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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: 0.209s | 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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CamelCaseName ◴[04 Feb 25 02:33 UTC] No.42926952[source]▶
El Salvador and their Bitcoin experiment are ultimately both quite small. This loan is multiple times larger than their total BTC holdings
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josu ◴[04 Feb 25 03:08 UTC] No.42927291[source]▶
They hold 6k BTC, around 600M USD. So just a bit over 2x.
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1. askl ◴[04 Feb 25 12:05 UTC] No.42931306[source]▶
2 is a multiple