Source: Cointelegraph Original: "{title}"
Since March 1, El Salvador has purchased 13 bitcoins, despite pressure from the International Monetary Fund (IMF) on the country's public sector to stop accumulating this decentralized store of value asset.
According to the El Salvador Bitcoin Office, the country's Bitcoin treasury holds a total of over 6,105 bitcoins, valued at over $527 million at current prices.
This Central American country typically accumulates at a steady pace of purchasing 1 bitcoin every 24 hours. However, on March 3, El Salvador purchased 5 bitcoins in a single day.
In December 2024, El Salvador reached an agreement with the IMF to obtain a $1.4 billion loan from the organization. As part of the agreement, the El Salvador government agreed to revoke Bitcoin's status as legal tender in the country and reduce public sector involvement with Bitcoin.
El Salvador's Bitcoin holdings. Source: El Salvador Bitcoin Office
Despite facing pressure from the IMF, El Salvador continues to accumulate Bitcoin.
In January 2025, the El Salvador Congress revised its Bitcoin-related laws to comply with the IMF loan agreement. Lawmakers voted 55 to 2 to repeal the previous version of the law.
Despite the repeal of the relevant laws, the government continues to accumulate Bitcoin, purchasing 2 bitcoins in a single day on February 1, and continues to accumulate this digital currency daily.
On March 3, the IMF issued new demands, pressuring El Salvador to stop accumulating Bitcoin and stipulating that the country must not issue debt or tokenized securities related to Bitcoin.
El Salvador President Nayib Bukele responded to the IMF's pressure, stating that El Salvador will continue to purchase Bitcoin — he described the IMF's ongoing pressure as "complaining."
Source: Nayib Bukele
Bukele emphasized, "When the whole world isolated us and most 'Bitcoin enthusiasts' abandoned us, we did not stop (accumulating Bitcoin), we will not stop now, and we will not stop in the future."
The El Salvador government's unabashed support for Bitcoin has prompted several large cryptocurrency companies to announce their relocation to this Central American country.
On January 7, Bitfinex derivatives company announced it would move from Seychelles to El Salvador. Stablecoin issuer Tether followed suit on January 13, announcing it would relocate its headquarters to El Salvador.
Related: El Salvador President Bukele states that Bitcoin purchases will continue despite IMF pressure.
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