El Salvador’s Bitcoin Bet: Standing Firm Despite Pressure
El Salvador’s President Nayib Bukele is making waves by sticking to his plan to buy more Bitcoin, even with the International Monetary Fund (IMF) putting pressure on him to stop. The IMF wants El Salvador to slow down on its Bitcoin activities as part of a big loan deal they made[1][3]. But President Bukele is determined to keep going with his Bitcoin strategy, which he started in 2021 and thinks is good for El Salvador’s economy.
Buying Bitcoin Despite IMF’s Warnings
El Salvador has been buying more Bitcoin even when the IMF told them to stop. In early March 2025, they bought 5 more Bitcoins when the price was low, making their total 6,100 BTC[1]. The IMF wants El Salvador to stop buying Bitcoin for the government by July 2025[3]. But President Bukele believes in Bitcoin’s potential to help El Salvador’s economy.
IMF’s Conditions and Economic Hurdles
The IMF wants El Salvador to stop supporting the Chivo Bitcoin wallet and tell everyone how much Bitcoin they have[3]. They want to do this to protect the government’s money and improve its finances. But El Salvador’s economy is having a hard time, and not many people there use Bitcoin yet[3]. Even so, the government thinks Bitcoin can help make the economy grow.
Looking Beyond Bitcoin for Tech Growth
President Bukele is also thinking about making El Salvador a big place for technology. He’s talking to important tech people about investing in AI and technology, hoping to make rules that help new ideas[1]. This could help El Salvador’s economy in different ways and make it less dependent on old ways of doing things.
Moving Forward Despite Challenges
In short, El Salvador is choosing to keep buying Bitcoin even though other countries are putting pressure on them. While they work to make their crypto plan work, they’re also thinking about other ways to use technology to help their economy. Everyone will be watching to see what happens with El Salvador’s Bitcoin plan, as it could show other countries what to do.
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Sources:
– cryptobriefing.com
– tradingview.com
– coindesk.com