El Salvador Purchases 21 Bitcoin Despite IMF Loan Agreement Restrictions

TLDR

• El Salvador celebrated the fourth anniversary of its Bitcoin legal tender law by purchasing 21 more Bitcoin
• The country now holds 6,313 Bitcoin worth over $700 million in its national reserve
• El Salvador repealed its Bitcoin legal tender requirement and agreed to stop buying Bitcoin as part of a $1.4 billion IMF loan deal
• Despite the IMF agreement, El Salvador continues purchasing 1 Bitcoin daily since March 2024
• The government has certified 80,000 public servants in Bitcoin and runs public education programs

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El Salvador purchased 21 Bitcoin on September 7 to mark the fourth anniversary of its Bitcoin legal tender law. President Nayib Bukele confirmed the symbolic purchase through the country’s Bitcoin Office.

The purchase brings El Salvador’s total Bitcoin holdings to 6,313 Bitcoin. At current prices, this reserve is valued at over $700 million according to government figures.

The 21 Bitcoin purchase references Bitcoin’s maximum supply of 21 million coins. This continues El Salvador’s strategy of building Bitcoin reserves through regular purchases.

Data shows El Salvador has been buying 1 Bitcoin per day since March 2024. The country maintains this buying schedule despite international pressure to stop.

IMF Loan Creates Complications

El Salvador signed a $1.4 billion loan agreement with the International Monetary Fund in December 2024. The deal requires the government to stop voluntary Bitcoin purchases using public funds.

The IMF published a report in July confirming El Salvador has not purchased new Bitcoin since signing the loan agreement. However, the recent purchase appears to contradict this commitment.

As part of the IMF deal, El Salvador repealed its Bitcoin legal tender law. The new law makes Bitcoin acceptance voluntary for merchants while keeping Bitcoin as legal tender.

The government also agreed to reduce support for its Chivo Bitcoin wallet. The wallet saw limited adoption among El Salvador’s residents during its operation.

El Salvador must comply with IMF conditions to receive future loan disbursements through 2027. The organization will conduct regular reviews of the country’s compliance.

Bitcoin Education and Security Measures

The Bitcoin Office reports that 80,000 public servants have received Bitcoin certification as of 2025. The government runs several public Bitcoin and artificial intelligence education programs.

Last month, El Salvador moved its Bitcoin holdings across multiple wallet addresses. Each new address holds a maximum of 500 Bitcoin to reduce quantum computing risks.

The government published the new wallet addresses on a public dashboard for transparency. This allows independent verification of the country’s Bitcoin holdings.

Critics argue that El Salvador’s Bitcoin policies benefit the government more than average citizens. Some say more education is needed for local population adoption rather than focusing on government and corporate use.

An IMF report estimated El Salvador spent about $300 million on Bitcoin purchases since 2021. The fund calculated more than $400 million in unrealized gains at current Bitcoin prices.

El Salvador became the world’s first country to adopt Bitcoin as legal tender in September 2021. The law aimed to increase financial inclusion and reduce remittance costs for citizens.

The country’s Bitcoin experiment has produced mixed results over four years. Limited disclosure prevents full independent assessment of the portfolio’s performance according to the IMF.

El Salvador’s Bitcoin holdings place it among the largest sovereign Bitcoin reserves globally. The country holds more Bitcoin than other nations experimenting with mining-backed strategies.

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