As many suspected, the IMF report suggests El Salvador has not been buying Bitcoin—just reshuffling it internally: “Increases in Bitcoin holdings … reflect the consolidation of Bitcoin across various government‑owned wallets.” “Chivo does not adjust its Bitcoin reserves … this leads to an increase in net public‑sector holdings.” Plus only teeny tiny top‑ups are pre‑approved to maintain a safety buffer: “Establish a buffer of at least US$3 million … net of Chivo clients’ deposits and the continuous QPC ceiling.” (p 117) Pretty awkward to say the least.