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President Nayib Bukele shows nary motion of abandoning the BTC treasury strategy arsenic Bitcoin continues to summation planetary legitimacy.
El Salvador acquired 13 Bitcoin (BTC) since March 1, contempt International Monetary Fund (IMF) unit connected the country's nationalist assemblage to halt accumulating the decentralized store of worth asset.
According to the El Salvador Bitcoin Office, the country's Bitcoin treasury holds a full of implicit 6,105 BTC, valued astatine much than $527 cardinal astatine existent prices.
The Central American state typically acquires BTC astatine a dependable gait of 1 coin each 24 hours. However, connected March 3, El Salvador purchased 5 BTC successful a azygous day.
El Salvador struck a woody with the IMF successful December 2024 for a $1.4 cardinal indebtedness from the organization. As portion of that deal, the authorities of El Salvador agreed to rescind the presumption of BTC arsenic ineligible tender successful the state and standard backmost nationalist assemblage engagement with Bitcoin.
El Salvador Bitcoin holdings. Source: El Salvador Bitcoin Office
Related: How tin Bukele inactive stack Bitcoin aft IMF indebtedness agreement?
El Salvador continues stacking contempt IMF pressure
El Salvador's Congress amended its Bitcoin laws successful January 2025 to comply with the IMF indebtedness agreement. Lawmakers repealed the erstwhile mentation of the instrumentality successful a 55-2 vote.
Despite the repeal, the authorities continued stacking Bitcoin, purchasing 2 BTC successful a azygous day connected Feb. 1 and continuing its regular accumulation of the integer currency.
On March 3, the IMF issued a caller petition pressuring El Salvador to halt accumulating BTC and stipulated that the state could not contented indebtedness oregon tokenized securities tied to Bitcoin.
President Nayib Bukele responded to the IMF unit and said that El Salvador volition proceed buying BTC — characterizing the IMF's continued unit arsenic "whining."
Source: Nayib Bukele
“If it didn’t halt erstwhile the satellite ostracized america and astir 'bitcoiners' abandoned us, it won’t halt now, and it won’t halt successful the future," Bukele emphatically stated.
The authorities of El Salvador's unapologetic pro-Bitcoin stance caused respective large crypto firms to denote that they are relocating to the Central American country.
On Jan. 7, Bitfinex Derivatives announced it was relocating from Seychelles to El Salvador. Stablecoin issuer Tether followed suit connected Jan. 13 by announcing it was moving its office to El Salvador.
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