According to a report released Tuesday by the International Monetary Fund (IMF), El Salvador has not made any additional Bitcoin purchases since finalizing a loan deal with the organization in December 2024.
The report noted that the country’s Chivo wallet — its state-run Bitcoin app — does not adjust its reserves based on user deposits or sales, which created minor inconsistencies in reported figures. These discrepancies had previously led to speculation that the government was still actively adding to its Bitcoin stash, which the IMF says is not the case.
A letter included in the IMF’s documentation, signed by Central Bank President Douglas Pablo Rodríguez Fuentes and Finance Minister Jerson Rogelio Posada Molina, confirmed that the state’s Bitcoin reserves have remained unchanged:
“As per the commitments outlined in the program, the government has not increased its Bitcoin holdings. We’re also working to minimize financial exposure by reducing state involvement in the Chivo platform and re-evaluating our Bitcoin strategy.”
$1.4 Billion Loan Deal Comes With Bitcoin Restrictions
El Salvador entered into a $1.4 billion financing agreement with the IMF in late 2024. As part of the terms, the country agreed to reduce its official use of Bitcoin. This included amendments to existing legislation in January 2025, allowing businesses to choose whether or not to accept BTC as payment and halting public sector Bitcoin acquisitions funded by taxpayers.
Despite these commitments, El Salvador’s official Bitcoin Office continued to assert that the government was still acquiring BTC. This contradiction raised concerns and led to a formal reminder from the IMF in March, urging the country to stick to its obligations.
President Nayib Bukele pushed back against the IMF’s demands, maintaining that Bitcoin accumulation would persist. In a March 4 post on X (formerly Twitter), Bukele declared:
“No, it’s not stopping. If we didn’t stop when the entire world turned its back on us and most Bitcoiners gave up, we certainly won’t stop now — or ever.”
Bitcoin Advocates React to IMF Report
The IMF’s statement caused a stir within the crypto space, as El Salvador has been seen as a pioneer in adopting Bitcoin as part of national policy. The country’s decision to build reserves of the finite digital asset — combined with Bukele’s bold rhetoric — made El Salvador a symbol of sovereign-level crypto integration.
Now, the IMF’s update casts doubt on the pace and scale of that initiative, even as the country maintains a pro-Bitcoin stance in public.
