this post was submitted on 04 Feb 2025
472 points (97.4% liked)
World News
33103 readers
529 users here now
News from around the world!
Rules:
-
Please only post links to actual news sources, no tabloid sites, etc
-
No NSFW content
-
No hate speech, bigotry, propaganda, etc
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Let's not get astray here.
The reason El Salvador stopped using Bitcoin as a legal tender is not because it's some sort of failed experiment (it had issues, but still), but due to continuous pressure of IMF interested in maintaining a US dollar-centric economy.
El Salvador is reliant on US dollars in its economy, which puts it under heavy US influence. Knowing Salvadoran currency wouldn't be strong, Nayib Bukele suggested an alternative option - risky, volatile, but free from pressure of other countries and strongly appreciating in the long run. IMF didn't like it, and that's where we are.
So, when you cheer Bitcoin not being legal tender anymore, you also cheer US and IMF projecting power over the country.
Well, also, they just cut a deal with Marco Rubio to be America’s prison, so they must’ve figured that was more lucrative than Bitcoin and continuing to agitate the US by challenging the dollar was creating unnecessary friction.