According to a recent IMF report, El Salvador hasn’t purchased Bitcoin since February 2025, and all recent increases in holdings were merely transfers between government-owned wallets.
The International Monetary Fund (IMF) published a surprising report regarding El Salvador’s Bitcoin reserves. Based on a letter signed by El Salvador’s Central Bank President and Minister of Finance, the report states that the country ceased Bitcoin purchases in February 2025. This directly contradicts previous statements made by President Nayib Bukele, who announced regular daily Bitcoin purchases starting November 2022.
Additionally, the IMF highlighted that the increases in El Salvador's Bitcoin reserves over the recent months were not due to fresh acquisitions but merely internal wallet transfers within the government. This revelation strengthens the arguments of critics who claim Bukele's administration has misled the public. Stacy Herbert, Head of El Salvador's Bitcoin Office, had previously dismissed similar IMF claims, but the new evidence presented by IMF casts serious doubts on the official statements from El Salvador.
Despite the controversy and a $1.4 billion IMF loan agreement, President Bukele had confidently declared that the country would continue its Bitcoin strategy. However, the latest IMF report may significantly affect international trust in Bukele’s administration.
