El Salvador has not made any new Bitcoin purchases since February 2025, according to a new report released by the International Monetary Fund (IMF) on July 15.The disclosure directly contradicts President Nayib Bukele’s long-standing public claim that his government has been buying one Bitcoin per day.
The IMF’s findings were included in the first formal review of the country’s Bitcoin program since El Salvador secured a $1.4 billion loan agreement in December 2024.
[...] The report noted that although on-chain activity shows BTC moving between wallets, these are not new acquisitions. Instead, the transactions reflect internal transfers between cold and hot wallets.
The IMF emphasized that these movements had led to a “misinterpretation” of El Salvador’s Bitcoin activity. Officials further argue that reallocated reserves or assets obtained through legal seizures do not qualify as state-backed Bitcoin buys.
El Salvador probably wanted to keep their image as a bitcoin friendly country. Not only do they want to appear friendly to bitcoin, it seems like they want to be a country known for having a lot of bitcoin and possibly get investors in their country. I have seen some people doubt IMF's reports but what do you think? It makes sense if bitcoin has become El Salvador's political move.