According to Cointelegraph, El Salvador persists in expanding its Bitcoin (BTC) reserves, despite an agreement with the International Monetary Fund (IMF) that requires the country to cease using public funds for Bitcoin purchases. Recent data from the El Salvador Bitcoin Office reveals that the nation acquired an additional seven BTC over the past week, increasing its total holdings to 6,173 BTC, valued at over $637 million. This acquisition strategy continues unabated months after the IMF agreement was finalized, indicating El Salvador's commitment to its Bitcoin accumulation plan.
El Salvador stands out as one of the few countries actively purchasing Bitcoin through open market operations. This approach is seen as a potential model for other nations considering the establishment of Bitcoin strategic reserves, as noted by industry executives. The Central American country signed a $1.4 billion loan agreement with the IMF in December 2024, which included conditions such as rescinding the Bitcoin legal tender law and making Bitcoin payments voluntary. The agreement also required El Salvador to reduce its Bitcoin purchases and privatize the Chivo Wallet, a publicly funded digital wallet that had limited adoption among residents.
In January 2025, El Salvador's lawmakers repealed the Bitcoin legal tender law with a 55-2 Congressional vote. However, this legislative change did not deter the country's ongoing Bitcoin acquisitions. In March 2025, the IMF reiterated its request for El Salvador to halt Bitcoin purchases, emphasizing the original terms of the agreement. Despite this, President Nayib Bukele has resisted these demands, asserting that the country will continue its Bitcoin buying strategy. Bukele's stance remains firm, as he stated in a March 4 social media post that the accumulation of BTC will persist, regardless of external pressures from the IMF or other entities.
