The International Monetary Fund (IMF) has released a staff statement on 22 Dec 2025 suggesting that El Salvador has agreed to "confine" its public sector involvement in Bitcoin and move toward privatizing the state-run Chivo wallet. However, the lender's praise for the country’s 4% GDP growth clashes with real-time data showing that President Nayib Bukele has not paused his daily Bitcoin acquisition strategy.
IMF Claims El Salvador Will Cap Bitcoin Holdings Despite Onchain Evidence
23 December 2025 - 11:59 CET
By Stu Clelland
The compliance paradox
The IMF statement, issued following the second review of a $1.4bn ($1.4bn) financing package, emphasizes that "discussions continue" regarding the Bitcoin project, specifically on "safeguarding public resources" and "mitigating risks." This follows a legislative overhaul in January 2025 where Bukele’s government amended the Bitcoin Law to remove the mandate for businesses to accept the token, effectively turning Bitcoin into an optional asset.
While the IMF is framing this as a successful de-risking of the sovereign balance sheet, the data suggests otherwise. According to Arkham Intelligence and El Salvador’s National Bitcoin Office, the government treasury currently holds 7,509 BTC, having increased its reserves by 1,098 BTC in November 2024 alone. On 22 Dec 2025, the same day the IMF released its statement, public records showed yet another purchase, part of the "1 Bitcoin a day" program Bukele launched in 2022.
Forced exit from the Chivo ecosystem
The most concrete evidence of IMF pressure is the "well advanced" negotiation for the sale of the Chivo e-wallet. Since its inception, Chivo has been plagued by allegations of identity theft and technical failures, costing the state millions in maintenance and $30 (£24) sign-up subsidies. By mandating a sale to the private sector, the IMF is attempting to excise the crypto-infrastructure from the government’s operational budget.
This divestment would effectively end the state’s role as a crypto-custodian and payment processor. While the move would professionalize the service, it would also strip Bukele of his most potent tool for domestic Bitcoin "mass adoption." The tension remains: Washington is demanding transparency and a freeze on assets, while San Salvador is using the cover of macroeconomic growth, buoyed by record remittances and tourism, to maintain its onchain treasury in direct defiance of its creditors.
