El Salvador has continued its strategy of daily Bitcoin purchases, acquiring 240 BTC since December 19, 2024, despite a $1.4 billion loan agreement with the International Monetary Fund (IMF) that discourages further accumulation of the asset.
The country’s total Bitcoin holdings now stand at 6,209 BTC, worth approximately $663 million at current market prices.
The ongoing purchases come in the wake of a controversial deal struck with the IMF, which included conditions to suspend Bitcoin’s legal tender status and to halt all public BTC acquisitions. Yet, El Salvador’s Bitcoin Office confirms that the government continues to buy one Bitcoin per day, a strategy introduced by President Nayib Bukele in late 2022.
IMF Agreement and Loopholes
When questioned about this contradiction, Rodrigo Valdes, IMF’s Director for the Western Hemisphere, explained during an April 26 press briefing:
“El Salvador continues to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector.”
This statement reflects a technical compliance, hinting at a flexible interpretation of the deal. Experts believe the purchases are likely being routed through non-fiscal or reclassified entities, such as special trusts or independent funds, allowing the government to maintain its pro-Bitcoin stance without directly breaching IMF terms.
Such a structure enables El Salvador to remain compliant on paper while continuing its Bitcoin acquisition strategy.
Crypto Remittances Drop Sharply in 2025
While the country’s Bitcoin holdings have grown, crypto remittances have declined significantly. Data from the Central Reserve Bank shows a 44.5% drop in crypto remittance volume in Q1 2025 compared to the same period in 2024.
- Q1 2024: $28.3 million (1.08% of total remittances)
- Q1 2025: $16 million (0.52% of total remittances)
This decline suggests that adoption of Bitcoin for everyday financial transfers remains limited, despite government efforts to position the country as a global crypto pioneer.
Conclusion: Balancing Innovation and Policy
El Salvador’s daily Bitcoin buys show no sign of slowing, even under the scrutiny of global financial institutions.
By leveraging legal gray zones and strategic entities, the country continues to build its Bitcoin treasury while technically adhering to international agreements — a rare balancing act between financial sovereignty and institutional compliance.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.