NewsletterEl Salvador Doubles Down on Bitcoin Despite IMF Warnings
Highlights
- El Salvador continues to buy BTC despite being asked to stop by the IMF.
- The Salvadorian government's Bitcoin office data shows that 1 BTC is being accumulated each day.
- However, the Central American nation halted to buy BTC with public sector funds.
Central American nation El Salvador continues to prioritize Bitcoin despite a recent warning from the International Monetary Fund (IMF). The nation’s economic minister on Wednesday said that despite being asked to reduce its BTC purchases in light of a $1.4 billion loan agreement, Bukele’s government is still accumulating. The IMF, however, had recently claimed that the Salvadorian government was complying with loan conditions.
Nayib Bukele’s El Salvador In Breach Of IMF Loan Agreement?
El Salvador’s Economy Minister Maria Luisa Hayem has recently assured that Bukele’s government is still buying BTC despite being asked to reduce its purchases. The IMF’s $1.4 billion loan agreement prohibits the entity from doing so.
However, data from the Salvadorian government’s Bitcoin office shows that the nation continues to purchase 1 BTC every day. To this date, Bukele’s government holds over 6100 BTC valued at over $570 million.
On the contrary, a recent report by CoinGape revealed that El Salvador complied with the loan conditions. Notably, the Central American country paused its BTC purchases with public sector funds recently, abiding by the IMF’s loan agreement.
However, the Salvadorian economy minister’s recent comments have stirred up contrary discussions on the matter.
Meanwhile, the broader market’s bullish action has added an optimistic tint to Bukele’s Bitcoin accumulation venture. BTC price today traded at the $95K price level as of press time, gradually nearing previous highs.
Notably, El Salvador’s Bitcoin holdings also continue to rise in tandem with this broader rising price action. On the other hand, the Salvadorian government has not disclosed its current sources for BTC accumulation. As a result, while global market watchers are left speculating, the IMF blames the nation for not keeping the accord.
Nevertheless, BTC continues to secure a hotspot on institutions’, nations’, and investors’ radars, showcasing the potential for massive returns ahead.
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