IMF Debunks Bukele’s Daily Bitcoin Claims Amid $1.4B Loan Tensions

• IMF reports El Salvador’s Bitcoin holdings unchanged since its February 2025 loan agreement.
• Government claims of daily Bitcoin purchases raise transparency concerns.

On July 15, 2025, the International Monetary Fund (IMF) contested claims from President Nayib Bukele’s government regarding daily Bitcoin acquisitions. The IMF stated that El Salvador's public sector Bitcoin holdings have not changed since the country entered a $1.4 billion loan agreement in February 2025. This finding directly undermines the El Salvador Bitcoin Office, which has repeatedly declared it purchases one Bitcoin per day.

In its latest report, the IMF attributed any perceived changes in El Salvador’s Bitcoin reserves to asset consolidation within government-controlled wallets, not to new purchases. In its July 15 report, the agency emphasized, “the overall stock of Bitcoin held by the public sector has remained unchanged since program approval.” This statement raises concerns about transparency and consistency with the loan’s terms. The agreement required El Salvador to limit its Bitcoin exposure and divest its state-managed Chivo wallet by December 2025. These measures aimed to address governance and compliance risks.

President Bukele and the Bitcoin Office publicly contradicted these findings, maintaining that the government continues its daily Bitcoin purchases. In a March 15, 2025 social media post, President Nayib Bukele stated, “We decided to buy one [object Object] every day until bitcoin becomes unaffordable with fiat currencies.” However, the IMF highlighted that the Chivo wallet's reserves do not account for client deposit adjustments, which could inflate depictions of public sector Bitcoin holdings.

In January 15, 2025, El Salvador amended its Bitcoin law, significantly changing its strategy. The revisions made its use as a means of payment voluntary and halted taxpayer-funded purchases. El Salvador intended for these legal shifts to ease tensions with global financial institutions. However, the IMF’s findings suggest ongoing concerns about transparency and adherence to loan stipulations.

Despite these compliance issues, the IMF recently approved a $118 million disbursement under its Extended Fund Facility (EFF). The organization cited El Salvador’s progress in governance reforms as its reason. Nonetheless, the IMF reaffirmed that the country must adhere to the loan terms, which prohibit additional public sector Bitcoin accumulation.

This clash between the IMF and El Salvador highlights broader tensions, as it pits global financial entities against a nation's sovereignty to pursue unconventional economic policies. The evolving implications for El Salvador’s Bitcoin strategy and its relationship with the IMF will continue to face heightened scrutiny.

According to CoinMarketCap on July 18, 2025, Bitcoin (BTC) was trading at $117,289.12 (UTC), a decrease of 2.15% over the previous 24 hours.