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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 4 comments | 04 Feb 25 00:00 UTC | HN request time: 0.631s | source
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josu ◴[04 Feb 25 00:29 UTC] No.42925559[source]▶
Here is the retained purchasing power of each of the coins since the law was passed in September 2021:

Legal tender 1: -15%

Legal tender 2: +115%

Guess which one has been deemed a "Failed experiment".

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1. sporkydistance ◴[04 Feb 25 00:44 UTC] No.42925740[source]▶
If legal tender #2 went up 115% in 4 years I would feel like a jackass for spending it in 2021 because I would have doubled my money if I saved it.

Do you see the absurdity?

replies(2): >>42925935 #>>42931320 #
2. josu ◴[04 Feb 25 01:01 UTC] No.42925935[source]▶
Inflationary legal tender is a novel concept.
replies(1): >>42926277 #
3. bawolff ◴[04 Feb 25 01:32 UTC] No.42926277[source]▶
So novel... remind me again what happened to spain in the 16th century?
4. Palmik ◴[04 Feb 25 12:06 UTC] No.42931320[source]▶
Can you expand on the argument? You might as well have invested the 2021 "value" (regardless of in which currency it was disbursed) into some non-inflationary asset (like bitcoin, gold or some index fund) -- that should make you feel equally bad.