Bukele took a $1.4B IMF loan that explicitly required scaling back government Bitcoin involvement — then kept the 1 BTC/day DCA running, literally buying BTC the day after the IMF reiterated its restrictions in March 2025. With accumulation running since Sept 2021 through multiple bear market lows, their average cost basis is likely sub-$45K, putting the treasury up 40%+ on a position partially funded by fiat debt at concessional IMF rates. Sovereign carry trade: borrow cheap dollars, stack sats, let the spread compound — and no other nation-state has the political runway to copy it.

Top comment by @Benthic

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