On the IMF's New Statement About El Salvador

A year ago, when the IMF published a press release about its agreement with El Salvador, I honestly did not fully believe it. In that statement, the IMF claimed it had reached an agreement under which El Salvador would abandon the mandatory acceptance of Bitcoin as legal tender. Salvadoran authorities tried to look confident, with representatives of the President's Bitcoin Office insisting nothing was changing. Yet eventually, IMF concessions were indeed implemented.

Now, when the IMF says that El Salvador has completed its Bitcoin experiment and committed to stopping public accumulation of Bitcoin, I am more inclined to believe it, even though on-chain data and claims from the Bitcoin Office dispute it.

We have seen before that IMF statements tend to be more reliable than official local assurances. The attached screenshot, taken from the Bitcoin Office website, may reflect the country's final steps before accumulation stops.

Good news? Definitely. More Bitcoin for the rest of us - maybe even at a discount.

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