In a world where the International Monetary Fund (IMF) wields its power like a scepter, El Salvador stands defiantly, a lone warrior in the financial arena. The IMF, with its bureaucratic whispers, urged caution, but President Bukele’s government responded with a resounding “no.” Just recently, they added five more Bitcoins to their treasury, pushing their reserves past the impressive 6,111 BTC mark. It’s as if they’re saying, “We’ll take our chances, thank you very much!”
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El Salvador defies IMF
El Salvador, that audacious little nation, refuses to back down on Bitcoin (BTC), no matter how many stern letters the IMF sends. On March 10, they added five more Bitcoins to their treasury, bringing their total to a staggering 6,111.18 BTC, valued at around $509.5 million. Not bad for a country that just a few months ago was shaking hands with the IMF over a $1.4 billion agreement!
As part of that deal, El Salvador agreed to a set of conditions that would make any self-respecting nation cringe: Bitcoin’s use in the private sector would remain voluntary, government involvement in crypto transactions would be scaled back, and taxes would continue to be paid in U.S. dollars. The state-backed Chivo wallet, once a beacon of hope for Bitcoin enthusiasts, was to be phased out like last season’s fashion.
But instead of retreating into the shadows, President Nayib Bukele’s administration is charging ahead like a bull in a china shop. What’s driving this audacity? And what does this defiance mean for the rest of the world? Let’s dissect this spectacle.
A relentless accumulation spree
When El Salvador shook hands with the IMF on December 18, their Bitcoin holdings were a modest 5,967 BTC. But instead of hitting the brakes, they’ve been on a buying spree, amassing an additional 144 BTC. It’s like they’re playing a game of “who can hoard the most Bitcoin?”
Typically, they acquire 1 BTC per day, a strategy dubbed “Bitcoin DCA” (Dollar-Cost Averaging) under Bukele’s watchful eye. But there have been moments of sheer exuberance, like when they bought 11 BTC just two days after the IMF deal. Talk about a rebellious streak!
And the trend didn’t stop there. In 2025, they continued their buying frenzy with notable purchases, including 11 BTC on January 9 and 12 BTC on February 4. The latest buy of 5 BTC on March 10 confirmed that they have no intention of slowing down. It’s like watching a toddler with a cookie jar—good luck getting them to stop!
What’s even more amusing is the backdrop of this financial drama. In January, the Legislative Assembly passed a bill to align with the IMF’s conditions, a move that looked good on paper. But when it comes to actual Bitcoin policy, Bukele’s government has shown no hesitation in flipping the bird to expectations.
Even after the IMF reiterated its stance on March 3, the administration responded with yet another Bitcoin buy the very next day. It’s as if they’re saying, “You can’t tell us what to do!”
“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 &
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2025-03-10 19:47