El Salvador’s Bitcoin Strategy Faces IMF Hurdles and Limited Public Reach, Says NGO

Key Points

1. El Salvador's government-backed Bitcoin education and adoption efforts have stalled since the IMF deal, contradicting claims of ongoing daily purchases by the Bitcoin Office.

2. The IMF revealed that El Salvador's Bitcoin purchases are not directly beneficial for the public, and the country has rolled back public sector involvement in Bitcoin to comply with IMF loan terms.

3. El Salvador currently holds about 6,244 BTC, worth roughly $742 million, with steady daily transfers observed from exchanges like Binance and Bitfinex.

4. Institutions like Japan’s Metaplanet and The Blockchain Group continue to acquire Bitcoin, while the Chivo wallet, once central to adoption, is being shut down from public control.

5. The IMF's stance has raised questions about the future of El Salvador’s crypto policy and whether the original vision for Bitcoin adoption has been shelved.