's restrictions, El Salvador has maintained a strategy of acquiring at least one Bitcoin daily, recently purchasing five more. The ongoing tension raises questions about the future of El Salvador's relationship with the IMF, especially given the country's significant Bitcoin holdings of 6,101 BTC, valued at approximately $534.5 million. Bukele's firm stance highlights a commitment to Bitcoin as a key part of El Salvador's economic strategy, regardless of international pressures.