El Salvador Defies IMF, Vows to Continue Bitcoin Accumulation

El Salvador's President Nayib Bukele has reaffirmed the country's commitment to Bitcoin accumulation, despite recent reports suggesting a halt to the strategy. In a post on his X account, Bukele shared a message from the Bitcoin Office announcing the addition of another Bitcoin to the national reserve on March 4. He accompanied the post with a defiant statement: "‘This all stops in April.’ ‘This all stops in June.’ ‘This all stops in December.’ No, it’s not stopping."

This response directly contradicts a recent staff report by the International Monetary Fund (IMF), which recommended preventing further Bitcoin acquisition by the El Salvador government. The IMF report also emphasized the need for greater transparency regarding the Bitcoin Office and its role in the country's Bitcoin strategy. The office must disclose which wallets are linked to its operations, according to the document.

In the same post, Bukele asserted that the Bitcoin accumulation will continue, regardless of external pressure. "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," Bukele posted on X. While it remains unclear which Bitcoin enthusiasts he referred to, the message is clear: El Salvador is not backing down from its Bitcoin strategy.

El Salvador's Bitcoin accumulation began in 2021, with the acquisition of 400 BTC on September 6. On November 21, 2022, Bukele announced that the country would buy one Bitcoin daily. As of now, the public Bitcoin address attributed to this stockpile holds 6,101 BTC.

A letter of intent to IMF Managing Director Kristalina Georgieva, included in the report, confirms that El Salvador's authorities have agreed to stop acquiring BTC. However, Bukele's statements suggest that El Salvador's Bitcoin Accumulation remains an active strategy, creating uncertainty about how the policy will be implemented moving forward and if the conditions of the loan will be met.