Bukele Defies IMF, Reaffirms Bitcoin Commitment Despite Loan Restrictions
El Salvador’s President Nayib Bukele has taken a bold stance on Bitcoin, reaffirming his commitment to the cryptocurrency amidst growing tension with the International Monetary Fund (IMF). This comes on the heels of an agreement for a $1.4 billion loan that includes conditions designed to limit the country’s Bitcoin-related activities, which Bukele vehemently opposes.
In a recent post on X, Bukele dismissed claims that El Salvador would cease its Bitcoin acquisitions, fiercely countering speculation that IMF pressure would lead to a reversal in the nation’s embrace of cryptocurrency. He declared, “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 statements closely follow the IMF’s March 2025 report, which lays out stringent financial conditions for El Salvador. Notably, the deal mandates a complete cessation of government Bitcoin purchases and requests the liquidation of the Fidebitcoin trust by July 2025. Additional demands include the withdrawal of government involvement in the state-run Chivo wallet, alongside a requirement to disclose all public Bitcoin wallet addresses. These stipulations seek to foster fiscal transparency and curb the influence of cryptocurrency within El Salvador’s financial system.
However, Bukele’s recent activities demonstrate a defiance of these stipulations. On Tuesday, the nation’s Bitcoin Office announced the acquisition of additional Bitcoin, pushing El Salvador’s total holdings to 6,101 BTC, valued at approximately $510 million. This move underscores Bukele’s assertion that Bitcoin represents a vital tool for national sovereignty and economic autonomy.
### El Salvador’s Bitcoin Gamble
El Salvador made history in 2021 as the first country to legalize Bitcoin, with Bukele promoting the initiative as a means to enhance financial access and streamline remittances for citizens. Initially, it appeared to be a promising venture, as Bitcoin’s value surged. However, the subsequent bear market from 2022 to 2023 posed significant challenges, resulting in reduced adoption rates and escalating economic worries. These circumstances prompted El Salvador to seek monetary assistance from the IMF, leading to an agreement now shadowed by conditions that conflict with the country’s pro-Bitcoin stance.
The president’s unwavering commitment to Bitcoin has elicited mixed reactions. While some figures, like MicroStrategy Chairman Michael Saylor, commend Bukele for his steadfastness, others caution that rejecting IMF conditions could jeopardize future financial support for the nation. As El Salvador navigates this turbulent landscape, the tension between national ambitions and international fiscal pressures remains a pivotal aspect of the country’s economic future.
