El Salvador Announces New Bitcoin Step Despite IMF Warning

El Salvador continues to deepen its commitment to BTC, with President Nayib Bukele reportedly increasing his daily Bitcoin purchases.

According to Bitcoin Magazine, the president’s senior Bitcoin advisor, Max Keiser, has revealed plans to acquire an additional 20,000 BTC as a medium-term goal. Today, the country added 11 BTC worth approximately $1.06 million, bringing its total holdings to 5,994 BTC worth over $580 million.

El Salvador is advancing its BTC acquisition strategy while adhering to conditions set by the International Monetary Fund (IMF). Under the agreement, private sector BTC use is voluntary and taxes can only be paid in US dollars. For the public sector, Bitcoin-related economic activities and purchases will be restricted, but specific details about these restrictions have not been disclosed.

Since El Salvador made Bitcoin its official currency in September 2021, the IMF has repeatedly warned about the risks associated with adopting such a volatile asset as official currency.

Despite the IMF's warnings, President Bukele's administration has reinforced its belief in Bitcoin as a long-term investment and financial inclusion tool.

*This is not investment advice.