The people who printed the dollars you’re fleeing just reached into the world’s first Bitcoin nation — and took the wallet. Then they rewrote the ledger to make it look like charity.
On September 3, the International Monetary Fund announced a staff-level agreement with El Salvador that unlocks another ~$140 million of the country’s $1.4 billion bailout. Buried in the fine print is the part that should make every Bitcoiner’s blood boil.
Ownership and operational control of Chivo — the state wallet launched alongside the 2021 Bitcoin Law — have been transferred to a private operator. Not named. Just “a private operator.” El Salvador keeps a minority stake and the custodial responsibility for customer funds. The keys to the country’s own wallet now effectively belong to somebody else.
And the buying is over. The IMF expects “no further accumulation” of Bitcoin beyond what is already documented. The first country on Earth to make Bitcoin legal tender has been ordered to stop stacking sats.
But here’s the twist that turns sad into insulting. Those 1,540 Bitcoin El Salvador added since mid-2025 — pushing its reserve from 6,224 to 7,764 coins worth roughly $632 million — were, according to the IMF, never bought at all. They were “private donations.” No public resources were used. Who donated? The IMF does not say. How much did each donor give? Also does not say. Anonymous angels, apparently, raining Bitcoin on a country’s treasury.
President Nayib Bukele called the reports around this “completely false” and insisted the strategic reserve was never transferred. His own Bitcoin Office tweeted just last week that the country had “just bought more Bitcoin” — one coin a day, 31 coins in 30 days, right in the IMF’s face.
Pick your truth: either the government keeps buying against the IMF’s orders, or anonymous millionaires are donating Bitcoin to a sovereign treasury in amounts the Fund can’t — or won’t — account for. Either way, one thing is undeniable: the lender that forced El Salvador to strip Bitcoin of legal tender is now the one writing the country’s Bitcoin history.
First they came for the country that adopted Bitcoin. Then the donations story. Then the wallet. And you still think your coins sitting in some custodial app are safe from the same logic?
The Love Is Bitcoin Takeaway: The IMF can lean on a sovereign state. It cannot reach your private keys. Buy, hold, and custody your own Bitcoin. Get hardware-wallet-grade self custody and buy Bitcoin through the Bull Bitcoin affiliate link at loveisbitcoin.com/bull and use coupon code LOVEISBITCOIN.
So here’s the question: if a global bank can force the first Bitcoin nation to hand over its wallet and then rewrite the entire ledger as “donations” — what’s your excuse for still trusting someone else with your keys?
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decision.
Sources: heise.de, Decrypt via Yahoo Finance, IMF PR 26285
THE IMF TOOK EL SALVADOR'S BITCOIN WALLET, BANNED NEW BUYS, AND NOW CLAIMS 1,540 BTC WERE 'DONATIONS' FROM NOBODY
