El Salvador’s commitment to Bitcoin remains unwavering with the country acquiring an additional 13 BTC since March 1st. This increase comes despite pressures from the International Monetary Fund (IMF) on the public sector to cease accumulating the decentralized crypto asset.
The El Salvador Bitcoin Office reported that the country’s crypto treasury has amassed over 6,105 BTC; a figure which translates to approximately $527 million at current market rates. Since El Salvador typically acquires 1 BTC every 24 hours, it is intriguing to note that it purchased 5 BTC in one day on March 3rd.
Contrary to its agreement with the IMF in December 2024, the country has maintained its BTC acquisition strategy. The $1.4 billion loan agreement with the IMF implies that El Salvador should retract the legal tender status of BTC and minimize public sector involvement in Bitcoin.
El Salvador chose to amend its Bitcoin laws in January 2025 to align with the IMF loan agreement terms. However, the country continued with Bitcoin acquisition; buying two BTC on Feb. 1st and maintaining its daily accumulation.
Despite the IMF’s renewed request urging El Salvador to halt its Bitcoin’s acquisition and cease issuing debt or tokenized securities tied to Bitcoin, the country has held its ground. In response to the IMF’s demand, President Nayib Bukele affirmed that Bitcoin purchases would continue undeterred.
This definitive pro-Bitcoin stance prompted a host of major cryptocurrency companies to relocate to El Salvador. Crucially, Bitfinex Derivatives announced its relocation from Seychelles to El Salvador on January 7. Stablecoin issuer Tether followed suit by moving its headquarters to El Salvador on January 13.