El Salvador’s Bitcoin Purchases Disputed by IMF Report
A recent report from the International Monetary Fund claims that El Salvador has not purchased any Bitcoin since signing a loan agreement with the organization. This statement directly contradicts public announcements made by El Salvador’s Bitcoin Office, which has repeatedly stated that the country continues to buy one BTC per day as part of its long-term strategy.
The discrepancy raises questions about transparency in El Salvador’s Bitcoin adoption efforts. The Central American nation made history in 2021 by becoming the first country to adopt Bitcoin as legal tender, a move championed by President Nayib Bukele. Since then, the government has actively promoted its Bitcoin purchases, often sharing updates on social media about its growing holdings.
However, the IMF’s findings suggest that these purchases may have halted after the country secured a financial agreement with the institution. The report did not provide further details on why the purchases stopped or whether they will resume in the future.
El Salvador’s Bitcoin Office has not yet responded to the IMF’s claims. The office has been vocal in the past about its daily Bitcoin purchases, framing them as part of a dollar-cost averaging strategy to mitigate market volatility. If the IMF’s report is accurate, it could signal a shift in the country’s approach to cryptocurrency amid economic pressures.
The situation highlights the challenges of tracking government-held Bitcoin, as transactions on the blockchain are public but ownership is not always clear. Observers will be watching closely to see whether El Salvador addresses the inconsistency and clarifies its Bitcoin policy moving forward.
The IMF has previously expressed concerns about El Salvador’s Bitcoin adoption, citing financial stability risks. The organization has urged the country to reconsider its cryptocurrency policies, though the government has remained committed to its pro-Bitcoin stance. Whether the reported pause in purchases indicates a change in strategy or a temporary adjustment remains uncertain.
