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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: 0.202s | 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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awnird ◴[04 Feb 25 02:15 UTC] No.42926752[source]▶
If bitcoin was such a success then why did they need an enormous loan?
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ToValueFunfetti ◴[04 Feb 25 02:19 UTC] No.42926794[source]▶
If the USD was such a good currency, why does the US operate at a deficit?
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1. sudosysgen ◴[04 Feb 25 06:23 UTC] No.42928764[source]▶
The USD, being the world reserve currency and currency of trade, must operate at a deficit. It's only through a USD deficit that other countries can grow their reserves commensurately with economic growth, which is how the USD stays the reserve currency. The USD operates at a deficit because it's such a good currency.