The International Monetary Fund (IMF) confirmed that El Salvador made no Bitcoin purchases in 2025, despite repeated public claims. The update came from the IMF’s July 15 report, part of the Article IV consultation and the first review under the $1.4 billion Extended Fund Facility (EFF) signed in December 2024.
According to the IMF report:
“The overall stock of Bitcoin held by the public sector has remained unchanged since program approval.”
The statement contradicts claims from President Nayib Bukele and El Salvador’s National Bitcoin Office, who said the country was buying one Bitcoin per day. Those claims circulated widely on X and in official press releases.
Bukele Bitcoin Claims Conflict With IMF Findings
On March 4, 2025, Bukele posted that the daily Bitcoin accumulation program was ongoing. Around the same period, the Bitcoin Office said El Salvador’s holdings had exceeded 6,102 BTC.
These numbers appeared on government platforms and were repeated across media outlets and crypto discussions. Wallet data also showed higher balances. However, the IMF report explained that the rise came from internal transfers between government wallets and not external Bitcoin purchases.
These wallet consolidations gave the impression of continued buying but involved no new use of public funds. The report also identified small changes in Bitcoin deposits in the Chivo Wallet, resolved through internal corrections.
The IMF emphasized that no taxpayer money was spent on new Bitcoin purchases in 2025.
Chivo Wallet to Be Privatized by End of July
The IMF report also addressed technical issues within the Chivo Wallet system. It cited “minor deviations” in performance targets due to irregular activity inside Chivo.
In response, the Salvadoran government agreed to end all public-sector involvement in Chivo by the end of July 2025. This aligns with the IMF-supported reforms and marks a shift toward privatizing the digital wallet.
The IMF also noted that the government committed to publishing financial data from state-owned enterprises and to dissolving the Bitcoin trust known as Fidebitcoin.
