El Salvador defies IMF pressure buys 13 Bitcoin in March as BTC surges

El Salvador has acquired over 13 Bitcoin (BTC) since March 1, despite the International Monetary Fund (IMF) deal that was struck in December 2024. The Central American country has been steadily accumulating BTC, with a total of over 6,105 BTC in its treasury, valued at more than $527 million at current prices. Typically, El Salvador acquires BTC at a rate of 1 coin every 24 hours, but on March 3, the country purchased 5 BTC in a single day.

The IMF deal, which includes a $1.4 billion loan, requires El Salvador to rescind the status of BTC as legal tender and scale back public sector involvement with Bitcoin. However, El Salvador's Congress amended its Bitcoin laws in January 2025 to comply with the IMF loan agreement, repealing the previous version of the law in a 55-2 vote. Despite this repeal, the government continued to accumulate Bitcoin, purchasing two BTC in a single day on February 1 and continuing its daily accumulation of the digital currency.

On March 3, the IMF issued a new request pressuring El Salvador to stop accumulating BTC and stipulated that the country could not issue debt or tokenized securities tied to Bitcoin. In response, President Nayib Bukele stated that El Salvador will continue buying BTC, characterizing the IMF's continued pressure as "whining." Bukele emphasized that the country's pro-Bitcoin stance will not be deterred by external pressures, stating, "If it didn’t stop when the world ostracized us and most 'bitcoiners' abandoned us, it won’t stop now, and it won’t stop in the future."

El Salvador's unapologetic pro-Bitcoin stance has attracted several major crypto firms to relocate to the country. On January 7, Bitfinex Derivatives announced its relocation from Seychelles to El Salvador. Stablecoin issuer Tether followed suit on January 13 by announcing its move to El Salvador. These relocations highlight the growing interest in El Salvador as a hub for cryptocurrency innovation and investment.

The IMF deal requires El Salvador to liquidate its Bitcoin trust, cut back on its Chivo wallet, and accept stricter transparency terms. These conditions are part of the IMF's efforts to ensure that the country's financial