El Salvador has increased its Bitcoin holdings, purchasing 6 BTC on March 10 instead of its usual 1 BTC per day.
This is occurring against a backdrop of increased pressure from the International Monetary Fund (IMF) to stop its BTC accumulation strategy.
El Salvador Remains Committed to Strategy
The National Bitcoin Office announced the development on March 10 via X, revealing that in addition to its regular 1 BTC daily buy, the government acquired 5 more BTC. This brings the country’s total Bitcoin reserves to 6,111.18, valued at approximately $493 million at current market prices.
The latest buy comes as Bitcoin’s price continues to decline, hovering just above $80,000 at the start of the week. El Salvador has previously made similar bulk purchases outside of its daily buying routine. The country added 12 BTC on January 19, followed by 11 BTC on February 4, and another 5 BTC on March 3.
In December 2024, the Salvadoran government secured a $1.4 billion financing agreement with the IMF. As part of the deal, the nation agreed to revoke Bitcoin’s status as legal tender and limit public sector involvement with the cryptocurrency.
The financial institution has consistently voiced concerns about the country’s BTC adoption, warning of financial risks. While some expected the agreement to scale back its accumulation strategy, the latest acquisition shows that the government remains active in increasing its holdings.
IMF Pressure Continues
Further pressure from the IMF surfaced on March 3, when the organization filed a new request for an extended arrangement under its fund facility for El Salvador.
The technical memorandum outlined a condition that prohibited voluntary BTC accumulation by the public sector. Additionally, it called for restrictions on issuing any public sector debt or tokenized instruments linked to the flagship cryptocurrency.
Despite these conditions, President Nayib Bukele remains committed to the holding strategy. Responding to the organization’s latest demands, the head of state dismissed the external pressure as ‘whining,’ saying that the Central American country would not stop its purchases any time soon.
“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,” he declared in a statement posted on X.
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