My localscript isn't recognizing leaderstats?

try using game:GetService(Players') for every time you reference the Players in the game. Here's your copy of the script but edited:

local button = script.Parent
game:GetService('Players').PlayerAdded:Connect(function()

local purchases = game:GetService('Players').LocalPlayer:WaitForChild("leaderstats1"):WaitForChild("Purchases2")


    if purchases.Value == 3 then
        print("MVP")
        button.Visible = true
        button.Parent:WaitForChild("MVP1"):WaitForChild("TextLabel").Visible = false
    else
        print("Bye")
        button.Visible = false
    end
end)

This script shouldn’t have the “player added function”. Right now every time a player is added, it checks the local player’s stats, not that of the player who is being added. Instead, your script should say:

local Players = game:GetService(“Players”)
local player = Players.LocalPlayer
local button = script.Parent

local purchases = player:WaitForChild("leaderstats1"):WaitForChild("Purchases2")

if purchases.Value == 3 then
     print("MVP")
     button.Visible = true
     button.Parent:WaitForChild("MVP1"):WaitForChild("TextLabel").Visible = false
else
     print("Bye")
     button.Visible = false
     end
end)

Without having the player added function, the script will run when the player joins the game (or when the local script gets replicated which is usually pretty soon after), instead of it waiting until another player joins the game for it to run. Hope this helped!