Why Pierre Poilievre may not be Canada’s crypto savior  

El Salvador, the world’s first country to adopt Bitcoin as legal tender, is still acquiring Bitcoin despite comments from the International Monetary Fund (IMF) appearing to claim the opposite.The treasury of El Salvador acquired 7 Bitcoin (BTC) worth over $650,000 in the seven days leading up to April 27, blockchain data from El Salvador’s Bitcoin Office shows.When asked about the country’s Bitcoin investments, Rodrigo Valdes, director of the Western Hemisphere Department at the IMF, said that the country continues to comply with its agreement to halt government Bitcoin accumulation.El Salvador Bitcoin holdings. Source: El Salvador Bitcoin Office“In terms of El Salvador, let me say that I can confirm that they continue to comply with their commitment of non-accumulation of Bitcoin by the overall fiscal sector, which is the performance criteria that we have,” said Valdes during an April 26 press briefing.Related: Crypto sentiment recovers, but weekend liquidity risks remain“But on top of that, I think this is very important for the discussion in El Salvador,” he added. “The program of El Salvador is not about Bitcoin. It’s much more, much deeper in structural reforms, in terms of governance, in terms of transparency.”In December 2024, El Salvador struck a deal with the IMF for a $1.4 billion loan, which required the government to drop Bitcoin’s status as a legal tender and stop its BTC accumulation.Related: Serbia’s Prince Filip says Bitcoin is being stifled, expects huge rallyFlexible interpretation leaves room for Bitcoin buysThe IMF’s agreement may still enable room for purchases through non-governmental entities, according to Anndy Lian, author and intergovernmental blockchain adviser.“The IMF’s ‘flexible interpretation’ suggests purchases may involve non-public sector entities or reclassified assets, maintaining technical compliance,” Lian told Cointelegraph, adding:“This alternative approach allows El Salvador to retain its Bitcoin-friendly image while securing critical IMF funding to address unsustainable public debt and limited reserves.”Lian added that El Salvador’s strategy highlights the growing tension between financial innovation and traditional economic policies.“El Salvador’s experience offers valuable lessons for nations exploring crypto adoption, emphasizing the need for robust regulatory frameworks and state capacity to navigate international financial pressures,” he added.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

Investment firms with Bitcoin-focused treasuries are front-running global Bitcoin adoption, which may see the world’s first cryptocurrency soar to a $200 trillion market capitalization in the coming decade.Institutions and governments worldwide are starting to recognize the unique monetary properties of Bitcoin (BTC), according to Adam Back, co-founder and CEO of Blockstream and the inventor of Hashcash.“$MSTR and other treasury companies are an arbitrage of the dislocation between the bitcoin future and todays fiat world,” Back wrote in an April 26 X post.“A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. scalable enough for most big listed companies to move to btc treasury,” he added.Hyperbitcoinization refers to the theoretical future where Bitcoin soars to become the largest global currency, replacing fiat money due to its inflationary economics and growing distrust in the legacy financial system.Source: Adam BackRelated: Crypto sentiment recovers, but weekend liquidity risks remainBitcoin’s price outpacing fiat money inflation remains the main driver of global hyperbitcoinization, Back said, adding:“Some people think treasury strategy is a temporary glitch. i’m saying no it’s a logical and sustainable arbitrage. but not for ever, the driver is bitcoin price going up over 4 year periods faster than interest and inflation.”Back’s comments come nearly two months after US President Donald Trump signed an executive order to establish a national Bitcoin reserve from BTC forfeited in government criminal cases.Related: Serbia’s Prince Filip says Bitcoin is being stifled, expects huge rallyGlobal firms continue Bitcoin accumulationContinued Bitcoin investments from the likes of Strategy, the largest corporate Bitcoin holder, may inspire more global firms to follow suit.Strategy’s approach is proving to be lucrative, with the firm’s Bitcoin treasury generating over $5.1 billion worth of profit since the beginning of 2025, according to Strategy’s co-founder, Michael Saylor.Source: Michael SaylorJapanese investment firm Metaplanet, also known as “Asia’s MicroStrategy,”  adopted a similar strategy, since surpassing 5,000 BTC in total holdings on April 24, Cointelegraph reported.As Asia’s largest corporate Bitcoin holder, Metaplanet plans to acquire 21,000 BTC by 2026.US financial institutions may also have more confidence in adopting Bitcoin after the US Federal Reserve withdrew its 2022 guidance discouraging banks from engaging with cryptocurrency. “Banks are now free to begin supporting Bitcoin,” Saylor said in response to the guidance withdrawal.“Banks will now be supervised through normal processes, signaling a more open regulatory environment for digital asset integration,” Nexo dispatch analyst Iliya Kalchev told Cointelegraph.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

SEC Commissioner and head of the crypto task force, Hester Peirce, says US financial firms are navigating crypto in a way that’s similar to playing the children’s game “the floor is lava,” but in the dark.“It is time that we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit,” Peirce said at the SEC “Know Your Custodian” roundtable event on April 25.The lava is crypto, says PeircePeirce explained that SEC registrants are forced to approach crypto-related activities like “the floor is lava,” where the aim is to jump from one piece of furniture to the next without touching the ground, except here, touching crypto directly is the lava. “A D.C. version of this game is our regulatory approach to crypto assets, and crypto asset custody in particular,” she said.Peirce said that, much like in the game, firms wanting to engage with crypto must avoid directly holding it due to unclear regulatory rules. “To engage in crypto-related activities, SEC-registrants have had to hop from one poorly illuminated regulatory space to the next, all while ensuring that they never touch any crypto asset,” Peirce said.Source: US Securities and Exchange CommissionPeirce said that investment advisers are often unsure which crypto assets qualify as securities, what entities count as qualified custodians, and whether “exercising staking or voting rights” could trigger custody violations.“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way.”Peirce also said that a broker or ATS that cannot custody or manage crypto assets will struggle to facilitate trading, making it unlikely for a “robust market” to develop.Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event that as more SEC registrants work with crypto assets, it’s essential that they have access to custodial options that meet legal and regulatory requirements.Uyeda said the agency should consider letting advisers use “state-chartered limited-purpose trust companies” with the authority to hold crypto assets as qualified custodians.Related: Blockchain needs regulation, scalability to close AI hiring gapMeanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs.He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 19 – 25