What You Need to Know:
- El Salvador’s President Nayib Bukele stated that the country will persist in acquiring bitcoin.
- The recent IMF deal of $3.5 billion includes Bitcoin-related reforms, one of which, according to the IMF, restricts further government accumulation of bitcoin.
- Bukele tweeted, “Proof of work > proof of whining,” after the nation procured additional bitcoin.
Bukele has maintained that despite the IMF’s stipulations, El Salvador will continue its bitcoin purchases. In a recent post on X, he expressed confidence that the country’s accumulation of bitcoin will not cease, indicating previous warnings of imminent halts from various sources were inaccurate.
The President further stated, ‘This all stops in April. This all stops in June. This all stops in December.’ No, it’s not stopping. Bukele noted that these acquisitions will persist as they have even amidst global isolation and abandonment by many bitcoin enthusiasts.
In response to the IMF’s constraints, El Salvador reported acquiring 19 bitcoins over the prior week, with an additional token later disclosed. The Salvadoran government currently holds approximately 6,101.15 bitcoins, valued at around $530 million given the current market price of about $88,000.
Juan Carlos Reyes, head of El Salvador’s National Commission on Digital Assets, praised Bukele’s stance, asserting, ‘The message is not just important — it’s a catalyst for monumental change. Thanks [Nayib Bukele].’
