El Salvador President Nayib Bukele reiterated his commitment to Bitcoin BTC/USD on Tuesday despite pressure from the International Monetary Fund to limit exposure to the apex cryptocurrency.
What Happened: Bukele took to X to express his unwavering support for Bitcoin, saying "This all stops in April. This all stops in June. This all stops in December. No, it's not stopping.”
“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,” Bukele stated, likely referring to the criticism the country faced when it made Bitcoin legal tender in 2021.
The president mocked those opposing its Bitcoin policy, saying “Proof of work > proof of whining,” and attached statistics of its treasury assets, which showed an accumulation of 46 BTC, worth $3.97 million, in the previous month.
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Why It Matters: Bukele’s remarks come in the wake of the IMF’s request to El Salvador to halt public sector Bitcoin purchases as part of a $1.4 billion funding deal. The global institution added a specific requirement, restricting the public sector from voluntarily accumulating BTC through purchase and mining.
“Over the course of the program, the authorities have committed not to accumulate Bitcoins, and not to issue nor guarantee any type of Bitcoin-indexed or denominated public debt or tokenized instruments implying a liability for the government,” the report read.
In January, El Salvador’s Congress passed a legislative amendment to make the acceptance of Bitcoin voluntary rather than mandatory. This was part of efforts to meet conditions set by the IMF.
El Salvador has been at the forefront of Bitcoin adoption, with the country making the cryptocurrency legal tender in 2021. Since then, it has pursued an ambitious strategy to integrate the digital asset into the various aspects of its citizens’ lives.
The Central American nation’s Bitcoin stockpile has risen to 6,101.18 BTC as of this writing, worth over $531.59 million at prevailing prices.
Price Action: At the time of writing, Bitcoin was exchanging hands at $87,647.49, up 5.24% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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