President Nayib Bukele denied claims that El Salvador transferred control of its strategic bitcoin reserve to a private operator, calling the allegations "totally false." Bukele clarified that only shares in Chivo Wallet, the nation's digital wallet platform, were transferred to a private operator, not the bitcoin the country owns.
Spanish newspaper El País reported that El Salvador had transferred majority ownership and control of more than 7,763 cryptocurrencies valued at over 632 million dollars to a private operator, citing an International Monetary Fund press release as its source. Bukele responded by directing readers to the IMF statement itself, arguing it demonstrated the opposite of what was claimed.
"Read it. It clearly says the opposite: that the only thing that was transferred was the Chivo shares, something that was offered a year and a half ago, and NOT the Bitcoin Strategic Reserve," Bukele stated.
The IMF acknowledged El Salvador's economic performance, noting that economic activity had outperformed expectations and that fiscal and external imbalances were being addressed in line with program commitments. Bukele highlighted the fund's recognition that El Salvador had achieved a primary fiscal surplus, exceeded economic growth expectations, and achieved a significant reduction in poverty through improvements in security and public service efficiency.
El Salvador's strategic bitcoin reserve has reached over 7,766 BTC. The IMF indicated that no further bitcoin accumulation was expected, though El Salvador has continued adding to its holdings following that announcement.
