Understand the implications of Bitcoin's downfall in El Salvador. Learn about the failed economic bet and its impact on the country's financial stability.
  • humanspiral@lemmy.ca
    2·
    4 hours ago

    a confusing reform to the Bitcoin Law at the request of Bukele’s government, which had no other option to receive the $1.4 billion credit agreed in December with the International Monetary Fund

    No big deal, and obviously the headline “failed experiment” is propagandized. El Salvador is significantly up (200%+) on its reserves investment. IMF concession is IMF doing bankster things, but Texas and other US states making it legal tender are bigger economies than El Salvador.

  • Varyk@sh.itjust.works
    2·
    7 hours ago

    “The reform eliminated the word “currency” when referring to bitcoin, but says it is “legal tender.””

    so they haven’t abandoned Bitcoin as legal tender.

    what with Bitcoin specifically being referred to as “legal tender” in salvadoran financial law.

    it’s simply not mandated to be accepted everywhere anymore, as it was before.