Bitcoin supporters around the world are obsessed with the economic policies of El Salvador President Naive Buquere and his embrace of digital assets. But when you look at his government encryption, there’s nothing entirely.
2022 Millennial Leaders I said He’ll buy it Bitcoin Per day. Today’s prices go over $114,000 in what is called digital gold every 24 hours.
Sometimes Bukel says he buys more: Leader on weekends announcement He bought 21 BTC to celebrate the fourth anniversary of El Salvador’s Bitcoin Act. That’s another $2.3 million worth of bitcoin he said he put into the government New, transparent Blockchain currently has over $700 million in BTC.
But the IMF says it isn’t. Under a contract to obtain development grants with the International Monetary Fund, the country Forced To reduce the Bitcoin experiment in December 2024, the IMF has said that all Bitcoin purchase announcements are currently two stages.
“We can see that the total amount of government-owned Bitcoin has not increased, and that the increase in the Bitcoin Reserve Fund is in response to the movement of the entire government wallet,” said IMF Communications Officer Meera Louis. Decryption By email.
The agency will not answer any further questions.
So, if the IMF says President Bukel isn’t buying more Bitcoin, why is he regularly announcing new purchases? Also, as blockchain data shows, does El Salvador continue to add to Bitcoin Reserve at a rate of 1 BTC per day?
The communications department of the Salvadra government said Decryption That the President is actually still buying Bitcoin, but will not respond to additional questions.
Blockchain data shows data in El Salvador Bitcoin walletis grouped and tracked by analytics company Arkham, growing by 1 Bitcoin per day, including deposits from cryptocurrency exchanges such as Binance and Bitfinex, and several other random addresses in the mix.
So, is your purchase new? Maybe – but maybe not.
Before the Bukel administration announced its government wallets for everyone to see, there was little transparency when it came to shopping. The purchase can only be tracked via Bukele’s tweet, and yet he is worried. pride About his shopping – even though he says he bought BTC over the phone “while in the toilet.”
Other Bitcoin procurements through previous purchases of President Salvadoran, or taxes or payments made to state-owned companies prior to a recent agreement with the IMF, may now be funded by the Bitcoin Reserve.
Crypto Analytics Firm Bubblemaps said Decryption There is no way to know anything specific based on the public blockchain data that Bitcoin is being transferred today. Bitcoin was acquired before an agreement with the IMF in late 2024, and BTC may have fallen dormant in its crypto exchange account before it arrived in its publicly disclosed wallet.
Bubblemaps also said recent government transactions could have been routed through exchanges, making them appear to be in fact a fresh purchase. The company’s analysts said it is impossible to know for certain as third parties cannot access the exchange’s ledger without releasing the exchange itself.
James Bosworth, founder and CEO of Washington, DC-based risk analysis consultant hxagon, said Decryption Whether your Bitcoin purchases are new or not, there should be more transparency with starting purchases.
“There’s good reason to believe he’s not buying it all in the open market, and instead moves the money and coins as a form of government-supported laundry trade,” he said.
He added: “Bukere’s non-professional management of cryptocurrency continues to blur the budget situation. It should be a resource for the Salvadoran government and people, not the personal wallet of the president who can play trading games.”
Crypto exchanges used by El Salvador (Binance, Bitfinex, Coinbase) Decryption‘s question.
Beloved by libertarians for being an anti-establishment Maverick who insulted insulting institutions on social media, Bukel had to scrap some of his beloved Bitcoin experiments to acquire a $1.4 billion expansion fund facility from the IMF.
Still, he claims he is doing what he wants and is against the IMF. “No, it won’t stop,” Bukel said. I said On the government’s Bitcoin purchases, March X.
“All this will stop in April.” “All this will stop in June.” “All this will stop in December.”
No, it’s not stopped.
When the world expels us and most “bitcoiners” abandon us, if it doesn’t stop, it won’t stop now, it won’t stop in the future.
Proof of work>Proof of whining https://t.co/9pc0poy3yq
– Female Bukee (@nitisbate) March 4, 2025
“If the world expels us and most ‘bitcoiners’ abandons us, if it doesn’t stop, it won’t stop now, it won’t stop in the future. ”
