El Salvador’s Bitcoin Strategy Faces Doubts Amid IMF Pressure and Mixed Signals
Main Idea
El Salvador's Bitcoin policy faces challenges and contradictions, with the government continuing to buy BTC despite IMF agreements and public skepticism about its financial benefits.
Key Points
1. El Salvador's government holds over 6,249 BTC worth $738M, but 80% of Salvadorans feel Bitcoin has not improved their finances.
2. The IMF claims El Salvador is moving BTC between wallets rather than buying new coins, contradicting the Bitcoin Office's statements of daily purchases.
3. The Bitcoin Office confirmed buying 8 more BTC worth $948,000, bringing total holdings to over $740M, while the IMF disputes this as internal transfers.
4. John Dennehy criticized recent wallet activity as 'misleading,' suggesting it is internal movement presented as new purchases.
5. El Salvador has scaled back public Bitcoin initiatives, and the government has not responded to the IMF's criticism.
Description
The post El Salvador’s Bitcoin Strategy Faces Doubts Amid IMF Pressure and Mixed Signals appeared first on Coinpedia Fintech News In the mountain town of Berlin, El Salvador, locals are using Bitcoin daily, trading goods like coffee and benefiting from its rising price. El Salvador made Bitcoin legal tender in 2021, but under a 2024 IMF deal, its use became optional and limited for government use. El Salvador’s Bitcoin strategy is facing new challenges, says Quentin Ehrenmann of NGO My First Bit...
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