In the misty realms of modern folly, where ambition dances with illusion, we find El Salvador’s Bitcoin saga—a tale as tangled as a Russian noble’s inheritance dispute. Ah, but here, instead of serfs and estates, we have digital coins and international lenders. The IMF, that stern arbiter of economic virtue, has cast its gaze upon El Salvador’s claims, revealing that their “daily Bitcoin” acquisitions ceased in February, much like a passionate romance fizzling out after a hasty vow. All this for a $1.4 billion loan—ah, the price of pragmatism! 😂 Yet, officials had been trumpeting new purchases with the zeal of a country fair barker. Concerns, my friends, have lingered since 2023, like an uninvited guest at a banquet. 😏
the Central Bank president and Finance Minister confess that Bitcoin stocks remain unchanged, barring minor dalliances in March. And oh, that footnote nine—a sly footnote, indeed—hints that increases are but consolidations across wallets, meaning no fresh acquisitions since February 2025. How poetic! The economy shows positive signs, earning El Salvador a hefty disbursement, as they abandon Bitcoin for the IMF’s embrace. Truly, a shift from digital dreams to dollar reality. 💸😅
El Salvador’s BTC purchases after deal with IMF
The IMF demanded an end to Bitcoin accumulation, citing risks that could topple economies like a house of cards in a stiff breeze. Yet, Bukele and company charged ahead, ignoring the rules with the defiance of a romantic hero against societal norms. In March, the IMF politely reminded them to halt, but Bukele retorted with bravado, as captured in his own words:
“This all stops in April.” “This all stops in June.” “This all stops in December.”
No, it’s not stopping.
If it didn’t stop when the world ostracized us and most “bitcoiners” abandoned us, it won’t stop now, and it won’t stop in the future.
Proof of work > proof of whining
— Nayib Bukele (@nayibbukele) March 4, 2025
Ah, the irony! By April, in a Bloomberg chat, the economy minister still hailed Bitcoin as “an important project,” blind to the IMF’s glare. A comedy of errors, where promises evaporate like morning dew. 🌅😂
Concerns raised by crypto community members and journalists
The IMF’s verdict suggests El Salvador’s Bitcoin tallies are as inflated as a balloon at a child’s party. Transparency? A rare commodity here, with crypto enthusiasts voicing alarms since yesteryear. Take this speculation from Forrest:
2k BTC in other wallets means they could daily stack for 5+ years and make it seem like they are buying them. By then many things in the world will change around Bitcoin and maybe they could actually buy them again.
This is speculation but until we have any real talk that’s all…— Forrest (@ForrestHODL) April 27, 2025
Then there’s Pledditor, that intrepid investigator, spotting numerical mismatches back in 2023:
If you add up all of those buys together that they have listed, it should come out to 2,758 BTC
But they have listed 3,134 BTC
— Pledditor (@Pledditor) November 29, 2023
The BBC, ever the skeptic, questioned the basis of these claims—mere tweets and a dubious tracker. And lo, in July 2025, the tracker’s creator, Elias, voiced his astonishment:
As the creator of that 3rd party site I’m still surprised that was never a bigger thing. He basically copied wrong data, proudly represented it as his data and true. Zero big news outlets verified or even noted this. Weirdest anecdote I have
— Elias (@eliaszrq) July 20, 2025
Even after switching websites, doubts lingered. On July 20, the Bitcoin Office announced another purchase, yet silence from Bukele and crew as of July 22—perhaps they’re too busy crafting the next act in this absurd drama. 🎭😏
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2025-07-22 19:28