19.07.2025 15:19
El Salvador's government has faced accusations of misleading the public regarding its Bitcoin holdings, following a recent revelation by the International Monetary Fund (IMF). Contrary to repeated assertions of daily Bitcoin purchases, the IMF confirmed that El Salvador has not acquired any additional Bitcoin this year. This contradicts numerous official statements made by the government, including President Nayib Bukele's own pronouncements on social media platforms.
The discrepancy centers around the reported growth in El Salvador's Bitcoin reserves. While the government attributed this increase to ongoing daily purchases, internal wallet transfers were, according to the IMF, the actual source of the perceived growth. These transfers were presented as evidence of a burgeoning Bitcoin treasury, fueling narratives of continued accumulation, despite a loan agreement with the IMF which specifically prohibited further Bitcoin acquisitions.
This revelation casts a shadow over the government's transparency. For months, the National Bitcoin Office and President Bukele steadfastly maintained a narrative of consistent daily Bitcoin purchases. This claim, amplified across social media and numerous news outlets, created a widespread perception of El Salvador's unwavering commitment to Bitcoin adoption. However, the IMF's July 15th report definitively debunked this claim, indicating that the country's Bitcoin holdings have remained static since December 2024, the month they received a $1.4 billion loan under the IMF’s Extended Fund Facility (EFF). Subsequent analysis suggests that the apparent increase in Bitcoin reserves was simply the result of internal re-allocations within government wallets.
The IMF's findings have sparked significant controversy, highlighting a potential breach of trust between the El Salvadorian government and both its citizens and the international financial community. The situation underscores the importance of transparency and accurate reporting in the management of public funds, especially concerning volatile assets like Bitcoin. The discrepancy between official statements and the IMF's assessment raises serious questions about the government's commitment to fiscal accountability.
