El Salvador’s Bukele Vows to Press On with Bitcoin Purchases Despite IMF Pressure
El Salvador’s Bitcoin Bet: A Story of Courage Amid IMF Pressure
Imagine a small country, El Salvador, standing up to the world’s financial giant, the International Monetary Fund (IMF). That’s exactly what’s happening as El Salvador keeps buying Bitcoin, even when the IMF says it shouldn’t. Let’s dive into this exciting story!
El Salvador’s Big Bitcoin Bet
In 2021, El Salvador made history by becoming the first country to say “yes” to Bitcoin, making it legal to use just like dollars or colones. Now, they’re not just using it; they’re buying more and more!
Buying Bitcoin: A Smart Move?
On March 4, 2025, El Salvador bought 30 Bitcoins when the price was $50,000 each, spending $1.5 million[1]. Then, they bought another 5 Bitcoins when the price dropped to $83,000[3]. Why? Because they believe in Bitcoin’s future value!
The IMF’s Say-So
The IMF wants El Salvador to stop buying Bitcoin and to stop supporting the Chivo Bitcoin wallet by July 2025[5]. But El Salvador isn’t listening to everything the IMF says. They’ve made some changes, like making Bitcoin use optional for businesses, but they’re still buying Bitcoin.
Economic Challenges and Bitcoin’s Role
El Salvador has some economic problems, like a slow-growing economy and a big budget gap. Some people worry that Bitcoin might not help these problems. Right now, less than 20% of Salvadorans use Bitcoin for their daily transactions[5]. So, it’s still not clear if Bitcoin can help El Salvador’s economy grow.
A Future Full of Questions and Possibilities
El Salvador’s choice to keep buying Bitcoin even when the IMF disagrees shows how complicated money and politics can be. No one knows what will happen next, but it’s an exciting time! El Salvador is trying something new, and the world is watching to see if it works.
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