Did El Salvador Just Give Up On Bitcoin?

[@TheLastBabyBoomer]

If El Salvador takes the IMF loan and then buys bitcoin with it...that would be an epic middle finger to the IMF. I'm all for it.

[@dman3623]

❤😂🎉

[@saulalvarenga9589]

Buy Bitcoin with the IMF loan, then get a secure private loan using BTC, then pay back to the IMF to cancel the contract and at the end resume the Bitcoin dominance. 😎. In another news El Salvador is mining 1 bitcoin every day.. every day using geothermal energy. However the Bitcoin law already says that Bitcoin use is not strictly mandatory for neither citizens or private sector because it make exceptions, for example in case a business doesn't have the technological resources and even if they capable to acquire it the goverment has never enforced the law or penalties, so basically El Salvador is not giving any real concession to the IMF. All this deal only exposes that the IMF is desperate because El Salvador now is part of other international/regional banks not aligned with the traditional ones, making the IMF irrelevant. Also, the country's overall qualification has improved and president Bukele plays smart the system's games. If the IMF has a hidden plan (usually sabotage countries), he has a better one to outsmart them. 😂

[@Kris-fd9xs]

And repay the loan within 3 months hold the gains

[@bolivianbillionaire1349]

Im in el salvador .. That is a classic idea! ...love it .. But it would mean an injection of democracy and christ knows what from uncle sam....and they will fk the country in a heartbeat.. Those pricks control the imf ..same as they control nato.. YANKEE GO HOME!!!

[@wilfredvasquez5908]

would love that.👏

[@JoseHernandez-kf1nd]

Bukele is smart he"s always two step ahead of the opposition.

[@kbs7340]

Bukele led the way with bitcoin. Now he can take the IMF, deal with what he needs to and let the rest of the world push a btc standard. He has done his bit. Great Man. Smart man. 🎉

[@1rjona]

He also pioneered the Bitcoin strategic reserve. One day El Salvador will pay off its IMF debt from its Bitcoin stash and IMF opinions will no longer matter

[@Texon100]

@@1rjona The IMF will be dismantled against their will IMHO

[@2311ification]

😂😂😂. Sounds more a desperate man!! What responsible man buys that much Bitcoin with the people's money!! Sounds like those Father's that sell their house and put it all on Bitcoin!!😂😂 Yeah it might work out and become extremely rich or you can go completely broke!!!

[@1rjona]

@ Safe and resposible in El Salvador means accepting the high crime rate and stagnant economy. So desperate is the way to change things. Safe and responsible was what Americans did when they voted for Biden. Now people all over the world are opting for the desperate option and hoping things work out

[@LevelUpToWealth]

@@2311ificationhe’s only been buying 1 btc per day, theres nothing wrong with that. Also, we dont know what he’s gonna do with the imf loan stop judging a man for things he has never done. Youre talking as if he has used the loan to buy massive amounts of btc.

[@willroque7135]

Nah, they are definitely not bending the knee…They are going to use the money to refinance and consolidate all existing debts. It’s a financial strategy! By the way, they just discovered a bunch of gold mines and rare metals in El Salvador…

[@367nilson]

Believe me, we all know what we are doing in El Salvador. We will win 🏆 ...we Believe in Bitcoin and we will succeed with this move. We are just starting to run the ball in the right direction! El Salvador and Btc will will and last forever! Bukele and so smart, more than all the presidents together!

[@joshuaescalante1791]

In reality, the Bitcoin law was not enforced. Bukele himself said that. So, from the beginning businesses and people adopted Bitcoin voluntarily.

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[@nadie2795]

The IMF loves countries being indebted to them.

[@HowardARoark]

Whether this change to Bitcoin policy is good or bad is entirely irrelevant and shouldn't even be part of the discussion, so why are we even talking about it ? El Salvador are quite capable of figuring out their own policies I'm sure. The whole problem is that IMF is TELLING EL SALVADOR WHAT TO DO. The whole idea of getting into Bitcoin was to jettison people like the IMF. So what is the next demand that IMF will make that El Salvador will bow to ?

[@ritcheymt]

Disruptors are often attacked by the press and regulators who are both paid by incumbents. But then the disruptors create enough value to make the incumbents, the press, and finally the regulators irrelevant and eventually jobless.

[@stevenb2022]

Part of the deal prohibits El Salvador from buying or transacting in bitcoin in any form

[@kdaytrpr]

How much BTC can you get for 1.3 Bill? DO IT...pay it back in a year...The IMF could go FK themselves. LOL

[@joesmoo9254]

Bukele knows he is swimming in the shark pool.

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[@eelaypaix3839]

If that's the only thing BUKELE gave away on the loan deal..it shouldn't be a problem. Bitcoin should be voluntary to begin with, and with Bitcoin prices on the rise, people will start using it more. . But with $3 Trillion in potential gold 🪙 reserve, why bend your knees over $1B? Doesn't make sense.

[@Bruhne]

Very good! Liked and subscribed.

[@garrygrant2394]

The IMF trying so hard to crush btc but they lost the war some time ago. No one has informed them yet.

