IMF Disputes El Salvador’s Bitcoin Purchases, Cites Asset Consolidation

A new report from the International Monetary Fund (IMF) suggests that El Salvador’s recent Bitcoin accumulation may not stem from ongoing purchases, but rather from a reshuffling of assets across government-controlled wallets.

The July 15 briefing includes a footnote stating that increases in the country’s Strategic Bitcoin Reserve Fund “reflect the consolidation of Bitcoin across various government-owned wallets,” casting doubt on claims of new acquisitions.

This directly contradicts statements from El Salvador’s National Bitcoin Office, which has repeatedly asserted that the country is buying Bitcoin on a daily basis. The Central American nation made headlines in 2021 as the first to adopt Bitcoin as legal tender and continues to promote its crypto strategy as part of a broader financial overhaul.

The IMF’s report emphasizes that the total public sector Bitcoin holdings “have remained unchanged since program approval” and urged the government to “keep the public sector’s holdings of Bitcoin unchanged.” This language echoes the IMF’s longstanding concerns about El Salvador’s Bitcoin policies, which it previously tied to conditions for a $1.4 billion funding agreement.

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Despite the ongoing dispute, on-chain data indicates that El Salvador currently holds over 6,200 BTC—worth more than $738 million at current prices—making it one of the largest sovereign holders of the cryptocurrency worldwide. The discrepancy between the government’s public stance and the IMF’s assertions raises fresh questions about transparency in El Salvador’s Bitcoin strategy.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.