The International Monetary Fund (IMF) published a report confirming El Salvador has not purchased Bitcoin since signing a $1.4 billion loan agreement in December 2024, directly contradicting President Nayib Bukele's persistent claims of daily accumulation. The IMF stated El Salvador's public Bitcoin holdings remain unchanged as stipulated in the loan conditions, citing concerns over BTC's volatility and fiscal risks.
A letter of intent from Salvadoran Central Bank President Douglas Pablo Rodríguez Fuentes and Finance Minister Jerson Rogelio Posada Molina explicitly acknowledged the unchanged status of Bitcoin reserves and efforts to reduce the public sector's role in the Chivo wallet. This follows January 2025 legislative revisions making Bitcoin acceptance voluntary and halting taxpayer-funded purchases—a move seemingly ignored by Bukele's administration, which continued announcing daily accumulation via social media.
In March 2025, Bukele defiantly rejected IMF pressure to stop acquisitions, posting on X: "It won't stop now, and it won't stop in the future." The IMF attributes discrepancies to Chivo wallet operations, noting it doesn't adjust reserves for client deposits or sell BTC, creating misleading appearances of state accumulation. The standoff highlights transparency issues and the tension between sovereign crypto policies and international financial oversight.