El Salvador has not purchased any Bitcoin since February 2025, according to a recent Article IV report from the International Monetary Fund (IMF), which included corroborating letters from El Salvador’s Central Bank and Ministry of Finance. This revelation directly contradicts President Nayib Bukele’s long-standing claim that the government was acquiring one Bitcoin per day, a narrative that had become central to the administration’s pro-crypto image.

The findings clarify that the perceived growth in Bitcoin holdings over the past several months was not due to continued daily purchases, but rather the result of internal wallet consolidations involving Bitcoin already held by the government. While official communications from Bukele and related government accounts have maintained the appearance of consistent Bitcoin accumulation, the IMF’s report paints a different picture: one of halted acquisitions and policy realignment.

IMF Agreement Sparks Strategic Shift Away from Public Bitcoin Use

This policy shift appears closely linked to El Salvador’s December 2024 deal with the IMF, under which the country secured a $1.4 billion Extended Fund Facility. As a condition of the loan, El Salvador agreed to suspend all public-sector activity involving Bitcoin. This included not only stopping new purchases but also scaling back the infrastructure that had been built to support its legal tender status.

As part of its compliance with IMF terms, El Salvador removed Bitcoin as legal tender in January 2025. The move marked a dramatic reversal of one of the Bukele administration’s most controversial and high-profile policies, initially implemented in 2021. Additionally, the government has moved to privatize the Chivo digital wallet and dismantle the state-backed Fidebitcoin trust, both of which were central to the country’s early Bitcoin adoption strategy.

These developments represent a significant cooling of the country’s once-aggressive crypto agenda. Instead of leading a national experiment in sovereign Bitcoin adoption, El Salvador appears to be recalibrating its approach under international financial pressure.

Transparency Concerns and Global Reaction

The discrepancy between the government’s public messaging and the financial disclosures in the IMF report has raised concerns among crypto advocates and critics alike. Bukele’s narrative of continued Bitcoin accumulation played a key role in shaping international perceptions of El Salvador as a crypto-forward nation. Now, the IMF’s disclosures cast doubt on how that narrative was maintained, and whether it was primarily symbolic.

Online communities have reacted with a mix of frustration and vindication. Some see the halted purchases as proof that the initial Bitcoin experiment was unsustainable. Others argue that the government’s pivot reflects pragmatic adaptation rather than failure.

While El Salvador’s Bitcoin journey is far from over, the country’s public stance has shifted from bold adoption to quiet retreat. Whether this signals a permanent withdrawal from the global crypto stage or a temporary pause remains to be seen. For now, at least, the daily Bitcoin-buying headlines have given way to the realities of international financial diplomacy.