) as legal tender in September 2021, there have been a number of quick judgments issued declaring this move a failure, with some pundits going as far as to suggest that Bitcoin is somehow responsible for the economic challenges that existed in El Salvador well before Bitcoin was even created. But the traditional financial experts, talking heads and even representatives from the International Monetary Fund espousing this point of view are missing the point entirely.
Rather, myriad factors play into El Salvador’s debt. In 1982, 39 years before the legalization of Bitcoin, El Salvador borrowed $85 million from the IMF, adding extensive fiscal debt and providing negligible benefits to its citizens during a time of civil war. After that, the country’s 2001 decision to make the United States dollar its official currency further limited its ability to manage its own finances.
By legalizing Bitcoin as legal tender, setting up wallets for its citizens, and incentivizing their use of these new tools with Bitcoin bonuses, the government has taken significant steps toward giving citizens more financial freedom and opportunities than they have ever had before. For example, at the time this legislation was passed, estimates suggested as many as 70% of the country’s citizens lacked bank accounts.
Amazing, Mr Presidente nayibbukele evolution to Bitcoin thegreenrevolution 🌴
If you price Bitcoin in dollars, it's gonna be a rocky road ahead. Clear skies don't appear until: a) Powell turns the printers back on and starts hoovering up assets. b) You start pricing everything in Bitcoin or gold instead of USD. Any wagers?
🚀 Thnks a millon.
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