El Salvador Buys 240 Bitcoin Since December Despite IMF Loan

El Salvador, the first country to adopt Bitcoin as legal tender, has continued to acquire the cryptocurrency despite a $1.4 billion loan agreement with the International Monetary Fund (IMF) that included provisions discouraging further accumulation. The government’s treasury wallet now holds 6,209 Bitcoin (BTC) after purchasing a total of 240 BTC since December 19, 2024, following the announcement of the IMF deal. This acquisition is part of a strategy first announced by President Nayib Bukele in 2022, where the country buys one BTC per day.

In December, El Salvador secured a $1.4 billion loan from the IMF, which required the government to drop Bitcoin’s status as legal tender and cease public BTC accumulation. However, the country has continued its daily purchases, maintaining its commitment to Bitcoin. When questioned about these purchases, Rodrigo Valdes, director of the IMF’s Western Hemisphere Department, stated that El Salvador remains technically compliant with their commitment of non-accumulation of Bitcoin by the overall fiscal sector. This interpretation suggests that the purchases may involve non-public sector entities or reclassified assets, allowing El Salvador to retain its Bitcoin-friendly image while securing critical IMF funding.

While El Salvador’s Bitcoin accumulation continues, cryptocurrency remittance payments to the country have declined sharply in 2025. According to data from the Central Reserve Bank, cryptocurrency transfers to Salvadoran wallets fell by 44.5% during the first quarter of the year compared to the same period last year. This decline represents a significant drop in the use of cryptocurrency for remittances, which had previously accounted for a notable portion of total remittances received in the country.

El Salvador's continued acquisition of Bitcoin, despite the IMF's non-accumulation agreement, underscores the country's unwavering commitment to integrating cryptocurrency into its financial system. This move highlights the potential benefits of Bitcoin, such as driving financial inclusion and economic growth, while also acknowledging the risks associated with its volatility. The country's strategy reflects a broader global debate on the role of cryptocurrency in the financial system and its potential to drive economic development. While some countries have followed El Salvador's lead, others remain cautious, citing the risks associated with Bitcoin's volatility and potential impact on financial stability.