Dear reader, imagine the astonishment when a fresh report from the IMF has quite overturned the daring narrative of El Salvador’s Bitcoin escapades. For an entire year, President Nayib Bukele and his cohort at the National Bitcoin Office had declared, with all the pomp of a Regency ball, that they were procuring one Bitcoin daily. 😏 Yet, what a twist of fate!
The IMF’s July 15 Article IV consultation, with its incisive scrutiny, reveals that no such acquisitions graced the coffers since the $1.4 billion Extended Fund Facility was sanctioned in December 2024. How droll that public trackers displayed holdings swelling to over 6,102 BTC, only to be unmasked as mere illusion! 😂
The Cunning Artifice of Internal Wallet Manoeuvres
Per the IMF’s account, this apparent ascent in public-sector Bitcoin holdings stemmed not from any valiant expenditures, but from the government’s own wallets engaging in a merry dance of transfers. These internal shuffles, oh so cleverly staged, caused balances to flourish on public dashboards, yet they involved no taxpayer funds nor market meddling. Even the minor fluctuations in the Chivo e-wallet were but corrections from within, not the result of new infusions. Sarcasm drips from this tale, does it not? 😒
Indeed, it seems the IMF compelled El Salvador to halt Bitcoin purchases to secure a loan in fiat currency. Footnote number nine discloses that they merely feigned continued buying by consolidating various government wallets. Source: … — Magoo PhD (@HodlMagoo) July 17, 2025
The Perils of Yielding to International Pressures
Ah, recall the uproar in 2021 when El Salvador audaciously declared Bitcoin as legal tender, eliciting both accolades and alarms across the globe. Yet, reports confirm that by January 2025, under the weight of lenders’ disapprobation, they renounced this status and vowed to cease employing public monies for further acquisitions. The IMF now affirms that these pledges were faithfully observed—how predictable, and yet how amusingly hypocritical! 😂
Deadline Looms For Chivo E-Wallet Exit – Oh, the impending doom! According to intelligence, the government is bound to terminate its involvement in the Chivo system by July 31, 2025—a date lurking perilously near. Furthermore, they have committed to dismantling Fidebitcoin, that public Bitcoin trust. Such measures, we are told, promote fiscal clarity and sustain the Extended Fund Facility. But pray, what entertainment shall we derive from their adherence? 😏
Analysts Eye Trust And Transparency Questions – And here we delve into the heart of the matter, where experts ponder the essence of credibility. To shuffle coins betwixt wallets while proclaiming fresh purchases is a deceit that might tarnish one’s reputation most severely. One can scarce suppress a laugh at the thought of citizens and investors questioning every utterance hereafter. Even sans actual transactions, the discord between assertions and actuality casts a long shadow over data dissemination. The IMF commends their targets met, yet the forthcoming weeks shall reveal if promises hold. Dissolving Chivo and Fidebitcoin are grand gestures indeed; should El Salvador persevere, a new chapter might dawn, but failure invites fresh scepticism with every Bitcoin whisper. 😂
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2025-07-19 23:49