Is El Salvador abandoning Bitcoin? My answer is no.
As part of the debt negotiation plan, El Salvador has negotiated a $1.4 billion aid package with the IMF. This loan is necessary for the Central American country to refinance its debt. This is a very clear example of why debt should not be incurred, especially in a currency controlled by others. But that is a debate for another article.
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The IMF of course wants something in return for that loan and we all know that it is not very fond of Bitcoin. Perhaps because it sees its current omnipresent power in danger. Bitcoin is a paradigm shift and it is clear that if it succeeds as a substitute for the dollar then the IMF will no longer have financial power.
So El Salvador has accepted some changes such as making it voluntary to accept Bitcoin or not having to pay taxes in the Crypto currency. But does that mean that it has abandoned Bitcoin? Nayib Bukele has bought 11 Bitcoins and has publicized it on X to say no but we all know what a politician's word is worth.
My reasoning for saying that I also believe that it is not simple that it would harm his previous purchases and his pro-crypto image that is attracting investments. So he has no incentive to change his position at this time.
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