El Salvador Bitcoin Lie Exposed in 2025 IMF Report

Key Points

• El Salvador Bitcoin Lie Exposed in 2025 IMF Report
• Daily buying claims were false, says latest IMF review
• Wallet growth came from internal transfers, not purchases
• Chivo Wallet to be fully privatized by the end of July 2025

El Salvador claimed it was buying one Bitcoin per day in 2025. Social media was filled with posts from President Nayib Bukele and the National Bitcoin Office promoting the idea that the government was adding to its Bitcoin holdings on a daily basis.

But according to a fresh report from the International Monetary Fund (IMF), none of that happened.

The IMF’s July 15 Article IV consultation and program review revealed that El Salvador hasn’t made any new Bitcoin purchases in 2025. This directly contradicts the government’s public narrative.

As many suspected, the IMF report suggests El Salvador has not been buying Bitcoin—just reshuffling it internally:

“Increases in Bitcoin holdings … reflect the consolidation of Bitcoin across various government‑owned wallets.”

“Chivo does not adjust its Bitcoin reserves… pic.twitter.com/Om7o2K7FeW

— Joe Nakamoto ⚡️ (@JoeNakamoto) July 17, 2025

“The overall stock of Bitcoin held by the public sector has remained unchanged since program approval,” the IMF report stated.

El Salvador had secured a $1.4 billion Extended Fund Facility from the IMF in December 2024. Since then, no taxpayer money has been used to buy Bitcoin, the report confirms.

So why did it look like they were still buying?

Because of wallet consolidations—internal transfers between government-owned wallets. These transactions created the appearance of growth, but there was no fresh buying involved.

This development adds to the growing debate about government crypto holdings and transparency. Similar concerns have been raised over MicroStrategy’s Bitcoin risk strategy and how public companies manage large-scale BTC holdings.

Turns out the IMF did in fact make El Salvador stop Bitcoin purchases in order to get a fiat loan.

Footnote #9 states they have just been making it appear as if they have been continuing to buy but in fact have just been consolidating multi government wallets.

Source :… pic.twitter.com/46AFU1oi08

— Magoo PhD (@HodlMagoo) July 17, 2025

Chivo Wallet to Be Shut Down by Government

The IMF report goes further, calling out irregularities within the government-run Chivo Wallet system. Minor deviations in its performance were found, which triggered questions about how it was being used.

To address these concerns, El Salvador agreed to completely remove public involvement in the Chivo Wallet by the end of July 2025.

This move is part of a broader push by the IMF to increase transparency and fiscal responsibility. The government also pledged to:

• Publish financial data for all state-owned enterprises

• Begin the process of dismantling the public Bitcoin trust (Fidebitcoin)

Back in 2021, El Salvador made headlines as the first country to adopt Bitcoin as legal tender. But by January 2025, facing IMF pressure and growing financial risks, the country reversed its decision.

Local Newspaper Headline About El Salvador’s Bitcoin Reserve Value Soaring Above $725 Million After BTC All-Time High – Techtoken

The IMF deal included a clear condition: El Salvador must not use public resources to buy Bitcoin.

And so far, they’re sticking to that promise—but not without misleading the public.

When President Bukele tweeted in March 2025 that the “1 BTC per day” program was still ongoing, many in the crypto community believed it. Wallet balances appeared to back it up. Reports even claimed holdings had passed 6,102 BTC.

But as it turns out, those numbers came from internal wallet activity, not market purchases.

This raises wider questions about how governments communicate with the public around crypto. As seen in BlackRock’s iBIT ETF crossing $100B milestone, transparency and scale can significantly sway public trust and investor behavior.

Bitcoin Versus The IMF

In this new report, we explain how the IMF is both obsessed with Bitcoin & vehemently anti-Bitcoin. In the El Salvador IMF country reports, Bitcoin is the second most common word #Bitcoin is mentioned 319 times in two reports!! pic.twitter.com/12QkN4OEYK

— BitMEX Research (@BitMEXResearch) July 12, 2025

What This Means for Bitcoin in El Salvador

The IMF’s findings are a blow to trust in the Salvadoran government’s crypto claims. While technically compliant with the IMF’s terms, the decision to spin internal wallet movements as new Bitcoin buys borders on deception.

As more countries and firms dive into crypto, eyes are now turning to how these digital assets are reported. In the U.S., initiatives like the California Breakthrough Project with Ripple and Coinbase are being scrutinized for transparency and collaboration.

Even in the meme coin sector, questions around legitimacy are surfacing, with tokens like the Froggie meme coin drawing attention for how they position themselves in the market.

Investors now have to consider the broader context of public reporting and real market activity. Just because a wallet balance rises doesn’t mean there’s actual buying happening.

This also ties into how Ethereum’s adoption by public companies is being monitored. Genuine accumulation versus reshuffling of assets is becoming a hot topic.

The July 31 deadline will be a key test for Bukele’s administration—and the world will be watching to see if El Salvador can live up to its promises or continues to spin a story that doesn’t match reality.