Financial Insights That Matter
Canadian Bitcoin developer Peter Todd, who gained mainstream prominence last year after being identified as Satoshi Nakamoto in a controversial HBO documentary, has opined that Bitcoin “did not win” in El Salvador after the country’s major U-turn.
“Like it or not Bitcoin didn’t win this. You can make an argument that El Salvador won, by getting a better deal from the IMF than they otherwise would have. But Bitcoin did not,” he said.
Earlier today, Bloomberg reported that El Salvador had amended its Bitcoin laws in order to secure a deal with the International Monetary Fund (IMF).
From now on, the country’s businesses are no longer required to accept the leading cryptocurrency.
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Last month, El Salvador agreed to gradually wind down the Chivo Bitcoin wallet.
On top of that, the Central American country will also stop accepting taxes in Bitcoin.
El Salvador made history back in 2021 by becoming the very first nation to adopt the original cryptocurrency as a legal tender.
Such a trailblazing move was widely celebrated within the cryptocurrency community, but Salvadorans were very reluctant to adopt Bitcoin.
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Despite bending the knee to the IMF, El Salvador will keep buying the largest cryptocurrency. However, Bitcoiners admit that this will have no impact on Salvadorans.
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