Bitcoin

El Salvador’s President Responds to IMF After the Institution Advises Country To Drop Bitcoin As Legal Tender

President Nayib Bukele is responding to the International Monetary Fund’s (IMF) warning that El Salvador ought to take away the authorized tender standing of Bitcoin (BTC) with a meme.

Back in September of final yr, El Salvador turned the world’s first nation to acknowledge Bitcoin (BTC) as an official forex.

The main crypto asset has since gone on a curler coaster of price swings, climbing to an all-time excessive above $69,000 in November earlier than a sequence of steep declines took it beneath $40,000 this month.

Now the IMF, after its annual bilateral assembly with Salvadoran officers, recommends that Bitcoin’s authorized tender standing be rescinded.

“There are giant dangers related to the use of Bitcoin on monetary stability, monetary integrity, and client safety, in addition to the related fiscal contingent liabilities.

Some administrators additionally expressed concern over the dangers related to issuing Bitcoin-backed bonds.”

President Bukele then took to Twitter to post an animated meme from the widespread TV present The Simspons, the place the character Homer Simpson performs a strolling handstand whereas two different characters are talking.

One of them shoos him away and responds dismissively,

“I see you, IMF. That’s very nice.”

Bukele routinely updates his followers when El Salvador buys Bitcoin, not too long ago informing the world that he’d simply scooped up over 400 BTC.

“El Salvador simply purchased 410 Bitcoin for less than 15 million {dollars}.

Some guys are promoting actually low cost.”

The huge purchase follows a number of different purchases after Bitcoin’s price fell, together with 100 BTC in November, 420 BTC in October, and 150 BTC in September.

At time of writing, Bitcoin is buying and selling sideways on the day and priced at $37,428.

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Featured Image: Shutterstock/grafius/PurpleRender

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