El Salvador purchases more Bitcoin and tells the IMF to "go fuck yourself."

Okay, okay, it didn't really happen and it's definitely not the right thing to say to a lender, but Implied must have been the case.

As you are undoubtedly aware, El Salvador, a nation in Central America, started purchasing Bitcoin in 2021 and promised to do so at least once every day after that. Since making this public commitment, it has remained steady and currently holds the sixth-largest Bitcoin holding position in the nation with a portfolio worth over $500 million.

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Furthermore, at President Nayib Bukele's direction, the nation established Bitcoin as legal tender in September 2021 and required that companies accept it as a form of payment.As of right now, El Salvador is the only nation where Bitcoin is accepted as payment. Due to the government's early acknowledgment of Bitcoin's worth, El Salvador has been the subject of both favorable and unfavorable news coverage.

Nevertheless, in order to appease the IMF, the law requiring the use of Bitcoin as payment has lately been weakened.This seemed like a forced action, but it wasn't much trouble because it didn't repeal the law that made Bitcoin legal tender; instead, it made it optional for businesses to accept it. This is understandable given that small businesses may find their stability threatened by Bitcoin's volatility and that blockchain and crypto education are still in their infancy.

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However, it appears that El Salvador's change has given the IMF the impression that they can now control a large portion of El Salvador's bitcoin activities.

Consequently, the IMF asked El Salvador to cease buying Bitcoin.Whether or not the IMF officials will move forward with the $1.4 billion financial facility to El Salvador is undoubtedly uncertain. Furthermore, it's uncertain how it would impact the nation in the future. However, one thing is for sure: El Salvador has a lucrative Bitcoin position that puts it ahead of more wealthier nations. Based on its GDP of about $34 billion, its current Bitcoin holdings of 6,089 might turn into a special wealth reserve.