IMF Urges El Salvador to Discontinue Bitcoin’s Legal Tender Status

Discussion in 'Crypto Assets' started by OptionsOptionsOptions, Jan 26, 2022.

  1. murray t turtle likes this.
  2. Sprout

    Sprout

    Last edited: Jan 26, 2022
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  3. easymon1

    easymon1

    What is the job of an economic hitman?
     
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  4. DaveV

    DaveV

    El Salvador paid an average of about $47,500 per Bitcoin, and the current price is about $37,000, meaning that the Salvadoran investment has lost about 23 percent of its value. That pales in comparison to the amount they lost by having to pay more to borrow money after the rating services cut their bond ratings. Big losses for the 5th poorest country in the Western Hemisphere.
     
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  5. Baron

    Baron ET Founder

    If I was the president of El Salvador, I would put out my own press release:

    "El Salvador urges IMF to embrace Bitcoin for the benefit of all nations."
     
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  6. %%
    The good news is the bannana market is still doing ok:caution::caution: The bad news is many grocery stores lose money there just to get you into the store..................................................................
     
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  7. Not enough people believe this.
     
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  8. johnarb

    johnarb

    I recommend this book to you, ser!!

    No joke, it's a great book!!

     
    murray t turtle likes this.
  9. his government (El Salvadore's president Nayib Armando Bukele Ortez) has been accused by the United States of secretly negotiating with Mara Salvatrucha (MS-13 gang) to reduce the number of murders.[3][4] (from wiki).
    perhaps, a reasonable cause as to why his government approved bitcoin as legal tender in El Salvadore.
     
  10. johnarb

    johnarb

    "Bitcoin is less than 2% of the treasury holdings"

     
    #10     Jan 27, 2022
    Sprout likes this.