The president of El Salvador, Nayib Bukele, confirmed that the country will continue to buy bitcoin (BTC), despite the limitations imposed by the International Monetary Fund (IMF). In a post on X, Bukele stated that BTC will be purchased as a strategic reserve for the country ¹.
This decision is not surprising, considering that El Salvador was the first country to accept BTC as official currency, alongside the dollar, in 2021 ¹. The country has the sixth largest Bitcoin reserve among governments in the world and began buying BTC in September 2021 ².
However, the IMF has pressured El Salvador to reconsider its decision to accept BTC as official currency, citing potential risks ³. Recently, the IMF issued a new request for an extended arrangement that includes the condition of "no voluntary accumulation of BTC by the public sector in El Salvador" ³.
Despite this, Bukele reinforced his long-term vision for Bitcoin in the country, stating that "no one is going to make us stop buying Bitcoin" ⁴.
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