Rather Than Rejoice in El Salvador’s Success With The Bitcoin Standard, the IMF Would Rather Continue to Lie.

By ssaurel | In Bitcoin We Trust | 15 Feb 2023


On September 7, 2021, El Salvador became the first country to embrace standard Bitcoin.

President Nayib Bukele was fulfilling the promises he had made a few months earlier. With this simple decision, President Bukele succeeded in putting El Salvador on the world map.

Since then, not a week goes by without El Salvador being mentioned. And this is already a huge victory for a country as small in size as El Salvador. Since then, tourism has exploded in El Salvador, which is already a huge first success of the bold choice made by President Bukele.

Since the adoption of the Bitcoin standard by El Salvador, not a month goes by without the IMF, the World Bank, America, or who knows what other major power in the current system threatening President Bukele's country.

These threats are diverse.

Sometimes they are threats to say that El Salvador will no longer receive loans from the IMF. Other times, they are threats to El Salvador's banking system. Every time, it's about trying to push El Salvador out of the Bitcoin standard.

It makes you wonder if the IMF, the World Bank, or America are simply afraid that President Bukele will prove that the Bitcoin standard can work. And if El Salvador can benefit from Bitcoin, other emerging countries will follow suit. This will then weaken the Western countries that keep all these emerging countries enslaved via the current debt-based fiat system.

When El Salvador was due to repay a debt, the IMF began to point the finger at the risk of the country's bankruptcy. For no reason really, other than to criticize once again El Salvador's choice to embrace the Bitcoin standard.

El Salvador has lived up to its commitments by paying off its debt maturity. While the entire world is on the verge of, or already in, a recession, El Salvador has posted a 2.4% GDP growth in 2022. This is not extraordinary for an emerging country, but it is far from the apocalypse predicted by the experts at the IMF and the World Bank.

Rather than rejoicing in its mistakes and the fact that El Salvador is continuing its economic progress under a Bitcoin standard, the IMF has said that El Salvador is doing well because Bitcoin is not being adopted enough in El Salvador.

The height of bad faith!

But with the IMF and all those powerful people at the head of the current system, you could not expect anything but lies. If you read between the lines, you will understand that the IMF was hoping for one thing: an economic disaster in El Salvador, even if it would endanger the lives of millions of people.

Rather than seeking to judge and blame, the IMF is supposed to support emerging countries. Where is the support in the case of El Salvador?

The IMF's behavior is shameful and alone justifies President Bukele's choice to leave the system and try to offer a better future to his people.

I am not saying that what is happening in El Salvador is perfect. President Bukele is certainly not the democrat that Westerners would like. But he is trying to move things in the right direction for his people. In the right direction means to me that he is trying a new approach that is different from all those that have failed in El Salvador and most emerging countries for decades.

President Bukele understands the why of Bitcoin and he knows that a monetary revolution like Bitcoin requires patience. It is not after only 18 months that you can judge the success or not of the Bitcoin standard in El Salvador. It will take years before the Bitcoin standard in El Salvador can bear full fruit.

But things are moving in the right direction.

More and more entrepreneurs are coming to El Salvador to invest in innovative projects around Bitcoin. Bitcoin miners want to take advantage of the geothermal energy from the country's volcanoes. None of this would have happened without the adoption of a standard Bitcoin. No entrepreneur would have been attracted to El Salvador. Let's be honest.

For tourism, it's the same thing. How many curious Bitcoiners have ever made the trip to El Salvador to visit the first Bitcoin nation? How many curious, even non-Bitcoiners, will end up visiting El Salvador once they hear about it on the news?

Far more than if President Nayib Bukele had chosen to obey institutions like the IMF or the World Bank that seek to protect the current system whose seven deadly sins will lead it to collapse as I explain in my book “The Truth About Bitcoin.”

I cannot predict the future. So it may be that the Bitcoin standard will end up being a failure in El Salvador, but the mere fact that Nayib Bukele tried to change the destiny of an entire people through Bitcoin will be to his credit. Instead of spreading lies, the IMF would do better to focus on emerging countries instead of protecting this flawed and not fixable system that enslaves hundreds of millions of people around the world.

But of course, I know that's too much to ask. Fortunately, this is where Bitcoin gives us a chance to change things for the better in the future. But the general public must continue to seize this incredible revolution. That's what I see as the biggest challenge for the next few years.


Don't take for granted the word of Bitcoiners who tell you that Bitcoin is an incredible monetary revolution, but verify it for yourself by developing the knowledge to build your truth about Bitcoin.

 

That's what I suggest you do in the book “The Truth About Bitcoin: Everything you need to build your truth about Bitcoin and stop trusting others without verifying.”

The book is available on various platforms:

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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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