The International Monetary Fund says the recent rise in El Salvador Bitcoin growth has nothing to do with government spending. In a staff-level agreement covering the combined second and third reviews of the country’s lending program, the Fund confirmed that every coin added to the state’s Bitcoin holdings since its last checkup came from private donations, not public money. The finding lands alongside a broader deal that could unlock roughly $140 million for the Central American nation, and it reshapes how outside observers should read El Salvador’s much-debated relationship with crypto.