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El Salvador abandons Bitcoin as legal tender

(ticotimes.net)
927 points smallerfish | 1 comments | 04 Feb 25 00:00 UTC | HN request time: 0s | 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.
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redundantly ◴[04 Feb 25 02:37 UTC] No.42926981[source]▶
gestures at all of the billionaires
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1. bruce511 ◴[04 Feb 25 04:34 UTC] No.42928000{4}[source]▶
Billionaires hold very little legal tender.

The term "Billionaire" refers to a person who has total assets over a billion. In most cases those assets are shares in some company (or companies). It's not like they have a billion in their sock drawer.

By contrast, when at rest in my wallet, bitcoin is "dormant". It's not earning any interest and other not circulating in the economy. The only "growth" is capital growth.

That growth is predicted on demand outstripping supply. Or on "bigger fools". When the fools run out you're left with tulips.