El Salvador, the first country to officially recognize Bitcoin as legal currency, has continued to expand its Bitcoin holdings even after securing a $1.4 billion loan from the International Monetary Fund (IMF) that discouraged further government BTC acquisitions.
According to data from the country’s Bitcoin Office, El Salvador’s national crypto treasury now holds 6,209 BTC. Since Dec. 19, 2024—the date when the IMF agreement was finalized—the country has quietly acquired an additional 240 BTC.
As part of the IMF deal, El Salvador agreed to limit its direct involvement with Bitcoin, including removing its legal tender status and halting public purchases. However, President Nayib Bukele’s ongoing “1 BTC per day” buying initiative, launched in 2022, appears to be continuing under the radar.
When questioned, Rodrigo Valdes, the IMF’s Western Hemisphere director, stated that El Salvador remains within the boundaries of the agreement. “The country is still complying with the non-accumulation clause for the fiscal sector,” Valdes said during an April 26 press briefing.
Some experts believe the IMF’s terms allow for interpretation. Blockchain advisor and author Anndy Lian commented that El Salvador may be making purchases through private or reclassified entities, keeping the agreement technically intact. “This workaround lets the country maintain a Bitcoin-positive stance while staying eligible for IMF support,” he explained.
Crypto Remittances Take a Hit in 2025
While Bitcoin reserves continue to grow, crypto-based remittances to El Salvador have seen a steep drop in 2025.
Data from the Central Reserve Bank, cited by local outlet Diario, shows a 44.5% decline in cryptocurrency remittance volume during Q1 2025 compared to the same period in 2024.
In total, Salvadoran wallets received $16 million in crypto remittances in the first quarter of 2025, down from $28.3 million the year prior. That represents just 0.52% of total remittance inflows, a significant drop from the 1.08% recorded in Q1 2024.
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