Nayib Bukele, the president of El Salvador, is standing firm on his Bitcoin approach. Despite the opposition from various sectors, including the International Monetary Fund (IMF), Bukele has announced that he will continue to buy Bitcoin. He maintains his stance that these purchases are essential for the future of his country.
Bukele’s commitment remains resolute, even as the IMF urges a halt to Bitcoin accumulation in light of a $1.4 billion funding deal it approved for El Salvador. The IMF expresses concerns about the potential risks that continued Bitcoin purchases pose to the nation’s financial stability.
The president has set a target of acquiring one Bitcoin every day, reinforcing his belief that this leading cryptocurrency will ultimately benefit El Salvador.
“This all stops in April. This all stops in June. This all stops in December. No, it’s not stopping,” Bukele stated in a recent post on social media.
IMF’s Call for Caution
The IMF’s apprehensions regarding El Salvador’s Bitcoin initiative are well-documented. The organization argues that the continuation of Bitcoin purchases could jeopardize the nation’s financial stability and has advised against using public funds for such acquisitions.
Nevertheless, El Salvador has experienced significant gains in its Bitcoin investments. With the cryptocurrency’s price reaching new heights, the nation’s holdings have reportedly become profitable. Although the government has not provided recent updates, prior reports suggest that El Salvador holds over 2,800 BTC.
“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 https://t.co/9pC0PoY3YQ
— Nayib Bukele (@nayibbukele) March 4, 2025
Assessing El Salvador’s Bitcoin Reserves
Since the inception of its Bitcoin investment strategy in 2021, El Salvador has faced criticism from various corners, including financial institutions, academics, and local businesses, who deemed the initiative potentially futile.
However, as Bitcoin surpassed the $80,000 mark, the country’s holdings now appear to offer unrealized profits exceeding $30 million. While such gains may not resolve the country’s financial issues, they bolster Bukele’s argument for Bitcoin as a viable asset for national economic stability.
Bukele Challenges IMF Concerns
Bukele has consistently dismissed concerns from international financial bodies, asserting that Bitcoin adoption will yield significant long-term benefits for El Salvador’s economy by increasing access to financial resources and fostering investment opportunities.
Contrastingly, the IMF remains cautious, noting Bitcoin’s volatile nature could quickly erase any gains and urging El Salvador to prioritize policies that align more closely with traditional banking systems while limiting its reliance on Bitcoin.
The Future of Bitcoin in El Salvador Remains Uncertain
As Bukele presses forward with his Bitcoin strategy, the long-term impact remains uncertain. Policies surrounding Bitcoin adoption have sparked both enthusiasm and skepticism, with some viewing the initiative as a progressive move while others advocate for caution given the associated risks.
For the moment, Bukele is unwavering in his commitment to continue accumulating Bitcoin. The eventual success or repercussions of this strategy will heavily depend on the cryptocurrency market’s trajectory over the next months or even years.
Featured image from Pexels, chart from TradingView