[@joseleonardomerinocastillo1770]

I think Bukele is smarter than them and he needs to have the cash to invest in the country infrastructure and same time continue mining bitcoin,thousands of salvadorian outside the country are waking up,end started to learn about it,that is enough for me.

[@lorenzkyle5482]

For a moment, I thought you were Andrei Jikh 😅

[@getbasedtv]

just need to learn magic

[@bitcoinpoemspro1406]

What other qualifications are there to the loan?

[@ricardohenriquez2535]

Bukele is a visionary, he knows how to play chess!

[@henryrivera7917]

Why would I want to pay with something that would only go up in value?

[@moonmachine9671]

i know right? I'd rather use dollars that devalue everyday and lose value from inflation!

[@ExpensivePizza]

Have you ever actually done the math on this? You might be surprised how it works out.

[@VicViperTPS]

If you can spend it without paying income tax...

[@ExpensivePizza]

@@VicViperTPS Income tax or capital gains tax? In most countries income tax is a percentage of what you earn measured in dollars (or the local fiat currency). Capital gains tax on the other hand is a percentage of the profit between buying and selling an asset. There's nothing stopping you from spending Bitcoin but there are tax implications if you do, but they're not nearly as bad as you think. For example, if you purchased $1000 worth of Bitcoin at the start of the month and then spent it at the end of the month when it's worth $1100 you would owe capital gains on the $100 profit. The exact amount of tax you owe depends on your tax rate, but it's always only a percentage of the profit. In other words, the tax on this $100 gain might be about $37 or something which means you still ended the month $63 richer than you started.

[@VicViperTPS]

@@ExpensivePizza yes you are right i was vague on wether its income tax or capital gain tax because i'm new and i mix them up.. still i do think 33% on profits is a little to high but yeah

[@thedigitalcitizen275]

Once again history repeats one time Indian was getting rid of gold for mirrors. Today they give him paper money for the ability to stop his Btc purchases.

[@indigobluu]

"Real cold storage Michael Saylor" oh ish shots fired! 🔫😂

[@randychurchill201]

Just imagine what would happen is El Salvador adopted Stellar XLM and XRP for voluntary payments. These two cryptos don't have the problems that Bitcoin has.

[@fukamushi-san]

Lmao, XRP :D Meme coin season is over mate!

[@randychurchill201]

@@fukamushi-san OK, keep your Bitcoin and see who wins by this time next year.

[@McClelland-i7b]

Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months.started with 14k in last month 2024.

[@karlad4082]

They didn’t give up, they finally woke up and realized that it was a scam 😂

[@palirvin1871]

They can avoid the direct purchase by just investing $100 million in more volcano miners which have a life of about 2.5 years I think, so 6,000 volcano miners could perhaps mine >,7000 BTC in that time which would be worth ,7000 x $100K/btc = $700M in USD value. just throwing out some guesses.

[@thestonemaster81]

It would be nice if they took $1 billion and bought bitcoin with it

[@SteveOak.El-Bitcoinero]

Bukele did not decree it. He put the law to the assembly and they voted and implemented it.

[@stevemccormack9948]

It's not really a good development. It feeds into my feeling and that the Bitcoin boat will not sail for a very long time. Likely not in this half of the century. It's worthwhile thing right now if you have lots of it, like more than 1 Bitcoin

[@rldays9179]

And just after you spent your btc it gained in price by 30% and you wished you didn't use btc.

[@gcruishank9663]

What about the gold reserves El Salvador just discovered, apparently worth 3 trillion? That should pay off that IMF loan pretty quick.

[@motopolak]

I agree, the only downside is that it would take forever to prepare all the equipment for it, dig all of it up, process it, and then find buyers. By the time it’s all said and done their current BTC position will grow multiples. As of right now (BTC @ $100k) they can pay off their current IMF indebtedness. So this new $1B proposal is probably just another IMF attempt to keep them in check. Fortunately Bukele is very intelligent… if he goes for it I’m sure he will find an excellent use for it.

[@wadehoek6740]

Make if voluntary, take the loan, buy bitcoin. Use the profits to pay off the loan. If you hold the value in bitcoin long enough the loan will pay itself off and they'll be left with the $B, the only expense would be having patience and self-control.

[@stevenb2022]

The deal prohibits El Salvador from buying or transacting in bitcoin in any form

[@wilfredvasquez5908]

@@stevenb2022 A few cold wallets will solve that problem. Remember we are decentralized... Screw the IMF.

[@derrikarenal3308]

more troubling; the stipulation that all taxes must be paid in USD.

[@367nilson]

​@stevenb2022 IMF said, as long you don't use this money to invest in bitcoin! Fine, he will use that money for infrastructure, but it doesn't not prohibited what El Salvador can do for his own investment! Still btc will be part of the El Salvador strategy!!!

