El Salvador abandons Bitcoin as legal tender

I don't particularly like BTC (as it senselessly burns huge amounts of energy, thereby actively contributing to the destruction of our biosphere), but this news post is intentionally misleading. As reported by many other outlets (e.g. [1,2]), El Salvador abandons BTC to qualify for an IMF loan - so the IMF is pressuring them towards this move (presumably for political reasons).

[1] https://finance.yahoo.com/news/el-salvador-changes-bitcoin-r... [2] https://www.msn.com/en-us/money/financial-regulation/el-salv...

The resource usage is not senseless; it's the core aspect of Bitcoin that makes its security model so trustworthy.

In general, resorting to the IMF is not a good sign to begin with.

What were Bukele's goals with his policy of adopting bitcoin?

Its not like IMF had a gun to their head. They could have refused the loan.

At the end of the day they abandoned the policy because they believe it will help the economy to abandon it (indirectly via the loan). I certainly wouldn't call that a success.

and USD senselessly burns up entire countries... e.g. most recently that giant, and very destructive money loundering operation in ukraine...

somehow everyone forgets that wars don't make sense and shouldn't really be financeable... and yet they are.

BTC can burn orders of magnitude more energy if it makes financing wars just twice as hard as it is today...