El Salvador’s government has responded to the International Monetary Fund’s recent critique of its government’s Bitcoin policy. The IMF had urged the Central American country to take back its bitcoin law. “No international organization is going to make us do anything, anything at all,” Treasury Minister Alejandro Zelaya said, adding on a local television station that Bitcoin as legal tender was an issue of sovereignty for El Salvador.  

IMF criticized El Salvador for making bitcoin a legal tender. 

El Salvador’s Treasury Minister’s response is the latest in a series of spats between the Salvadoran government—led by president and Bitcoin advocate Nayib Bukele—and the IMF. El Salvador’s tense relationship with the IMF began last year when the international organization said the country’s Bitcoin embrace raised “a number of macroeconomic, financial and legal issues.” “Crypto assets can pose significant risks, and effective regulatory measures are very important when dealing with them,” IMF spokesperson Gerry Rice added. Despite the IMF’s stance, El Salvador moved ahead with Bukele’s plan to adopt Bitcoin as legal tender in September 2021.

El Salvador’s president has huge hopes for bitcoin. 

Salvadoran President Nayib Bukele made a highly ambitious Bitcoin (BTC) prediction soon after the International Monetary Fund had urged his government to remove Bitcoin’s status as legal tender. Bukele, in a Twitter post on Monday, predicted that Bitcoin would ultimately see a “gigantic price increase” due to its limited supply of only 21 million digital coins. Bukele cited Bitcoin’s scarcity case, emphasizing there are “more than 50 million millionaires” globally, and there is not enough Bitcoin if each of them wanted to own at least 1 BTC. “Not enough for even half of them. A gigantic price increase is just a matter of time,” Bukele tweeted.