El Salvador Confirms Continued Bitcoin Acquisitions Despite IMF Loan Agreement

El Salvador's Economy Minister, María Luisa Hayem, has confirmed that the country continues to acquire Bitcoin, despite securing a $1.4 billion loan agreement with the International Monetary Fund (IMF) that includes conditions to scale back public-sector crypto initiatives.

Speaking at the Web Summit in Rio de Janeiro on April 29, 2025, Hayem reaffirmed President Nayib Bukele's commitment to Bitcoin, stating, "There’s a commitment of President Bukele to keep accumulating assets as a way to do precisely that."

The announcement signals El Salvador's ingenuity in sustaining its Bitcoin strategy, even while navigating the IMF's conditions. This includes leveraging non-governmental entities or alternative classifications for Bitcoin-related operations, which effectively sidestep direct public-sector involvement. According to officials, this strategy is not only legal but also aligns with the broader goal of economic diversification and long-term investment.

Earlier reports by Bitcoin Magazine in April 2025 already indicated that El Salvador was engaging in a seamless integration of its bitcoin strategy with the terms set forth by the IMF. This synergy was evident as the country’s Bitcoin Office declared the acquisition of seven new bitcoins.

With an estimated value exceeding $650,000 at the time of purchase, these bitcoins are believed to be integrated into structures that do not directly funnel government funds. Instead, the purchases are likely channeled through diverse entities such as trusts or private companies affiliated with the administration.

Moreover, an official from the IMF itself confirmed that El Salvador is adhering to its agreement by not using public resources for bitcoin accumulation, despite the continued growth of its strategic reserves.

The spokesperson for the IMF highlighted that the country "continues to respect its non-accumulation commitment," which suggests the distinction between private and public transactions is crucial in this case.

As of March 2025, El Salvador's bitcoin holdings are estimated to be over 6,102 BTC, valued at approximately $550 million, making it one of the largest national crypto reserves globally. This amount includes regular daily purchases as part of a long-standing initiative announced by President Bukele in 2022.

The president's goal is to buy one bitcoin per day, which has positioned the country as a pioneer in sovereign cryptocurrency holdings.

President Bukele has been a strong advocate for bitcoin as a key component of El Salvador's economic strategy, and the administration views it not only as a speculative asset but also as a store of value, a tool for financial inclusion, and a hedge against inflation.

But despite President Bukele's enthusiasm, El Salvador's bitcoin strategy has also drawn criticism from some economists, who argue that the country should be focusing on other priorities, such as improving its credit rating with the goal of accessing lower interest rates in the future.

Only time will tell how El Salvador's bold experiment with bitcoin will play out. However, the country's government appears to be fully committed to this strategy, and it will be closely watched by cryptocurrency enthusiasts and investors around the world.