El Salvador Buys 240 Bitcoin Since IMF Loan Despite Remittance Decline

El Salvador, the first nation to adopt Bitcoin as legal tender, has continued its Bitcoin acquisition strategy 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 IMF deal, according to data from El Salvador’s Bitcoin Office.

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 persisted in buying one BTC per day, a strategy first announced by President Nayib Bukele in 2022. This move has sparked discussions about the country's compliance with the IMF agreement and its commitment to Bitcoin.

When questioned about the purchases, Rodrigo Valdes, director of the IMF’s Western Hemisphere Department, stated that El Salvador remains technically compliant with its commitment to non-accumulation of Bitcoin by the overall fiscal sector. This statement was made during an April 26 press briefing, highlighting the IMF's acknowledgment of El Salvador's actions.

Analysts suggest that the IMF deal’s “flexible” interpretation allows for continued acquisitions. Anndy Lian, an author and intergovernmental blockchain adviser, noted that purchases may involve non-public sector entities or reclassified assets, maintaining technical compliance. This alternative approach enables 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 cryptocurrencies for remittances, which had previously been a notable aspect of El Salvador's financial landscape.

Crypto remittance payments fell to $16 million in the first quarter of 2025, representing 0.52% of total remittances received in the country. This is a $12.8 million decline from the $28.3 million received in the first quarter of 2024, when crypto payments accounted for 1.08% of total remittances. This shift indicates a potential change in the remittance landscape, with traditional methods regaining prominence.