Despite the agreement signed with the IMF at the end of 2024, which officially imposed a freeze on the accumulation of bitcoins, El Salvador continued to buy. Since that date, an additional 240 units have been added, reaching a total of 6,209 BTC. An estimated sum of 550 million dollars, about 15% of the country's foreign exchange reserves.
The trick? Purchases would not be made directly through public channels. Rodrigo Valdes, regional director of the IMF, confirms:
"El Salvador continues to honor its commitment not to accumulate Bitcoin in the fiscal sector as a whole."
In other words, acquisitions would continue, but through entities or classifications that escape the strict definition of the agreement.
Anndy Lian, blockchain advisor, emphasizes:
"The IMF's flexible interpretation suggests that purchases may involve non-public entities or reclassified assets."
A clever strategy that allows Bukele to maintain the image of a country friendly to cryptocurrencies while receiving aid from the IMF.
Did the IMF lose control? Officially, the agreement foresaw abandoning bitcoin as legal tender and the end of any government involvement in crypto assets. However, after the signing, Bukele proudly tweeted a screenshot: 'It’s not over', accompanied by a new bitcoin purchase.
This lack of firmness has drawn criticism. What’s the risk? Discrediting the authority of the IMF before other debtor countries. For some analysts, this 'flexibility' would actually be a diplomatic strategy to avoid confronting Bukele, backed by important geopolitical allies.
Additionally, the growing influence of controversial crypto actors like Tether and Bitfinex, which have moved their headquarters to El Salvador, adds to this. Tether has 143 billion dollars in assets, more than 25 times the country's reserves. This transfer is not casual: it carries a risk of interference and regulatory capture.
The companies in question are far from untouchable. Tether already paid 41 million dollars for deceiving consumers. Bitfinex, for its part, was banned from operating in New York after an agreement with the attorney general. By tolerating these influences, the IMF contributes to establishing a parallel financial ecosystem, outside of any democratic control.
While the president bets everything on bitcoin, citizens are disconnecting. The dynamics of remittances (money transfers sent from abroad) in crypto illustrate this growing disinterest.
- Crypto remittances fell by 44.5% in the first quarter of 2025;
- They represent only 0.52% of the total money transfers;
- In value: 16 million dollars compared to 28.83 million last year in the same period;
March 2024 showed 8 million dollars; in 2025, it stands at 6.92 million;
- In all of 2024, crypto remittances only grew by 3.1%.
Usage remains marginal despite educational efforts. Training on Lightning wallets has been launched. But on the ground, the effect is limited. Joe Nakamoto recently joked on X:
"Paying with Bitcoin in El Salvador... Does that mean things are free?"
Everyday life, however, is less fun. Several residents have been expropriated for crypto infrastructure projects. None of the big announcements – airport, train, Bitcoin City – have yet come to light. El Salvador's crypto dream is beginning to crumble.
However, Bukele stays the course. He continues to project El Salvador as a digital pioneer. His flagship campaign demonstrates this: 'one day, one bitcoin (BTC)'. Beyond the symbol, this policy shows a long-term willingness, even though it swims against the tide of classical economic dogmas. A risky strategy, but consistent with his vision of monetary independence.
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