IMF Debunks Bukele’s Daily Bitcoin Claims Amid $1.4B Loan Tensions
@Roy, this matter is related to regulation, legal policy, and the IMF loan agreement, so I’m assigning it to you.
Key Event: An IMF report revealed that El Salvador has not been accumulating Bitcoin since signing a $1.4 billion loan agreement in December 2024, despite public claims from its Bitcoin Office that it has been purchasing one Bitcoin daily. The report highlights revisions to El Salvador's Bitcoin laws, scaling back its public sector involvement in Bitcoin to mitigate fiscal risks under IMF requirements. President Bukele has publicly challenged these restrictions, asserting that Bitcoin accumulation will continue.
El Salvador's Bitcoin Accumulation Claims Challenged by IMF Report
Conflicting narratives have emerged regarding El Salvador's Bitcoin acquisition strategy, with a recent International Monetary Fund (IMF) report asserting that the nation has not increased its public sector Bitcoin holdings since securing a $1.4 billion loan agreement in December 2024. This directly contradicts the public statements from El Salvador's Bitcoin Office, which has maintained a policy of purchasing one Bitcoin daily.
A July 15, 2025, IMF report has cast doubt on the consistent claims of El Salvador's government that it is actively adding to its Bitcoin reserves. The report suggests that any perceived increase in the country's Bitcoin holdings is a result of consolidating assets across various government-owned wallets, rather than new purchases. The IMF's findings indicate that "the overall stock of Bitcoin held by the public sector has remained unchanged since program approval."
This development follows a $1.4 billion loan agreement between El Salvador and the IMF in December 2024, which included stipulations for the country to reduce its exposure to Bitcoin. In January 2025, El Salvador's legislature amended its Bitcoin laws, making the acceptance of the cryptocurrency as legal tender voluntary and halting the use of taxpayer money for further Bitcoin accumulation.
Despite these agreements, El Salvador's Bitcoin Office has continued to publicly announce daily Bitcoin purchases. President Nayib Bukele has also been vocal in his defiance of the IMF's restrictions, stating in March 2025 that the country's Bitcoin accumulation "is not stopping." In a social media post, Bukele asserted, "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."
The IMF report also sheds light on the operations of the state-run Chivo wallet, noting that it does not adjust its Bitcoin reserves to reflect changes in client deposits. This practice, according to the IMF, could create the misleading appearance of public sector Bitcoin accumulation. As part of the loan agreement, El Salvador has committed to increasing transparency and limiting further Bitcoin exposure, which includes privatizing the Chivo wallet by July 2025.
On-chain data indicates that El Salvador currently holds over 6,200 BTC, valued at more than $738 million. While the country's Bitcoin investment has seen significant gains with the rising value of the cryptocurrency, the discrepancy between the government's public statements and the IMF's findings raises questions about the transparency of El Salvador's Bitcoin strategy.
In a recent development, the IMF completed its first review of the Extended Fund Facility (EFF) with El Salvador, leading to an immediate disbursement of approximately $118 million. The IMF has commended El Salvador's efforts in strengthening public finances and progressing with governance and transparency reforms. However, the fund has also reiterated its stance that it will "ensure" El Salvador's government Bitcoin holdings do not increase under the terms of the loan deal.
The situation presents a complex interplay between a nation's sovereign economic policy and the conditions of international financial assistance, leaving the future of El Salvador's ambitious Bitcoin strategy in a state of uncertainty.
Roy, for this piece on El Salvador's Bitcoin accumulation, focus sharply on the central conflict between the IMF's findings and the government's statements. Start by clearly explaining the IMF report's claim that no new Bitcoin has been added since the 2024 loan agreement, and contrast it with the Bitcoin Office's daily purchase announcements and Bukele's defiance. Avoid rehashing background details excessively—mention the key loan terms and Bitcoin law changes only briefly where relevant. Highlight the tension between the IMF's oversight, the reported wallet consolidation, and El Salvador's transparency issues. Keep your language neutral but precise, and structure the narrative around the implications of these contradictory narratives for both the Bitcoin policy and the IMF relationship. Stick to clarity—this needs to be impactful for readers unfamiliar with the backstory.
IMF Debunks Bukele’s Daily Bitcoin Claims Amid $1.4B Loan Tensions
- IMF insists El Salvador’s Bitcoin holdings have remained static since December 2024 loan agreement.
- Transparency concerns rise as government claims daily Bitcoin purchases.
On July 15, 2025, the International Monetary Fund (IMF) contested El Salvador’s assertions of daily Bitcoin acquisitions under President Nayib Bukele’s leadership, stating that the country's public sector Bitcoin holdings have remained unchanged since entering a $1.4 billion loan agreement in December 2024. This directly undermines claims by El Salvador’s Bitcoin Office, which has repeatedly declared purchases of 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 rather than new purchases. The agency emphasized, “the overall stock of Bitcoin held by the public sector has remained unchanged since program approval,” raising concerns about transparency and consistency with the loan’s terms. As part of the agreement, El Salvador was required to limit its Bitcoin exposure and privatize its state-managed Chivo wallet by July 2025, measures intended to address governance and compliance risks.
President Bukele and the Bitcoin Office have publicly contradicted these findings, maintaining that the government continues its daily Bitcoin purchases. In a defiant social media post from March 2025, Bukele stated, “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.” However, the IMF highlighted that the Chivo wallet's reserves do not account for client deposit adjustments, potentially inflating depictions of public sector Bitcoin holdings.
El Salvador’s Bitcoin strategy underwent notable changes in January 2025 through amendments to the Bitcoin law. These revisions, which rendered Bitcoin use as legal tender voluntary and halted taxpayer-funded purchases, aim to align with conditions imposed by international financial oversight. While these legal shifts were expected to ease tensions with global financial institutions, the IMF’s findings suggest ongoing concerns regarding transparency and adherence to loan stipulations.
Despite these compliance issues, the IMF recently approved a $118 million disbursement under its Extended Fund Facility (EFF), citing El Salvador’s progress in governance reforms. Nonetheless, the organization reaffirmed that the country must adhere to loan terms prohibiting additional public sector Bitcoin accumulation.
This clash between the IMF and El Salvador highlights broader tensions between global financial entities and national sovereignty in pursuing unconventional economic policies. The evolving implications for El Salvador’s Bitcoin strategy and its relationship with the IMF remain subject to heightened scrutiny.
As of July 18, 2025 (UTC), Bitcoin (BTC) is trading at $117,289.12, reflecting a 1.35% decrease in 24-hour trading volume, according to CoinMarketCap.
