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BOE Chief Is Worried by El Salvador’s Move to Adopt Bitcoin

BOE Chief Is Worried by El Salvador’s Move to Adopt Bitcoin



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11 Comments

  1. He should be worried, stupid fuckers thought they could get away with their theft even after a new technology came along and destroyed their ability to maintain a choke hold over the entire world via debt and derivatives

    Party is over BoE, you just are realizing it 11 years too late. Watching the panic as the world adopts a better option is going to be so incredibly entertaining, got my popcorn ready!

  2. tldr; Bank of England Governor Andrew Bailey said El Salvador’s decision to adopt Bitcoin as its currency was concerning because consumers probably will be caught out by its volatility. He added that the International Monetary Fund, which monitors risks to global financial markets, is not happy with El Salvador. The BOE is studying whether to create its own digital currency system.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. While the IMF and central banks are bad, can we pause for a second and imagine if the Salvador experiment fails due to the country’s rampant corruption that we all are ignoring. What will happen to BTC’s reputation due to all the FUD

  4. I’m sure I’ll get called names, but I agree with Bailey. Most people in El Salvador are living month to month, their paycheck needs to be able to cover a full month or week of expenses, and if we go into a bear market, they could get into real difficulties unable to pay for what they need.

    Of course the same can happen in reverse, and over the long run bitcoin seems to appreciate in value and reduce in volatility, but it’s still a gamble in the short term for the people of El Salvador, it would have been better to first Introduce it as a ‘savings fund’ for the population, a sovereign fund similar to Norway’s and then consider a stablecoin of their own, in the short-medium term.

    Other countries will be caught out by not buying any bitcoin, but El Salvador could be caught out by a bear market, even just 3 red months in a row could start hurting their economy.

What do you think?

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