El Salvador Defies IMF! Reaffirms Support for Bitcoin, No Plans to Stop Buying!

TradingKey - El Salvador has ignored the International Monetary Fund's (IMF) ban and continues to increase its Bitcoin holdings.  

On Wednesday, El Salvador's President Nayib Bukele reaffirmed his stance on Bitcoin, posting on X, "El Salvador has no intention of stopping the purchase of Bitcoin (BTC), no matter what the International Monetary Fund (IMF) demands."

Content posted by Nayib Bukele, Source: X.

Shortly after Bukele's post, the IMF disclosed details of a $3.5 billion loan agreement with the country, stating, "As part of the loan program, the public sector has been prohibited from voluntarily accumulating Bitcoin." In response, El Salvador added 1 Bitcoin to its holdings, seemingly defying the IMF's ban.

Over the past 24 hours, Bitcoin has rebounded by 1%, temporarily trading at $86,670. Currently, the Salvadoran government holds a total of 6,100 Bitcoins, valued at approximately $530 million.