Dumb question, maybe not:
Why did El Salvador take the IMF deal? I know it’s A LOT of money
But they were in the up and up already with trade, news business, tourism, and bitcoin
Long term this seems quite bad. Short term, maybe this gives them more upfront cash v them having this 2-3 years from now via organic and self-generated (with global allies) means?
Yeah IDK either 🤷🏻♂️
A question I have also thought of. Maybe it helps them short term and takes the pressure off their bitcoin stack whilst it’s still small.
I cannot read Bukele's mind, of course, but perhaps it's something along the lines of: Buy Bitcoin and other real things with the bankers' fake money, then either 1) stiff them since no one ever really and morally owes the bankers one single nickel, and see if there's anything they can do about it; or 2) pay it all off easily since it's denominated in ever-shrinking dollars; or 3) create a new Salvadoran copper coin about the size of a US cent and denominate it as 100 billion USD per coin, and pay off the "debt" with that.
That’s what I think too
They'll make mining illegal **"in accordance with salvadoran law"** and continue to grow their stack through "legal" confiscation 😔
Hard to say for sure, but I suppose that if you need the money, not getting it because of the bitcoin law will give ammunition to the opposition, to just do away with everything if they get elected. I don't think it's that easy.
I cannot understand it either. It only adds risk to journey theyre on.
Basically doing what we would want to do. Use other people’s money (government) and pour into bitcoin.
Like stimulus checks — pour into bitcoin
Though I know a loan is a different story but Bitcoin will far outpace loans.
