Tag: president

  • El Salvador’s president says the country “won’t stop” buying Bitcoin

    El Salvador’s president says the country “won’t stop” buying Bitcoin

    • Nayib Bukele’s comments come days after the International Monetary Fund’s (IMF) new request as part of its $1.4 billion loan deal
    • The new request asks that there is “no voluntary accumulation of Bitcoin by the public sector”
    • It also asks that there is a “ceiling of 0” on government Bitcoin purchases

    El Salvador’s president has dismissed the International Monetary Fund’s (IMF) new request, stating that the country “won’t stop” buying Bitcoin.

    In a post on X, Nayib Bukele said:

    ““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.”

    His remarks come days after the IMF issued a new request to El Salvador as part of its $1.4 billion loan deal with the IMF.

    Michael Saylor, Strategy’s CEO, responded by saying: “Bitcoin adoption is unstoppable.”

    El Salvador currently holds 6,101.18 Bitcoin at a value of over $527 million.

    Additional requests

    The new rules as set out in the IMF’s Country Reports 2025, state that there will be “no voluntary accumulation of Bitcoin by the public sector,” adding:

    “Voluntary accumulation of bitcoins includes purchase and mining of Bitcoins and excludes the accumulation of Bitcoins resulting from forfeiture, seizure, apprehension, custody or other form of property or possession by the government arising from law enforcement measures adopted in accordance with Salvadoran law.”

    Additionally, there is a “ceiling of 0” on government Bitcoin purchases.

    Approved bill

    The latest development follows the January approval by El Salvador of a bill to change its Bitcoin law to comply with the IMF’s loan deal.

    Under the plans, El Salvador changed a legal requirement that businesses accept Bitcoin as payment to make it optional instead. The government would also reduce the budget deficit by 3.5% of GDP over three years through spending cuts and tax rises while boosting reserves from $11 billion to $15 billion.

    El Salvador became the first country to accept Bitcoin as legal tender in 2021. Then, it was reported that all businesses must accept Bitcoin. Consequently, the move attracted the attention of the IMF.

    Following El Salvador’s adoption of Bitcoin in 2021, the IMF sent a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

    This was again called for in January 2022, when the IMF advised El Salvador to reconsider making Bitcoin the country’s legal tender. The IMF recently recommended that El Salvador limit the public’s exposure to Bitcoin.



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  • Bitcoin surpasses $37K following the election of a pro-BTC president in Argentina

    Bitcoin surpasses $37K following the election of a pro-BTC president in Argentina

    • At press time, Bitcoin was trading at $37,172.29.
    • BTC broke the $37K mark in the wake of Javier Milei’s victory in the Argentinian presidential elections.
    • Javier Milei is a pro-Bitcoin politician.

    Bitcoin experienced a surge, surpassing the $37,000 mark, in the wake of Javier Milei’s victory in the Argentine presidential election.

    Milei, a self-described anarcho-capitalist, clinched the presidency with a significant 55% of the votes, signalling a major political shift in the country.

    Pro-Bitcoin stance fuels market confidence

    Milei, celebrated for his pro-bitcoin stance, has positioned himself as a supporter of decentralized finance (DeFi) and a critic of central banks. His victory has resonated positively within the cryptocurrency community, with Bitcoin enthusiasts optimistic about the potential impact of a pro-bitcoin leader in Argentina.

    While Milei sees Bitcoin as a crucial tool for economic revival, it’s important to note that he has not proposed making Bitcoin legal tender in Argentina. Nevertheless, his commitment to reducing the influence of central banks and embracing decentralized financial systems has propelled Bitcoin to new heights.

    Market reacts amid AI token sector gains

    The broader cryptocurrency market witnessed an overall increase of nearly 2% in the past 24 hours, with the artificial intelligence (AI)-focused token sector leading the gains as explained in a previous news article

    The Bitcoin and broader cryptocurrency surge appears to be driven by both the political developments in Argentina and unrelated positive developments in rising AI projects.

    Bitcoin price movements

     

    Traders, however, are expressing caution, highlighting potential market reactions following the release of Federal Reserve meeting notes scheduled for Tuesday. The anticipation of low liquidity towards the end of the week adds an element of uncertainty to the market.

    As Bitcoin continues to make headlines with Milei’s victory, market participants will be closely monitoring global economic developments and central bank announcements for further insights into potential market shifts.

    This news marks a significant moment in the intersection of politics and cryptocurrency, emphasizing the growing influence of political leaders on the digital asset landscape.

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