El Salvador's Bitcoin Purchases Under Scrutiny
Recent revelations have cast doubt on El Salvador's commitment to its daily Bitcoin purchases, a policy championed by President Nayib Bukele. According to a letter from the country's finance chiefs to the IMF, El Salvador hasn't bought Bitcoin since February 2025, contradicting the Bukele administration's claims.
The IMF Report's Findings
The IMF's first program review, released on July 15, includes a letter signed by central bank president Douglas Pablo Rodríguez Fuentes and finance minister Jerson Rogelio Posada Molina. It states, "the stock of Bitcoins held by the public sector remains unchanged." The report suggests that increases in the country's Bitcoin reserve are due to the consolidation of existing holdings across government wallets, not new purchases.
Bukele's Bold Claims vs. IMF's Evidence
Despite the IMF's findings, President Bukele and the Bitcoin Office have consistently announced daily purchases of 1 BTC since November 2022. The Bitcoin Office claims the country's reserve holds about 6,242 BTC, valued at approximately $737 million. Blockchain intelligence firm Arkham supports these claims, tracking daily transfers from exchanges like Binance and Bitfinex.
A Clash of Narratives
Bukele has previously vowed to continue Bitcoin purchases despite the IMF's $1.4 billion loan conditions, which aimed to limit the country's Bitcoin activities. "If [the BTC purchases] 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," Bukele stated on X.
The IMF's Stance
The IMF has clarified that the consolidation of Bitcoin holdings doesn't violate the loan agreement. "We consulted with the authorities, and they have assured us that the recent increase in Bitcoin holdings in the Strategic Bitcoin Reserve Fund is consistent with agreed program conditionality," the IMF told Forbes in March.
Unanswered Questions
The head of the Bitcoin Office, Stacy Herbert, has defended the country's actions, criticizing those who trust the IMF over blockchain evidence. However, The Block's attempts to reach the Bitcoin Office for further comment were unsuccessful.
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