Bukele Denies El Salvador Transferred Its Bitcoin Reserve

President Nayib Bukele responded to media reports that El Salvador had handed over control of its sovereign bitcoin reserve to a private operator. He called the allegations “totally false” and clarified that only shares of the state‑run Chivo Wallet were privatized, not the bitcoin held in the national reserve.

Source of the Rumor

Spanish newspaper El País cited a press release from the International Monetary Fund (IMF) and claimed that the country had transferred “the majority ownership and control of more than 7,763 cryptocurrencies, valued at over $632 million, into the hands of a private operator.”

Bukele’s Rebuttal

In a post on X, Bukele said the report was a lie and pointed to the IMF release, which he said only mentioned the transfer of Chivo Wallet shares—a transaction offered a year and a half earlier. He emphasized that the strategic bitcoin reserve remained under state control.

IMF Comments on El Salvador’s Economy

The IMF praised El Salvador’s recent economic performance, noting a primary fiscal surplus, higher‑than‑expected growth, and reductions in poverty linked to improved public‑service efficiency. The fund also observed that the country’s ongoing accumulation of bitcoin for its reserve was not expected to continue indefinitely.

Continued Bitcoin Purchases

Despite the IMF’s note that further accumulation was not anticipated, El Salvador has continued to add bitcoin to its reserve after the announcement.

Context of Crypto Use in the Country

Data from the Central Bank of El Salvador shows that cryptocurrency remittances account for less than 1 % of the nation’s $5 billion remittance market, indicating limited adoption of crypto for cross‑border payments.