IMF Urges El Salvador to Discontinue Bitcoin’s Legal Tender Status

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El Salvador paid an average of about $47,500 per Bitcoin, and the current price is about $37,000, meaning that the Salvadoran investment has lost about 23 percent of its value. That pales in comparison to the amount they lost by having to pay more to borrow money after the rating services cut their bond ratings. Big losses for the 5th poorest country in the Western Hemisphere.
 
If I was the president of El Salvador, I would put out my own press release:

"El Salvador urges IMF to embrace Bitcoin for the benefit of all nations."
 
DaveV said:
El Salvador paid an average of about $47,500 per Bitcoin, and the current price is about $37,000, meaning that the Salvadoran investment has lost about 23 percent of its value. That pales in comparison to the amount they lost by having to pay more to borrow money after the rating services cut their bond ratings. Big losses for the 5th poorest country in the Western Hemisphere.
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The good news is the bannana market is still doing ok:caution::caution: The bad news is many grocery stores lose money there just to get you into the store..................................................................
 
murray t turtle said:
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The good news is the bannana market is still doing ok:caution::caution: The bad news is many grocery stores lose money there just to get you into the store..................................................................
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his government (El Salvadore's president Nayib Armando Bukele Ortez) has been accused by the United States of secretly negotiating with Mara Salvatrucha (MS-13 gang) to reduce the number of murders.[3][4] (from wiki).
perhaps, a reasonable cause as to why his government approved bitcoin as legal tender in El Salvadore.
 
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