Defying international pressure, El Salvador continues to stack sats. The Bitcoin-loving nation just added 5 BTC to its treasury on March 9, 2025, pushing its total holdings to a whopping 6,105 bitcoins. That’s roughly $527 million worth of magical internet money. And they’re not stopping anytime soon.
President Bukele doesn’t seem to care what global financial institutions think. When questioned about the country’s Bitcoin purchases despite the fresh $1.4 billion IMF deal, his response was crystal clear: “No, it’s not stopping.” He even characterized the IMF’s concerns as mere “whining.” Classic Bukele.
The IMF agreement explicitly prohibits government Bitcoin purchases during the program period. It also requires El Salvador to make Bitcoin use voluntary and gradually wind down the Chivo e-wallet. Awkward. Seems like someone didn’t read the fine print.
Since November 2022, El Salvador has been steadily accumulating Bitcoin, typically buying 1 BTC every 24 hours. They’ve snagged 13 BTC since March 1 alone. Bukele has repeatedly affirmed this strategy with statements like “it won’t stop now” despite external pressures. The strategy hasn’t wavered despite market volatility or external criticism.
El Salvador’s lawmakers did make some concessions earlier this year, amending Bitcoin laws in a 55-2 congressional vote. Bitcoin lost its legal tender status in the country, technically complying with part of the IMF’s demands. But apparently, Bukele found a loophole for continued Bitcoin accumulation.
Bitcoin maximalists are loving the rebellious stance. Others are demanding transparency about how El Salvador is maneuvering these contradictory positions. Fair question.
The country faces significant economic challenges, including high debt and macroeconomic imbalances. The recent IMF report noted some positive developments, including strong remittances and tourism that have helped the economy recover from pandemic setbacks. Yet crypto firms like Bitfinex and Tether are moving in, attracted by the Bitcoin-friendly environment. The market capitalization of their Bitcoin holdings fluctuates constantly with price changes, affecting the theoretical value of El Salvador’s investment.
El Salvador now stands as the largest known governmental Bitcoin holder through direct purchases. The IMF noted that few Salvadorans actually use Bitcoin for payments. But Bukele doesn’t care. He’s playing the long game, with or without the IMF’s blessing.
