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.
I generally keep out of crypto discussions as I do not sufficiently understand it. But this event is very easy to understand. In the beginning of the article itself:
… approved last Wednesday 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 (IMF).
Thus, this move was forced on El Salvador by the IMF.
I generally keep out of crypto discussions as I do not sufficiently understand it. But this event is very easy to understand. In the beginning of the article itself:
Thus, this move was forced on El Salvador by the IMF.
“Forced” is doing a lot of work here. I think it was El Salvador that decided it was worth to ditch btc in favor of getting actual rescue money.
Edit: it makes sense that Bukele just told Rubio they’d be happy to be the US’ offshore prison system. Seems they really need the money.