Bukele Defies IMF, Reaffirms Bitcoin Commitment Despite Loan Restrictions
El Salvador’s President Nayib Bukele has doubled down on his pro-Bitcoin stance while simultaneously pushing back against the International Monetary Fund (IMF) despite a recent loan agreement that included terms to curtail the country’s BTC-related activities.
In a strongly worded post on X, Bukele dismissed the notion that El Salvador would halt its Bitcoin acquisitions and countered ongoing speculation that IMF pressure would force the country to backtrack on its crypto strategy.
“”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 > proof of whining”
Bukele’s Bitcoin Standoff
Bukele’s remarks follow the IMF’s March 2025 report, which outlines strict financial conditions for El Salvador in exchange for its $1.4 billion loan package. The agreement imposes new restrictions, including a complete cessation of government Bitcoin purchases and the liquidation of the Fidebitcoin trust by July 2025.
The IMF also demands that the government withdraw from its involvement in the state-run Chivo wallet and disclose all public Bitcoin wallet addresses.
These conditions are aimed at ensuring transparency and limiting the role of cryptocurrency in the nation’s financial system. However, Bukele’s latest response suggests he has no intention of fully complying.
In a move that directly contradicts the IMF’s terms, El Salvador’s Bitcoin Office announced the purchase of an additional BTC on Tuesday, which pushed the country’s total holdings to 6,101 BTC. This stash is worth approximately $510 million.
This continued defiance highlighted Bukele’s long-standing argument that Bitcoin serves as a financial tool for national sovereignty and economic independence.
El Salvador’s Bitcoin Gamble
El Salvador became the first country to legalize Bitcoin in 2021. President Bukele then advocated the move as a way to improve financial access and streamline remittances.
While the decision initially seemed promising due to Bitcoin’s rising value, the subsequent bear market during 2022-23 led to slower adoption and growing financial concerns. In response to economic struggles, El Salvador sought IMF assistance and managed to secure critical funding that now comes with conditions threatening its Bitcoin policies.
Bukele’s strong defense of Bitcoin has been met with both praise and skepticism. While certain supporters like MicroStrategy Chairman Michael Saylor hail his commitment others warn that resisting IMF conditions could end up jeopardizing further financial aid.
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