In a letter signed by El Salvador's top financial authorities, it was confirmed that no Bitcoin has been purchased since February 2025, which marked the beginning of the financing agreement with the International Monetary Fund (IMF). This statement directly contradicts President Nayib Bukele's assertions of buying one BTC daily since November 2022. The letter, part of the IMF's first program review released on July 15, indicates that the public sector's Bitcoin stock remains unchanged and includes details about wallet addresses provided to the IMF for monitoring. It was signed by Douglas Pablo Rodríguez Fuentes, president of the central bank, and Minister of Finance Jerson Rogelio Posada Molina. Despite these officials' communications, Bukele's administration claims to have consistently acquired BTC, stating that their Bitcoin reserves tally about 6,242 BTC, valued at approximately $737 million. Blockchain intelligence firm Arkham supports these daily transfers, primarily from wallets associated with exchanges like Binance or Bitfinex. Bukele had expressed that regardless of the IMF agreement, which stipulated a reduction in Bitcoin activities in exchange for a $1.4 billion loan, these purchases would continue. He emphasized that if such purchases continued during significant adversity, they would persist in the future. The latest report suggests that the transactions labeled as purchases could be consolidating existing Bitcoin holdings rather than new acquisitions. The IMF notes that the increases in the Strategic Bitcoin Reserve Fund reflect the consolidation of Bitcoin across different government-controlled wallets. Stacy Herbert, head of the Bitcoin Office, maintains that El Salvador has been buying Bitcoin against the IMF's restrictions, suggesting believers in Bitcoin may value the real actions of El Salvador over the IMF's assurances. The IMF clarified that increases in Bitcoin holdings do not breach the financing agreement terms, following consultations with Salvadoran authorities.
❓ Has El Salvador stopped buying Bitcoin?
According to top finance officials, El Salvador has not purchased any Bitcoin since February 2025.
❓ What does Bukele say about Bitcoin purchases?
President Bukele claims that El Salvador has been buying one BTC daily since November 2022.
❓ What does the IMF report state?
The IMF report indicates that increases in Bitcoin reserves may reflect consolidation of existing holdings rather than new purchases.