A recent International Monetary Fund (IMF) report has raised eyebrows in the global crypto community by stating that El Salvador has not purchased any new Bitcoin since signing a $1.4 billion loan deal in December 2024. The finding starkly contrasts with El Salvador’s own messaging, which has consistently claimed that the government is accumulating one BTC per day.
El Salvador’s Bitcoin Office claims to be stacking Bitcoin every day
According to the IMF, El Salvador’s public sector Bitcoin holdings remain unchanged since the loan agreement took effect. The report also clarifies that:
The Chivo Wallet, El Salvador’s state-run Bitcoin platform, does not adjust BTC reserves to reflect customer deposits.
Discrepancies suggesting BTC accumulation are attributed to accounting artifacts, not real purchases.
The government is reducing its role in the Bitcoin project as part of its commitment to fiscal discipline.
“The stock of Bitcoins held by the public sector remains unchanged,” confirms a letter of intent signed by the heads of El Salvador’s central bank and finance ministry.
Despite the IMF’s findings, El Salvador’s Bitcoin Office has repeatedly claimed the country is still buying 1 BTC per day, a strategy previously endorsed by President Nayib Bukele as a long-term national investment.
In a fiery response to IMF warnings in March 2025, Bukele stated on X (formerly Twitter):
“No, it’s not stopping. If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.”
This message appears to directly defy the IMF agreement, further complicating the narrative around El Salvador’s actual BTC strategy.
Revised its Bitcoin law in January 2025, making BTC acceptance voluntary (instead of mandatory).
Pledged to stop buying Bitcoin using taxpayer funds.
Promised to mitigate fiscal risks by reducing public exposure to volatile crypto markets.
While these reforms helped unlock crucial IMF funding, the discrepancy between official commitments and public communications has sparked confusion and mistrust.
Why It Matters: Bitcoin Nation Under Scrutiny
El Salvador made headlines in 2021 as the first country to adopt Bitcoin as legal tender, earning global attention from both crypto advocates and regulators. However, this latest development may impact:
Investor confidence in BTC-backed sovereign strategies
Transparency concerns around state-owned crypto reserves
International relations, especially with financial watchdogs like the IMF
As El Salvador positions itself as a crypto-forward nation, credibility and transparency will be crucial. The IMF’s public contradiction of the government’s BTC-buying claims marks a critical moment for the global perception of Bitcoin nationhood.
Conclusion
While El Salvador’s leadership maintains its pro-Bitcoin rhetoric, the IMF’s official stance suggests otherwise. Whether the nation is truly stacking sats or just projecting optimism remains unclear—but the world is watching.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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