El Salvador's Bukele vows to continue Bitcoin purchases despite IMF deal

El Salvador President Nayib Bukele said the country will not stop purchasing bitcoin, despite its deal with the International Monetary Fund to scale back bitcoin activities.

"No, it's not stopping," Bukele wrote in an X post on Tuesday. "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." 

Last December, El Salvador and the IMF reached an agreement for the country to limit bitcoin-related activities in exchange for a financing package, including a $1.4 billion loan, with the total package expected to be worth over $3.5 billion. The IMF previously said that El Salvador's bitcoin reserve held potential risks that "have not yet materialized."

The country's Congress moved quickly to comply with IMF requirements, approving amendments that include making the acceptance of bitcoin voluntary for the private sector, according to Reuters. Last month, the IMF approved the $1.4 billion loan, giving El Salvador an immediate disbursement of around $113 million.

"Going forward, program commitments will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of Bitcoin," the IMF wrote in a press release last week.

Nonetheless, El Salvador's strategic reserve announced earlier Tuesday that it added more bitcoin to its holdings, raising the total to 6,101.18 BTC, worth over $535 million.  

In a reply to Bukele's X post, JAN3 CEO Samson Mow questioned how the IMF's deal will impact El Salvador's future bitcoin purchases. Bukele has yet to respond to Mow's question, opting instead to repost other supportive messages from Strategy CEO Michael Saylor and crypto podcast host Peter McCormack.

The Block has reached out to the El Salvador government for further comment.