El Salvador defies IMF, continues Bitcoin purchases amid market downtrend

El Salvador has reinforced its commitment to Bitcoin despite repeated cautions from the International Monetary Fund (IMF).

On March 9, El Salvador’s Bitcoin Office confirmed that the country acquired six BTC for around $500,000.

According to the statement, the Nayib Bukele-led country added five BTC to its reserves while purchasing one BTC daily.

Following this acquisition, the country has accumulated 18 BTC—valued at approximately $1.4 million—over the past week.

According to official data, this brings El Salvador’s total Bitcoin purchases in March to around 19 BTC. The country now holds approximately 6,111 BTC, worth over $504 million at current market prices.

Meanwhile, this latest purchase coincides with Bitcoin’s recent market decline of approximately 12%, with prices hovering around $80,000.

Stacy Herbert, director of El Salvador’s Bitcoin Office, highlighted that the country has repeatedly leveraged market downturns to strengthen its holdings. She noted that El Salvador made similar purchases during Bitcoin’s last three major dips.

IMF tensions

Despite initial agreements between both parties, El Salvador’s continued Bitcoin purchases directly challenge the IMF’s conditions tied to a $1.4 billion financial aid package.

Last week, the IMF published a report outlining its proposed agreement with El Salvador after nearly four years of negotiations. The deal required the country to reduce public sector involvement in Bitcoin-related activities and implement stricter digital asset monitoring rules to align with international financial standards.

Additionally, the IMF sought to restrict the Central American country from voluntarily purchasing Bitcoin, including acquisitions through mining operations. The agreement permitted Bitcoin holdings only from seizures, forfeitures, and other legal actions.

Notably, El Salvador had previously adjusted its policies to accommodate international concerns, including revoking the requirement for businesses to accept Bitcoin and scaling back its use for tax payments.

However, its continued purchases suggest a commitment to the top crypto. President Bukele maintains the country’s stance, emphasizing that BTC acquisitions would continue.

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