In a republic where fortune wears the mask of a coin and the mind of a minister, El Salvador ventured to bind its fate to Bitcoin, that electric rumor of wealth. By February 12, 2026, the treasury had watched about three hundred million dollars slip from sight, as if a gull had stolen a portion of the sea. The IMF, with its patient loom, contemplates a 1.4 billion loan even as the nation persists in buying the day’s Bitcoin, one coin per dawn, as if habit can wrestle fate into submission.
Bitcoin Holdings Drop as Market Slides
Prices have fallen nearly 50% from the pinnacle of the previous year. From February 1 to February 12, 2026, the market moved with a capricious humor, volatile and stubborn. This tumble diminished the value of El Salvador’s Bitcoin reserves. The total investment in Bitcoin declined from about $800 million to around $500 million. El Salvador holds roughly 7,500 BTC under its accumulation program, and the government continues to purchase one Bitcoin per day despite the losses.
EL SALVADOR NOW HOLDS 7,500 BTC
THE COUNTRY KEEPS BUYING MORE EVERY DAY📈
– That Martini Guy ₿ (@MartiniGuyYT)
Market volatility has also touched the pricing of the nation’s debt instruments. Credit default swaps on El Salvador’s bonds rose to a five-month high, and investors weighed crypto exposure against fiscal stability, as if balancing a teetering chair on a windy veranda.
IMF Loan Negotiations Under Strain
El Salvador remains in talks with the IMF over a 1.4 billion dollar program. The loan is viewed as essential to meeting near-term debt payments, and discussions have persisted even as Bitcoin prices weakened.
BITCOIN CRASH BATTERS EL SALVADOR, IMPERILS IMF DEAL
Bitcoin’s plunge has slashed the value of El Salvador’s holdings by roughly $300 million, exposing the perils of the president’s crypto experiment and unsettling the country’s debt markets. Yet Bukele continues to buy…
– Walter Bloomberg (@DeItaone)
Reports indicate that the IMF may object to funding that supports further Bitcoin purchases. The institution has raised concerns in past statements about financial transparency and risk. Officials have not confirmed new conditions tied to crypto policy.
To support negotiations, lawmakers revised the national Bitcoin framework: acceptance of Bitcoin is now voluntary for private businesses, a marked departure from the 2021 law that compelled adoption.
Related Reading: Bitfinex Relocates to El Salvador, Strengthens Digital Asset Presence
Debt Payments and Alternative Financing
The country faces major debt obligations in the coming years. Bond markets have shown volatility as investors assess repayment capacity. External financing remains central to fiscal planning.
On February 11, 2026, the Inter-American Development Bank announced $1.3 billion in funding. The support is allocated for housing and tourism projects through 2026, providing an additional stream of capital.
President Nayib Bukele continues to enjoy high domestic approval ratings. Surveys from early February show support near 91.9%. The administration has stated that its Bitcoin accumulation strategy will continue as planned.
And so the ledger turns, a page filled with numbers that pretend to know the future, and a people who smile at the absurdity of the market’s breath, content to endure the descent so long as the morning brings bread, or a new coin to the purse, or at least a story to tell at supper.
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2026-02-13 04:32