El Salvador’s President Responds to IMF After the Institution Advises Country To Drop Bitcoin As Legal Tender

President Nayib Bukele is responding to the International Monetary Fund’s (IMF) warning that El Salvador should remove the legal tender status of Bitcoin (BTC) with a meme.

Back in September of last year, El Salvador became the world’s first nation to recognize Bitcoin (BTC) as an official currency.

The leading crypto asset has since gone on a roller coaster of price swings, climbing to an all-time high above $69,000 in November before a series of steep declines took it below $40,000 this month.

Now the IMF, after its annual bilateral meeting with Salvadoran officials, recommends that Bitcoin’s legal tender status be rescinded.

“There are large risks associated with the use of Bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities.

Some directors also expressed concern over the risks associated with issuing Bitcoin-backed bonds.”

President Bukele then took to Twitter to post an animated meme from the popular TV show The Simspons, where the character Homer Simpson performs a walking handstand while two other characters are speaking.

One of them shoos him away and responds dismissively,

“I see you, IMF. That’s very nice.”

https://t.co/s1F5kwOBEn pic.twitter.com/LD0I2dBHha

— Nayib Bukele (@nayibbukele) January 26, 2022

Bukele routinely updates his followers when El Salvador buys Bitcoin, recently informing the world that he’d just scooped up over 400 BTC.

“El Salvador just bought 410 Bitcoin for only 15 million dollars.

Some guys are selling really cheap.”

The big buy follows several other purchases after Bitcoin’s price fell, including 100 BTC in November, 420 BTC in October, and 150 BTC in September.

At time of writing, Bitcoin is trading sideways on the day and priced at $37,428.

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The post El Salvador’s President Responds to IMF After the Institution Advises Country To Drop Bitcoin As Legal Tender appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2022/01/28/el-salvadors-president-responds-to-imf-after-the-institution-advises-country-to-drop-bitcoin-as-legal-tender/