Bukele Denies Transfer of El Salvador's Bitcoin Reserve
El Salvador's President Nayib Bukele has denied allegations that his government transferred control of its sovereign bitcoin holdings to a private company. The claims, which appeared in a Spanish newspaper, stated that the country's Strategic Bitcoin Reserve had been moved to a private operator. However, Bukele insists that only the state-backed Chivo wallet was involved in the transaction.
The controversy surrounding El Salvador's bitcoin reserve stems from a recent IMF agreement, which clarified that the country's increased holdings were due to private donations rather than public funds. The IMF stated that the government did not use public money to accumulate additional bitcoins and that all new additions came from private sources.
Bukele has maintained that the Strategic Bitcoin Reserve remains under government control, with no changes to its ownership or operation. He pointed out that only equity in the Chivo wallet entity was transferred to a private operator, not the reserve itself.