“Fix the money, fix the world,” the bitcoin maximalists have been repeating for fifteen years. In El Salvador, pipes are now being repaired. Tuesday October 13, in San Salvador, Nayib Bukele signed an investment agreement worth $2.9 billion with Spaniard Enrique Riquelme. “The largest in the history” of the country, swears the president, or around 7% of GDP. On the menu, natural gas, drinking water, batteries and solar panels.
Not a satoshi in the lot. The first country to make bitcoin legal tender signs the largest check in its history in cubic meters of gas. In other words, for a maxi, the scene has the air of betrayal, barely two weeks after its new compromise with the IMF.
Salvador: billions of investments and zero bitcoin
The detail published by El Mundo leaves no room for crypto. The big chunk, $1.8 billion, finances a 380 MW natural gas import and storage infrastructure. Gas imported and financed in dollars: the exact opposite of the dream of monetary sovereignty sold in 2021. Then comes 600 million for water and sanitation. Finally, the Cox group is adding 300 million storage batteries (440 MW, expandable to 1,000 MW) and 200 million solar power plants.
Bukele promises a reduction in the electricity bill for the entire population. On the other hand, he does not say when or by how much.
Also be wary of the vocabulary. The presidency speaks of a “memorando de intendimiento”, a memorandum of understanding, and not of a firm contract. Furthermore, the presidency does not publish any work schedule. Bukele cites two previous records at $1.6 and $1.1 billion, without specifying which ones. A Bitcoin block is time-stamped, verifiable and definitive. A memorandum can remain a dead letter.
El Salvador's bitcoin reserve weighs four times less
Do the math. El Salvador holds nearly 7,800 BTC according to its official dashboard, or around $655 million at current prices. Thus, Cox's investment in El Salvador weighs more than four times this amount. Relative to GDP, the bitcoin treasure represents barely 1.6% of the country's annual wealth. A maxi will tell you that the comparison makes no sense: we are not weighing up an asset capped at 21 million units and an investment promise denominated in fiat currency. Salvadoran households mainly compare their electricity bills.
However, this treasure is still growing, at the rate of one bitcoin per day: +31 BTC over the last thirty days, according to the same dashboard. The IMF turns a blind eye. On October 1, he validated a disbursement of $138 million as part of a $1.4 billion program signed in February 2025, as The Crypto Times recalls. The institution has given up on a missed criterion linked to the accumulation of bitcoins. In exchange, it only accepts BTC from documented private donations. In short, the country which proudly bought “one bitcoin per day” must now justify each of them.
The Chivo state portfolio came under the control of a private operator. Accepting bitcoin became optional for traders from January 2025. From the status of legal tender, the pillar of the 2021 bet, there is therefore almost nothing left.
From the bitcoin volcano to the gas terminal: Bukele’s turn
Remember 2021. Bukele promised “Volcano Bonds” and a Bitcoin City powered by geothermal energy at the foot of a volcano. Salvadoran energy was to serve BTC, and geothermal mining did exist: the LaGeo public power plant extracted 474 BTC between 2021 and 2024. For the maximalists, it was proof by example: the heat of a volcano transformed into hard currency.
However, five years later, energy primarily serves household bills. In addition, the money comes from a Spanish group present in more than thirty countries, specializing in water and photovoltaics. The same day, Bukele spoke with Marco Rubio, the US Secretary of State, about protecting critical infrastructure against “malicious foreign influence”. The president who taunted the IMF is now talking security with Washington.
Let's be fair to him. Bukele does not renounce his bet: bitcoin remains in the national reserve and donations continue to feed the meter. Moreover, he mainly presents the Cox agreement as an “habilitador”, a gateway for other investors. After all, a country that secures its water and electricity will also be better equipped to keep its bitcoins over time. The fact remains that, in the window, kilowatt hours and cubic meters of water have taken the place of satoshis.
