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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: 0.001s | source
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portaouflop ◴[04 Feb 25 02:07 UTC] No.42926658[source]▶
IMF gave them 1.4 billion to abandon the “experiment”:

> The IMF made this a condition for a loan of 1.4 billion US dollars (1.35 billion euros). In December of last year, the IMF reached an agreement with President Nayib Bukele’s government on the loan of the stated amount to strengthen the country’s “fiscal sustainability” and mitigate the “risks associated with Bitcoin,” as it was described.

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I dislike cryptocurrencies as much as the next guy but this was clearly something else than a failure of the currency itself

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stephen_g ◴[04 Feb 25 02:17 UTC] No.42926769[source]▶
Despite that interference, from everything I’ve read though it’s hard to describe the bitcoin experiment as anything else than a massive failure…
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mlcrypto ◴[04 Feb 25 02:28 UTC] No.42926901[source]▶
Massive success actually for anyone holding. Did you forget the price is $100k?
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tapoxi ◴[04 Feb 25 02:35 UTC] No.42926964[source]▶
But you're not supposed to hold legal tender, by design you're supposed to spend it.
replies(1): >>42926981 #
redundantly ◴[04 Feb 25 02:37 UTC] No.42926981[source]▶
gestures at all of the billionaires
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1. Filligree ◴[04 Feb 25 02:51 UTC] No.42927127{4}[source]▶
A currency that encourages people to hold on to it instead of spending it is a disaster for the economy.
replies(1): >>42927386 #
2. brokenmachine ◴[04 Feb 25 03:19 UTC] No.42927386[source]▶
Have you seen the economy lately?
replies(1): >>42928594 #
3. oblio ◴[04 Feb 25 05:59 UTC] No.42928594[source]▶
And how would Bitcoin make the economy better?
replies(1): >>42958413 #
4. brokenmachine ◴[06 Feb 25 02:48 UTC] No.42958413{3}[source]▶
The government couldn't constantly print more to hand to their mates, thus diluting the value of held dollars.