[@JuniorTiresLasVegas]

You need to take more. Research they had a different type of currency in 2001 that they gave it up.They have the dollars a currency and they have Bitcoin, but from now on They're getting alone from the World Bank.They ask that they put bitcoin in the back burner They brought down the demand of Bitcoin. It's still a currency. It still works. They just had to do that to g

[@JuniorTiresLasVegas]

And recently major resources were discovered in el salvador Lots of gold.That that loan might lose this power after all

[@kbs7340]

Strategic. The 1.3 buys a lot of Bitcoin. Michael Saylor move. Bukele is a very smart man.

[@chitchattingconamanda4032]

I am pretty saddened about what the IMF has done in el Salvador. It seems they will also do away with the Chivo wallet, which saved us in diaspora, save money on remittances 😁

[@367nilson]

No worries all of this is about knowing how to play in this field filled out with sharks, but Bukele is much more smart! He knows what he is doing! There will be better than Chivo Wallet! You will be surprised! EL SALVADOR is playing a big deal, and later all the Salvadoran will be reached and happy 😊

[@alburns679]

So many Utopian Believers; McAfee has it correct. This is not the first Monkey's Paw in my lifetime- 67 years. But yes, I still have a little... lol!

[@maybemochi9445]

This guy loves game of thrones and it shows he probably said bend the knee like 30 times lmfao

[@tan8312]

Keep legal tender status.

[@motopolak]

4:38 that jab was pretty awesome lol

[@chrisaudato3671]

Well, that is what the IMF wants, but we can't be sure if El Salvador is going to agree . I don't think El Salvador has sealed that deal.

[@getbasedtv]

True! It's not set in stone yet. But looking likely - we'll see in the new year.

[@davenetdog]

A loan from the Devil? Its a loan. Not a good idea.

[@ernestorivas9939]

Hey, wait !! In El salvador never Bitcon is been mandatory!

[@lukeutah420]

El salvadorans never own their crypto

[@jonnyjonjonjrshabadoo6565]

BTC dropped 😰

[@emanifestation804]

Bitcoin is not freedom money 😂

[@Noname-bg8sh]

5:30 why didnt he bought more BTC back than and financed his country with that rather than IMF-money

[@367nilson]

Because still you need to keep tied to the investment strategy, you never can still put all the eggs in one single basket, he is a president of a country and needs to play safely! But it doesn't mean that he doesn't know how to play in this world fills out with world dictator!!!! You later will find out what all this was! 😅😅😅😅 Surprised!!!

[@AMIHustler]

He made a deal with the Devil

[@JoseArredondo-k5y]

If they would of used Monero no one would see the balance sheet👁️

[@tan8312]

Volcano bonds to buy more Bitcoin.

[@erickillingsworth6307]

This banks are your masters.

[@glenfrog814]

Ethan Hunt should accept this mission.

[@MarkMcelligottPeaches]

El Salvador never forced anyone in El Salvador or outside doing business with El Salvador to use Bitcoin! The USD is legal tender in El Salvador anyway. The volcano bond is making more financial wealth than a billion dollar IMF loan. This is a just a threat presentation. Makes no sense.

[@wilfredvasquez5908]

The IMF is scared shitless!

[@ernestorivas9939]

What? They're afraid of?

[@Fudmottin]

I'm on the wait and see train.

[@curiouspeople6441]

He doesn't want to sell the BTC 😊

[@garyglizzner2481]

I dont get it if bitcoin is that great why a loan from imf the only good reason is to buy bitcoin with it

[@LiveFreeForLife]

So did he do well?

[@julesgosnell9791]

I expect he will use the billion to unlock the trillions in gold that they have just discovered, hopefully to pay back the billion and stack more btc... - thus helping btc overtake gold :-) - that would be quite a play...

[@ricardocarrillogonzalez7049]

There should be a private loan to Salvador

[@robprepp]

Did imf threaten El Salvador ?100%

[@getbasedtv]

it ain't working, Bukele just keeps buying Bitcoin

[@p.newsman]

Bukele may just buy more Bitcoin from that IMF Loan, double the Dollar shitcoins out of it and directly pay that back later this year... Boom.

[@ambikaadhikaritiwari4747]

No way!

[@mrq8402]

Indentured to the Master Fund (IMF)

[@MoCstst]

200 million just got bitcoin through MSTR

[@therealcnn5346]

He’s spending it on bitcoin

[@raymondB-f4p]

If he is smart😊

[@kosdas]

He will buy Bitcoin. No doubt.

[@jaydogs8326]

get the loan give it back to the population in bitcoin boom everyone accepts btc

[@JaimeGarcia-sm4vr]

Bullish

[@rickstokes2239]

You don’t know Trump

[@nicholasr.652]

Yea take and stack lol 😂

[@hectoralas7216]

keep dreaming

[@DM-lw6qx]

Sell high lol

[@matthewadams333]

Freedom money 😂😂😂😂😂😂😂😂😂😂 scamer

[@JustWengie]

Seems to me that the IMF bent the knee 😝

[@JaimeGarcia-sm4vr]

They are not getting 1 Billion USD; they will get it in the form of IMF credits.

[@kbs7340]

Can you buy Bitcoin with IMF credits 😂😂😂

[@getbasedtv]

What are IMF credits?