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.
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.
