Nayib Bukele, the president of El Salvador, is not changing his mind on his Bitcoin approach. He said he will continue to buy Bitcoin, despite the opposition of some sectors–the International Monetary Fund included.
Bukele stated that purchases will continue even though the IMF, as part of a $1.4 billion funding deal, urged the nation to cease amassing Bitcoin.
The president still plans to acquire one Bitcoin every day, which validates his conviction that the world’s top crypto asset will eventually help his country.
“This all stops in April. This all stops in June. This all stops in December. No, it’s not stopping,” Bukele said in an X post.
IMF Wants Bitcoin Purchases To Stop
The IMF has been vocal about its concerns regarding El Salvador’s Bitcoin adoption. It believes that continuing to buy Bitcoin poses risks to the country’s financial stability. The organization has recommended that El Salvador avoid using public funds to acquire more of the cryptocurrency.
Despite these warnings, the country has already made significant gains. With Bitcoin’s price reaching new highs, El Salvador’s holdings have reportedly turned profitable. The government has not disclosed recent figures, but earlier reports suggested that the country holds over 2,800 BTC.
“This all stops in April.” “This all stops in June.” “This all stops in December.”
No, it’s not stopping.
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.
Proof of work > proof of whining https://t.co/9pC0PoY3YQ
— Nayib Bukele (@nayibbukele) March 4, 2025
El Salvador’s Bitcoin Stash
Some government’s didn’t agree with El Salvador’s choice to start buying Bitcoin in 2021. Financial institutions, academics, and even some local businesses thought the country’s move would only prove futile.
However, with Bitcoin surging past $80,000, the country’s holdings are now in the green. Well, at least, for now.
Estimates suggest that El Salvador could be sitting on unrealized profits exceeding $30 million. While this may not be enough to solve the country’s financial challenges, it strengthens Bukele’s argument that Bitcoin is a valuable asset for the nation.
Bukele Dismisses IMF Warnings
Bukele has repeatedly played down anxieties from international financial institutions. He thinks that adopting Bitcoin will be good for El Salvador’s economy in the long run, giving more people access to money and more investment possibilities.
However, the IMF is still not sure. It has noticed that Bitcoin’s price has been going up (and down, for now) lately, but it also pointed out that price fluctuations could quickly wipe out any gains. The Fund told El Salvador to focus on policies that work with traditional banking systems and limit its use of Bitcoin.
El Salvador’s Bitcoin Future Remains Uncertain
The long-term result is yet unknown even while Bukele is advancing his Bitcoin strategy. The government’s Bitcoin blueprint has generated both enthusiasm and controversy. While some worry about the risks involved, others view it as a bold decision that might draw in investors.
For now, Bukele appears determined to continue accumulating Bitcoin. Whether this strategy will prove to be a success or a costly gamble depends on how the crypto market performs in the coming months or years.
Featured image from Pexels, chart from TradingView
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