You think you know what’s going on in El Salvador with Bitcoin? Think again.
President Nayib Bukele says they’re still buying Bitcoin, but the IMF is telling a different story. It seems like a game of cat and mouse, where everyone’s trying to save face.
Now you see me?
Here’s the deal, El Salvador made a pact with the IMF for a $1.4 billion credit facility.
Part of that deal was supposed to be stopping the Bitcoin buying spree and shutting down the Chivo wallet operations. But has that happened? Not quite.
The IMF claims El Salvador is playing by the rules, but on the other hand it looks like they’re just moving Bitcoin around between their own wallets. It’s like shuffling cards without actually adding new ones to the deck.
Do you wanna play a game?
Jonh Dennehy, founder of Mi Primer Bitcoin, thinks there are two ways El Salvador might be pulling this off.
Either they’re circulating Bitcoin between their own wallets, making it look like they’re buying more, or they’re getting donations from private partners like Tether, which recently moved its headquarters to the country.
It’s a tightrope act, complying with the IMF while pretending to defy them.
Magic
The numbers don’t lie, though. El Salvador’s Bitcoin office says they’ve added 17 more BTC to their stash, bringing it to 6,111.18 BTC.
🇸🇻El Salvador buys 5 more bitcoin this afternoon!
➡️Total SBR Holdings: 6,111.18 BTC
➡️Total BTC added to SBR today: 6 BTCCheck it out 👇 pic.twitter.com/Pk7NBEt9WR
— The Bitcoin Office (@bitcoinofficesv) March 9, 2025
But is this really new Bitcoin, or just a clever trick? It’s time to separate fact from fiction.
Bukele wants to look like a rebel, but in reality, he might just be playing by the rules while keeping up appearances?
What’s the real story here? Are they buying Bitcoin, or just moving it around? We don’t know it yet. El Salvador is walking a fine line between compliance and defiance.
And in the world of Bitcoin, perception is everything. But when the dust settles, will we find out that it was all just a clever illusion?
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