El Salvador’s Bitcoin Hoax: Did They Just Pull a Fast One? 🤔💰

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Key Insights

  • The IMF just confirmed El Salvador didn’t buy a single Bitcoin this year. Shocking, right? 🙄
  • The government pulled a fast one, reporting internal wallet transfers like they were actually increasing Bitcoin reserves. Classic! 😂
  • President Bukele continued his daily Bitcoin buying announcements, even after the IMF loan deal said “nope.”

 

So, here’s the twist: the International Monetary Fund (IMF) just dropped a bombshell saying El Salvador didn’t buy any new Bitcoin this year. Like, zero. This is particularly hilarious because the country swore up and down it was racking up one Bitcoin a day. I mean, come on! 😲

Now, there’s some serious eyebrow-raising going on about the government being transparent. People are asking, “What gives?” Especially after President Nayib Bukele was practically banging the drum saying they were adding more Bitcoin to their reserves. Talk about a classic case of “who ya gonna believe?”

Daily Bitcoin Purchases: A Little White Lie?

Since the start of the year, El Salvador’s government—including the oh-so-official National Bitcoin Office—was all about buying one Bitcoin per day. A real commitment, huh?

These announcements were getting a lot of love on social media, and crypto news outlets were eating it up. On March 4, Bukele himself plastered it on X, claiming the country had over 6,100 Bitcoins. I’m pretty sure his posts should come with a “may cause eye rolls” warning. 🙃

Turns out, the IMF actually made El Salvador hit the brakes on Bitcoin buying to get that sweet, sweet fiat loan.

Oh, and Footnote #9 mentioned they were just pretending to buy, just moving coins between wallets. Could this get any more ridiculous?

Source:…

— Magoo PhD (@HodlMagoo)

But wait, there’s more! The IMF’s 15 July report said, “What purchases?”

According to the Fund, El Salvador’s Bitcoin stash has been as stale as last week’s bread since December, when they got that juicy $1.4 billion loan. All those wallet increases? Just shuffling around cash like a magician with a coin. Poof! Nothing to see here! 🪙✨

Peeking Behind the Curtain

The IMF report made it clear: the so-called “boost” in BTC holdings likely stemmed from movements between their own wallets. Basically, they were playing a game of smoke and mirrors—nothing to do with actual market moves or new cash flow.

And let’s not forget those tiny fluctuations in the government’s Chivo Bitcoin wallet. They were like, “Look over here! Just some internal shuffling.” So while the numbers danced around on the screen, the reality is El Salvador didn’t buy a damn thing. This year? 🤷‍♂️

Bitcoin: A Political Circus or Just Defiance? 🎪

President Bukele, who’s got Bitcoin enthusiasm coming out of his ears, framed El Salvador as the poster child for digital currency adoption. Sure, they were the first country to declare Bitcoin legal tender in 2021. But fast forward to this year, and it looks like the reality check came straight from the IMF. Ouch!

Bitcoin Versus The IMF

Here’s a scoop: the IMF is both obsessed with and anti-Bitcoin at the same time. In El Salvador’s IMF reports, guess how many times “Bitcoin” shows up? A staggering 319 times! It’s practically a Bitcoin bingo! 🤣

— BitMEX Research (@BitMEXResearch)

Under the deal with the IMF, El Salvador was supposed to put the brakes on any new BTC purchases with taxpayer funds and back off from the crypto carnival altogether. But what did Bukele do? He kept charming everyone with talks of continual accumulation, like a stage magician mastering sleight of hand.

Even when the IMF sent him a reminder in March, this guy had the audacity to say, “No, it’s not stopping! Not now, not ever!” Yet, in true dramatic fashion, he ended up complying with the loan terms. Surprise, surprise! 😏

The IMF’s findings put the nail in the coffin. It confirms El Salvador is playing the game by the rules of the loan. But let’s not kid ourselves—the fallout from this ridiculous fib could stick around for a while. It’s going to leave a mark on their reputation and future crypto escapades. I can already hear the collective eye rolls! 🙈

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2025-07-19 18:25