El Salvador's journey with Bitcoin marks 4 years, results continue to divide opinions.

El Salvador has marked the fourth anniversary of its Bitcoin legal tender law with another strategic acquisition: a deliberate and media-savvy buy out that keeps the country's crypto reserves in the spotlight.

The government acquires 21 BTC in a symbolic gesture

According to President Nayib Bukele and the country's Bitcoin Office, the government bought 21 BTC on Sunday as a symbolic nod to the supply limit of 21 million Bitcoin.

Reports show that the state has continued acquiring 1 BTC daily since March 2024. Based on government data and blockchain records, El Salvador now holds 6.313 BTC.

These reserves are valued at approximately $700 million at current prices. Although small in terms of daily budgetary amounts, these moves carry enormous political weight.

Buying 21 bitcoin for Bitcoin Day. pic.twitter.com/3X4yKeiqzg

— Nayib Bukele (@nayibbukele) September 7, 2025

Conflict with IMF Loan Terms

It has been revealed that these buy outs contradict a $1.4 billion loan agreement with the IMF signed last December. The agreement required public entities to stop the voluntary accumulation of Bitcoin and called for freezing future acquisitions under the Extended Fund Facility agreement.

As part of the agreement, the government reviewed the Bitcoin Law to make acceptance by merchants voluntary, agreed to liquidate the Fidebitcoin trust, and planned to abandon the Chivo wallet program.

However, purchases have continued. This has left IMF officials and external observers waiting to see if future disbursements will be granted, as compliance reviews are scheduled until 2027.

IMF Estimates and the Question of Transparency

According to a March IMF report, the fund estimates that El Salvador spent approximately $300 million on Bitcoin since 2021. At current market levels, those acquisitions represent over $400 million in unrealized gains.

But the IMF also pointed out that the limited disclosure regarding transactions and holdings hampers a complete independent assessment.

Government transparency regarding Bitcoin activity remains incomplete, even with public dashboards now available. Reports have indicated that unrealized gains could be affected if market prices fall.

About security and public transparency

At the end of last month, the National Bitcoin Office redistributed holdings across multiple addresses, setting a limit of approximately 500 BTC per address.

Officials said the change was prompted by concerns about future quantum computing threats. The new addresses were published on a public board, a move aimed at increasing clarity regarding custody.

Some market and industry observers applaud the board. Others say that the quantum argument sounds precautionary and that clearer auditing standards are still needed.

Bold but divisive

Four years after adopting Bitcoin as legal tender, El Salvador's approach continues to divide opinions. Supporters say the country has built strong gains and has remained committed to its plan, while critics warn that it has created problems with international lenders.

The anniversary shows that El Salvador's bet on Bitcoin is still seen by many as bold, but also deeply questioned.