The government and the National Bitcoin Office of El Salvador claimed an increase in Bitcoin held in official wallets. President Nayib Bukele also stated via social media that the daily purchase program continued in March. However, IMF data reveals that the increase in holdings was due to internal transfers between government wallets, not fresh Bitcoin purchases from the market. 

Additionally, the report highlights that the small Bitcoin movements in the government’s Chivo e-wallet were not from public funds but resulted from internal adjustments. 

IMF and Bitcoin Policy 

El Salvador recognized Bitcoin as legal tender in 2021. However, as of January 2025, the legal status of Bitcoin was revoked. Moreover, under pressure from international creditors, the government ceased Bitcoin acquisitions and pledged not to use public funds for such purchases. The IMF’s latest report confirms El Salvador’s adherence to these commitments. 

On the other hand, despite official and social media claims that Bitcoin buying was ongoing, significant discrepancies emerged between the reported actions and actual data. These inconsistencies raised concerns about transparency and credibility. It became evident that the apparent increase in Bitcoin holdings was merely the result of internal transfers, leaving investors and the public misinformed. 

Nevertheless, El Salvador’s Bitcoin strategy and fiscal outlook continue to draw close attention from the global economy and crypto markets. Ultimately, the IMF report highlights the government’s commitment to financial discipline and international obligations.

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This acquisition comes despite a $1.4 billion IMF deal signed in December 2024, which included stipulations that El Salvador stop using public funds to purchase Bitcoin. However, the government appears unfazed by the agreement’s conditions.

President Bukele Pushes Back Against IMF

In January 2025, El Salvador’s Congress repealed the Bitcoin legal tender law, but the country’s Bitcoin acquisitions did not slow. In March, the IMF reiterated its demand to stop BTC purchases. President Nayib Bukele strongly opposed the request:

“No, it’s not stopping. 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,” Bukele declared on X.

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A Blueprint for Future Bitcoin Nations

El Salvador is currently the only country buying Bitcoin in open markets, setting an example that crypto leaders believe could inspire other nations to follow suit. The country’s strategy combines financial independence with technological innovation to support long-term economic growth.

El Salvador remains at the forefront of global Bitcoin adoption, pursuing a path of sovereignty in the digital age.

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El Salvador’s Bitcoin Reserve is Growing

According to official data, El Salvador’s total Bitcoin reserve is currently at 6,055 BTC. These holdings are valued at over $612 million. The country has purchased more than 50 BTC in the last 30 days alone.

However, the government recently removed Bitcoin as a mandatory payment method to secure a loan from the IMF. This decision received mixed reactions from the crypto community. Despite this, El Salvador continues to increase its Bitcoin reserve.

Bitcoin Purchases Continue Despite IMF Deal

As part of its $1.4 billion IMF deal, El Salvador had to adjust some of its Bitcoin policies. While Chivo Wallet was privatized, the public sector’s involvement in the Bitcoin industry was restricted.

Despite this, the country purchased 11 BTC just one day after signing the IMF deal. On January 19, it bought 12 more BTC, signaling a potential increase in purchase speed.

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Stacy Herbert, director of the El Salvador National Bitcoin Office, stated that the country aims to increase its Bitcoin accumulation rate in 2025. Officials said, “We have achieved the greatest rebranding in history. We are now a case study for a successful national strategy.”

Bitcoin Could Be a Catalyst for Global Adoption

El Salvador’s Bitcoin policy has been praised by Bitcoin maximalists. Additionally, this strategy has attracted the interest of major investment firms.

Fidelity Digital Assets, in its January 2025 report, highlighted El Salvador’s Bitcoin reserve strategy as a model. Analysts emphasized that it is inevitable for larger nations to adopt Bitcoin. As the risks of not owning Bitcoin increase, governments are more likely to turn to this asset.

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As part of a $1.4 billion IMF loan deal, El Salvador will make Bitcoin acceptance voluntary, end its involvement with the little-used Chivo wallet, and limit public sector engagement in Bitcoin-related economic activities.

According to a statement from the International Monetary Fund on December 18, the Central American country will receive $1.4 billion over the next 40 months after agreeing to measures aimed at reducing its debt-to-GDP ratio.

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies. Legal reforms will make acceptance of Bitcoin by the private sector voluntary,” the IMF said.

“For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined.”

El Salvador and the IMF: Gradual Shift in Bitcoin Strategy

The IMF stated that taxes will be paid in the country’s official currency, the US dollar, and that government involvement in the state-backed Chivo crypto wallet will be “gradually unwound.”

El Salvador began purchasing Bitcoin in 2021, and according to the country’s National Bitcoin Office, it currently holds 5,968.8 Bitcoin, valued at approximately $602 million.

A spokesperson from the National Bitcoin Office stated that the country will continue to “accumulate Bitcoin.”

“We will keep buying one Bitcoin a day (likely even more in the future), and we will not sell any of our current holdings,” the spokesperson said, adding that the Bitcoin Office’s plans remain unchanged and Bitcoin continues to be the country’s main strategy.

The agreement still requires approval from the IMF Executive Board, but it marks the end of four years of negotiations, including El Salvador’s decision in June 2021 to adopt Bitcoin as legal tender, making it the first country in the world to do so.

IMF’s tweet:

The IMF has long urged President Bukele to abandon his Bitcoin plans, arguing that the speculative nature of the cryptocurrency could put the country at risk.

The agreement will also secure additional loans from other global banks, including the World Bank, providing a total financing package of over $3.5 billion.

In response to the IMF’s statement, Bukele’s Bitcoin adviser, Max Keiser, expressed his disdain on X, stating, “Nobody pays attention to these idiots,” and called the agreement “bureaucratic, meaningless nonsense.”

In another post on X, Keiser added, “Bitcoin usage in El Salvador has always been voluntary, and its usage has never been higher and continues to grow. The IMF’s point is invalid.”

However, an October survey found that 92% of Salvadorans do not engage in Bitcoin transactions, up from 88% in a 2023 survey.

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“Just to note, the Bitcoin Chivo Wallet ATMs in El Salvador are government-issued wallets that you should be aware of. Just so you know, we don’t sell anything; in fact, everything is published for free,” the hacker group inscribed.

This is part of a series of events that are a reflection of the Chivo breach, the latest of which was the early April leak of the personal information of 5.1 million Salvadorans. This figure represents almost all the adults in the country. On April 22, the local cybersecurity project VenariX announced the forthcoming revelation in X on CiberInteligenciaSV’s Telegram channel that the source code would be distributed.

According to a group Telegram post, CiberInteligenciaSV will, as usual, disclose tonight, for free, part of the Chivo Wallet source code and VPN access as long as any government official wants to talk Furthermore, CiberInteligenciaSV posted a file named Codigo.rar, which is a package of codes and VPN credentials from Moreno’s Chivo Wallet ATM network.

The government promoted Chivo as the Bitcoin wallet for residents following El Salvador’s decision in September 2021 to become the first country in the world to recognize Bitcoin as legal tender. The users can also store and withdraw from ATMs, buy and sell Bitcoin, and more on the site. But later, users complained about a lot of bugs and technical problems in the Chivo wallet, and the launch turned out to be a disaster.

The Salvadoran government made no efforts to address the Chivo breach of personal data, even after news about the breach was released at the beginning of April.  According to industry sources, the Salvadoran authorities have not yet made an official statement about the hack, leaving behind a mystery.

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