Is El Salvador Faking Its Bitcoin Growth? IMF Footnote Sparks New Doubts
A new report from the International Monetary Fund (IMF) suggests that El Salvador’s recent increase in Bitcoin (CRYPTO: BTC) reserves stems from internal asset consolidation, not new purchases, as previously claimed by government officials.
In a staff report dated July 15, the IMF clarified that the observed rise in Bitcoin holdings within the country’s Strategic Bitcoin Reserve Fund was the result of streamlining state-owned wallets.
This contrasts with public messaging from El Salvador’s National Bitcoin Office, which has frequently touted daily Bitcoin purchases by the government under President Nayib Bukele.
The report also reiterates the IMF’s long-standing position that El Salvador should limit exposure to the volatile asset, particularly as it remains in talks over …
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