El Salvador’s Unwavering Commitment to Bitcoin
Under the leadership of President Nayib Bukele, El Salvador shows no signs of halting its ambitious bitcoin (BTC) acquisition strategy, regardless of the demands from the International Monetary Fund (IMF). In a bold statement shared on social media platform X, Bukele declared, “This all stops in April. This all stops in June. This all stops in December. No, it’s not stopping.”
He further emphasized, “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.” This assertive declaration came shortly after the IMF revealed more details about its $3.5 billion loan agreement with the Central American nation, which included a stipulation barring the public sector from voluntarily accumulating bitcoin.
In a possible reaction to the IMF’s announcement—or perhaps as part of its ongoing strategy—El Salvador disclosed on Monday evening that it had acquired 19 bitcoins over the preceding week. Additionally, on Tuesday afternoon, the nation confirmed the purchase of another bitcoin, bringing its total to a significant figure.
The IMF’s recent statements sparked considerable backlash among the bitcoin community, including remarks from Samson Mow, who has previously been closely associated with President Bukele. Mow expressed skepticism about the future of El Salvador’s bitcoin acquisitions, stating, “No more #Bitcoin buys for El Salvador.” He later added, “The buys will all stop within a few months.”
Despite the external pressures, the Salvadoran government currently possesses 6,101.15 bitcoins, which is valued at approximately $530 million based on bitcoin’s current price hovering around $88,000.
Juan Carlos Reyes, the president of El Salvador’s National Commission on Digital Assets (CNAD), resonated with Bukele’s message and remarked, “The message is not just important — it’s a catalyst for monumental change. Thanks [Nayib Bukele].” This sentiment encapsulates the nation’s ongoing commitment to integrating bitcoin into its economy, signaling a defiant stance against international financial pressures.
