←back to thread

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
Show context
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.

—-

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

replies(30): >>42926697 #>>42926752 #>>42926769 #>>42926916 #>>42927021 #>>42927075 #>>42927122 #>>42927290 #>>42927312 #>>42927357 #>>42927505 #>>42927532 #>>42927536 #>>42927642 #>>42927745 #>>42927985 #>>42928058 #>>42928513 #>>42928720 #>>42928756 #>>42928806 #>>42929654 #>>42929949 #>>42930337 #>>42930726 #>>42930753 #>>42930779 #>>42930984 #>>42934734 #>>42935466 #
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…
replies(4): >>42926864 #>>42926901 #>>42927899 #>>42933006 #
kylebenzle ◴[04 Feb 25 02:24 UTC] No.42926864[source]▶
Yeh, it failed so hard no one even uses it anymore.
replies(4): >>42927136 #>>42927268 #>>42927322 #>>42928839 #
EVa5I7bHFq9mnYK ◴[04 Feb 25 03:12 UTC] No.42927322[source]▶
The article says "92% of Salvadorans did not use bitcoin in their transactions in 2024". Which means that 8% did use it in their transactions.
replies(6): >>42927455 #>>42927633 #>>42927907 #>>42928132 #>>42928168 #>>42930408 #
cloudbonsai ◴[04 Feb 25 04:51 UTC] No.42928132[source]▶
In 2021, the percentage of Salvadorans who were using Bitcoin was 26%. After three years of mandatory acceptance requirement, it's now 8%.

It says a lot about the popularity of Bitcoin, no?

replies(1): >>42928185 #
1. j16sdiz ◴[04 Feb 25 04:57 UTC] No.42928185{3}[source]▶
...had used at least once, not "using"

The government were giving out btc