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I would buy some bonds just because of the idea that a nation could be free from international banking debt. Like a charitable donation, almost

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Good luck getting $1B to El Salvador as "almost charitable donations".

Not to mention the effect that trying to sell $1B-worth of Bitcoin could have on the market (even just a portion, Bitcoin is accepted nowhere for so they'd need real currency).

I think the idea is that they would take funding in whatever currency they want, pay off the IMF with whatever currency they want, and then investors would get BTC, which is what they want. No need to sell $1bn worth of BTC.

That'd solve the "selling Bitcoin" problem but not the one of managing the risk of a US$ loan that is paid back with Bitcoin. I mean, ES could pay you back in time without defaulting and you could find yourself losing quite a bit of money. I think people would be asking for far higher rates in that case.

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