Cryptoverse Laughs Off IMF Bitcoin Threats to El Salvador With Memes, BTC Rises
The International Monetary Fund (IMF) has told El Salvador to water down the law enforced last year that made bitcoin (BTC) legal tender – and the country’s President Nayib Bukele has responded with a dismissive Twitter meme using footage from the TV show “The Simpsons.”
Meanwhile, bitcoin is moving up today, despite this latest pressure. At 9:32 UTC, BTC is up 3.7% over the prior 24 hours, trading at USD 37,824. It's down nearly 11% in a week.
In a press release, the IMF noted that its directors had “urged” El Salvador to “narrow the scope of the bitcoin law by removing bitcoin’s legal tender status,” adding that “some directors” had “also expressed concern over the risks associated with issuing bitcoin-backed bonds.”
The latter is a reference to Bukele’s grand plans to create a tax-free haven for international BTC advocates named Bitcoin City – and fund it using BTC-backed bonds.
The IMF also noted that there was a “need for strict regulation and oversight of the new ecosystem of the [state-run Chivo BTC wallet] and bitcoin.”
El Salvador has been largely dependent on IMF financial support in recent decades – and the body could well follow up by threatening to cut off or suspend its aid to the Central American nation.
But Bukele appears to believe that his newfound BTC community allies will help him attain what many believe is his ultimate goal – decoupling from the USD and Washington’s sphere of influence.
Samson Mow, the Blockstream Chief Strategy Officer and a key ally in Bukele’s adoption drive, wrote off the IMF’s statement as “irrelevant.”
He shared an excerpt of a video interview where he explained:
“I don’t think these organizations like the IMF and the World Bank are really relevant in a world based on bitcoin. […]
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