IMF Insists El Salvador Isn't Buying Any More Bitcoin—So What's Going On?
Salvadoran president and Bitcoin advocate Nayib Bukele says he buys 1 BTC per day. The IMF says he doesn't. Who's wrong?
The article reveals a conflict between El Salvador's President Nayib Bukele's claims of buying 1 Bitcoin (BTC) daily for the nation's reserves and the IMF's statement that no new Bitcoin purchases are taking place.
Bukele's reported purchases, reflected in blockchain data showing transfers to government wallets, may involve shifting existing Bitcoin between wallets rather than selling fiat currency for BTC, which the IMF considers a true purchase.
This suggests El Salvador might be reclassifying internal transfers as “buys” to project ongoing accumulation, possibly using Bitcoin acquired before a December 2024 IMF agreement that limited new purchases.
By framing these transfers as buys, Bukele could be signaling a strategic move to distance El Salvador from devaluing, dying fiat currencies globally, positioning Bitcoin as a hedge against fiat leaks and economic instability.
The lack of transparency, as analysts note, obscures whether these are fresh acquisitions or maneuvers to defy IMF restrictions while maintaining public defiance.
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IMF Insists El Salvador Isn't Buying Any More Bitcoin—So What's Going On? - Decrypt
El Salvador's president Nayib Bukele claims his government is still buying Bitcoin, despite the IMF claiming otherwise. What's going on?