Was having some banter with @yugocean about Volcano Bonds. @yugocean keeps us up to-date with things that really matter. @yugocean said there had been no news since 2023.
Decided to see what twitter had to say about Volcano Bonds. Didn’t seem to be any current news. But the above click-bait did pop-up. As we follow @Bitcoinbeach, we took the bait.
The 1.3 Billion IMF Loan
The Bitcoin Beach man never had any intention of becoming a male model.
The click-bait was really a metaphor for the loan that El Salvador is negotiating with the IMF.
Portrayed by MSM and crypto news as El Salvador running out of money and capitulating to the decrees of the IMF.
The point Bitcoin Beach man was trying to make, was that El Salvador is not really giving up anything.
”They originally demanded that El Salvador renounce Bitcoin. What they got was El Salvador agreeing to “do something” that they were all ready doing. Like someone making me agree to stop being a male model .”
Mr Bitcoin Beach man went as far as to say that it was the IMF that was capitulating and not El Salvador. By removing Article 7, El Salvador gave the IMF this, so they could try to save face.
Why would they do this? Wouldn't they just want to rub it in their face.
The IMF loan helps El Salvador get an upgrade on their sovereign debt. Bringing down their debt servicing costs. But more importantly wealth funds and capital pools will only invest in a country with at least a BBB rating on their sovereign debt.
Article 7
Was about merchants etc accepting Bitcoin. It was portrayed by many (MSM and crypto news) as forcing people to accept Bitcoin. But the loophole around merchants technical competence was effectively giving choice to accept.
With a Bitcoin adoption rate of around 12%, also slated as evidence of the Bitcoin experiments failure, there is even less need for Article 7.
Disclaimer: Ever since discovering there was a Beach called Bitcoin, I have followed El Salvador, El Salvadorans and written about all of the above.
@Bitcoinbeach, @Volcano_Energy, @SalvadoranPride, @bitcoinofficesv, @MilenaMayorga, @Goodlife_sv, @bitdriver_sv, @GoodbeansThe, @VanessaInterniano, @bitcoin_racing, @ElZonteCapital, @SLVNewsEnglish, @staceyherbet, @maxkeiser, @romanmarinezc, @la_hojita and @nayibbukele
If you want to know what is really going on and get some balance or new perspective, go to the source. Who better than a Salvadoran taxi driver who accepted Bitcoin from day one.
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