It means Salvadorian businesses legally won't have to accept bitcoin as payment anymore according to https://www.ft.com/content/847cdb57-2d56-4259-ab8e-f95032efa259 El Salvador to scale back bitcoin dreams to seal $1.3bn IMF deal Central American nation to make acceptance of cryptocurrency voluntary to unlock international lending
Of course the IMF is manipulative, they want the money back. They are lending money to a country that has a history. El Salvador is well known for their risk of default. That means they are likely to not to pay back. They gambled with Bitcoin and that made them some cash, but if they want more money they have to stop gambling. Would you lend money to a gambler? I don't think you would. It is ok to gamble your money on Bitcoin if you are a private investor, but we are talking about a country here. People lose their services if it goes wrong. And we know that gambling can go very wrong. Bitcoiners are going to point to the IMF like they are the bad guys trying to manipulate El Salvador, they surely do that as well, but think about that the one is asking for money is a gambler. And most important companies are not only scaling down, they see that the shit can hit the fan. https://breakingthenews.net/Article/Microsoft-shareholders-vote-against-Bitcoin-proposal/63209857 So the adoption of Bitcoin is among gamblers, remember that.
Thanks for the link. “the largest shareholders of Microsoft Corporation are institutional investors, including Vanguard Group and BlackRock Inc”….. wonder how they voted
It seems that Saylor pitched Bitcoin to the board in a meeting, with a presentation. Here is the presentation
I would think that BlackRock would’ve voted for it. I’d wonder what kind of game they’re playing if they voted against.
Most news that you see about Bitcoin is there to create hype and is promoted by websites that are pro cryptos. BlackRock is not going to tell their strategy to anyone, if they do is just because they want to influence the rest into a position. But some signs tell you what they are thinking. This pitch to Microsoft and the fact that El Salvador is trying to go back to get a loan from the IMF shows that cryptos are adopted by people but not countries or major companies. It makes sense, it is very volatile. I remember a time when small businesses started offering their prices in Bitcoin, it was so volatile that people were not able to tell if the price they were paying was fair. Another one is that the US is selling the Bitcoins they have: https://cointelegraph.com/news/us-government-selling-bitcoin-coinbase-huge-strategic-mistake So news is something but real facts are something else, there is a lot of bullshit with these crypto markets. But once you see certain moves from major players you obviously see what is going on.
Its kind of funny to read that they want their money back, which is money that can easily be printed up anyway. What the IMF wants is to continue to control as many countries as they can. They don't give a shit about the money. I have no idea what El Salvador needs this money for since this thread is the first time I'm reading this. I sure hope its to buy more bitcoin and send them a big FU! LOL... But I do appreciate that they are at least honest that the participation rate wasn't as strong as they hoped, and I also understand that everyone should not be forced to use bitcoin. The businesses should just naturally learn about bitcoin and want to accept it without the government forcing it on them.
Forcing businesses or anyone to adopt bitcoin goes against the idea of decentralization El Salvador found $3 Trillion worth of gold, the loan could be for trying to mine the gold, and possibly sell for bitcoin and add to their treasury
The way I understand it is that countries should not force businesses to adopt Bitcoin as legal tender in the country. A healthy way to adopt Bitcoin would be to let people decide on what they want to trade on. If they choose Bitcoin is because it is best for their interest. That has been proven not to be the case. Businesses struggle to set a price on Bitcoin because of its volatility. The simple reason why El Salvador is going back to a stable currency is because Salvadoreños don't use Bitcoin. I do speak Spanish and I watch videos from El Salvador, videos made by people who go there with a backpack and try to live in the country. So any news regarding the adoption of Bitcoin has to be fact-checked. Because there is no adoption in El Salvador. So the government understood that is best to continue with the regular way countries finance their services, the IMF. This guy simply goes and tries to use Bitcoin, it is an attraction for tourists. Salvadoreños don't use it at all.