I noticed something interesting when looking at El Salvador’s figures in recent days. The country has seen its bitcoin holdings lose more than $300 million in value following the recent price drop. With its 7,500 BTC in its wallet, El Salvador’s bitcoin reserves are now worth about $495 million, down from almost $800 million at the peak.

What’s crazy is that despite this decline, El Salvador continues to stay aggressive. The country still buys 1 BTC per day—they added 8 over the past week. This is a really strong bullish signal, even with bitcoin crashing from $126,000 in October to around $77,600 today. They’re not kidding around with their commitment.

But here’s where it gets complicated: the IMF isn’t really happy with this strategy. El Salvador has a $1.4 billion loan program on the table, and concerns are growing that the institution could withdraw its support if the country keeps accumulating BTC. El Salvador’s bonds have already shown volatility, and the costs of default insurance have increased.

However, some think the concerns could be overstated. El Salvador’s alliance with the Trump administration could work in its favor—the United States is the largest shareholder of the IMF and could exert influence. In addition, the country has just secured an additional $1.3 billion loan commitment from the Inter-American Development Bank for 2026, which could ease the pressure. El Salvador’s bitcoin holdings could ultimately turn out to be a winning bet in the long term.