El Salvador’s Bitcoin Claims Disputed by IMF Report
A recent report from the International Monetary Fund challenges El Salvador’s public narrative on Bitcoin, revealing that the country has not added to its national BTC holdings since entering a $1.4 billion loan agreement with the IMF in December 2024.
According to the IMF, the government’s Chivo wallet has not recorded new Bitcoin purchases, and discrepancies in wallet reserves stem from how the platform accounts for user deposits—not from actual acquisitions.
Despite continued claims from El Salvador’s Bitcoin Office that the government is “buying BTC daily,” the IMF says the public sector’s Bitcoin balance remains unchanged.
The findings were confirmed in a formal letter from El Salvador’s central bank and finance ministry, which pledged to reduce government involvement in the Bitcoin project as part of its fiscal commitments under the loan agreement. This includes scaling back its role in the Chivo wallet and making BTC adoption voluntary, as reflected in legislative changes passed in January.
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Tensions between El Salvador and the IMF escalated earlier this year after President Nayib Bukele rejected demands to halt Bitcoin purchases. In a defiant March post, he insisted the country would continue accumulating BTC regardless of international pressure.
The IMF’s latest disclosure casts doubt on the country’s recent Bitcoin accumulation claims and raises new questions about transparency and compliance under the loan arrangement.
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
