{"id":14379,"date":"2025-07-25T13:56:46","date_gmt":"2025-07-25T11:56:46","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14379"},"modified":"2025-07-25T13:56:46","modified_gmt":"2025-07-25T11:56:46","slug":"el-salvadors-bitcoin-moves-wallet-shuffle-not-acquisition-says-imf","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/25\/el-salvadors-bitcoin-moves-wallet-shuffle-not-acquisition-says-imf\/","title":{"rendered":"El Salvador’s Bitcoin Moves: Wallet Shuffle, Not Acquisition, Says IMF"},"content":{"rendered":"

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Trusted Editorial<\/u> material, evaluated by prominent industry authorities and experienced editors. Ad Disclosure<\/a><\/div>\n<\/p><\/div>\n

The International Monetary Fund has firmly addressed the recent wave of speculation regarding El Salvador\u2019s Bitcoin approach, informing journalists that the Central American country has not augmented its sovereign reserve. Apparent increases in the Strategic Bitcoin Reserve Fund (SBRF), the IMF stated, simply illustrate \u201ctransfers between various government-owned wallets\u201d and maintain the nation\u2019s overall situation unchanged.<\/p>\n

Is El Salvador Merely Moving Bitcoin Wallets?<\/h2>\n

IMF Communications Director Julie Kozack provided the clarification during a standard press briefing on Thursday, answering<\/a> a question from Inner City Press reporter Matthew Lee. \u201cAs we have indicated previously, the total quantity of BTC held across government-owned wallets remains unchanged, and that aligns with El Salvador\u2019s program commitments,\u201d Kozack commented, stating that any surface growth in the SBRF \u201cpertain[s] to transfers between various government-owned wallets.\u201d<\/p>\n

The assurance comes shortly after the IMF Executive Board finalized El Salvador\u2019s 2025 Article IV consultation and initial review of its 40-month Extended Fund Facility (EFF). This evaluation unlocked a $118 million installment, escalating total disbursements under the $1.4 billion agreement to roughly $231 million. The EFF mandates the Bukele administration<\/a> to maintain its net BTC exposure stable while it positions public finances on what the IMF describes as \u201ca firm downward debt trajectory.\u201d<\/p>\n

Just hours prior to the IMF\u2019s comments, El Salvador\u2019s official Bitcoin Office declared<\/a> on X: \u201cEL SALVADOR JUST ACQUIRED MORE BITCOIN,\u201d sharing a screenshot that displayed an 8 BTC acquisition and a total of 6,248.18 BTC\u2014valued at approximately $722 million at the current spot price of around $116,000. The announcement reflected President Nayib Bukele\u2019s enduring slogan<\/a> that the nation procures \u201cone Bitcoin daily,\u201d a phrase he has reiterated since November 2024.<\/p>\n

Nevertheless, the IMF asserts that these figures are an accounting illusion. While the SBRF\u2019s wallet address can illustrate incremental inflows, a corresponding amount is generally deducted from other state-controlled wallets\u2014most notably a treasury cold-storage address utilized by the fiscal agency BANDESAL\u2014leaving the nation\u2019s consolidated situation unchanged. \u201cRisks from Bitcoin continue to be managed,\u201d Kozack underscored, commending \u201csolid\u201d overall program performance, including fiscal and reserve objectives \u201cachieved with margins.\u201d<\/p>\n

Under the EFF\u2019s technical memorandum of understanding, El Salvador is required to limit net crypto acquisitions by the non-financial public sector to the level in effect when the program was endorsed last February. The aim is to avert further fluctuations on a public balance sheet that already reflects Bitcoin exposure equivalent to about 2 percent of GDP. Reuters reported in March that the IMF had previously cautioned San Salvador against \u201cincreasing government cryptocurrency exposure,\u201d even as officials touted intermittent purchases.<\/p>\n

At the time of reporting, neither President Bukele nor his Bitcoin adviser Max Keiser<\/a> had publicly responded to the IMF\u2019s statement. The Bitcoin Office account, meanwhile, has not removed or revised its initial post.<\/p>\n

At the time of writing, BTC traded at $<\/p>\n

\"Bitcoin
BTC decreases below the EMA20, 1-day chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image generated with DALL.E, chart from TradingView.com<\/p>\n

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Editorial Process<\/strong> for bitcoinist focuses on providing thoroughly researched, accurate, and impartial content. We adhere to strict sourcing standards, and each page undergoes meticulous review by our team of leading technology authorities and experienced editors. This procedure guarantees the integrity, relevance, and value of our material for our audience.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n


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