• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home UK

Bukele needs to stand strong on Bitcoin

CB4U by CB4U
January 23, 2022
in UK
0
Bukele needs to stand strong on Bitcoin
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

With bitcoin suffering yet another drop in price today, the El Salvadoran bitcoin position is now well under water. The current economic outlook is bleak with its five-year credit default swap having more than quadrupled since September, meaning that a default on repayments could be soon.

Bitcoin fell almost another 7% this morning. This comes on the back of a 6.8% fall the previous day. The carrion crows are hovering, and those onlookers from the International Monetary Fund and the World Bank are starting to breathe more easily as they see the first signs that this brave bitcoin experiment might flounder and fail.

The fall in price of the number one cryptocurrency is without doubt mainly due to the Federal Reserve announcement of tightening. A tapering of bond purchases, followed by at least three rate hikes forecast for this year have cast a cloud of suppression over the crypto market.

Steve Hanke, the professor of applied economics at Johns Hopkins University, has been a dogged critic of El Salvador’s bitcoin adoption since the beginning. While showing little understanding of the underlying fundamentals of bitcoin, the economist is on firm ground by being able to predict what will happen if the price should continue to fall.

Hanke was quoted in a Fortune article published today:

“El Salvador now has the most distressed sovereign debt in the world, and it’s because of the Bitcoin folly,” says Hanke. “The markets think that Bukele’s gone mad, and he has.”

It should be noted that Hanke had a hand in the original dollarisation of El Salvador back in 2001, and has “counselled” other Latin American governments on the benefits of the dollar, including Ecuador, where he was an advisor to the Ecuadorian finance minister when this country gave up its own currency and accepted the dollar in 2000.

With such a history of trying to propagate the dollar throughout Latin America it’s no small wonder that the professor would be enraged at El Salvador’s daring adoption of bitcoin in the face of severe disapproval across all the pillars of the current fiat financial system.

Yes, it could be argued that the vast majority of the El Salvadoran population might not know much if anything about bitcoin, and should bitcoin continue to fall then the country can be in quite some trouble. 

But in the long run this is about freedom from the dollar, freedom from having another country set your main financial agenda. There is much more than just one small country’s fortunes riding on the success or failure of the bitcoin experiment in El Salvador.

The world is looking on, and it remains to be seen whether a failing fiat monetary system will have what it takes to destroy this first green shoot of resistance before it becomes strong enough to blossom and show other countries the path to economic freedom.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Advertisement Banner
Previous Post

Bastyon Inventor Daniel Satchkov Explains the Importance of Using an Open Source Social Media Platform – Interview Bitcoin News

Next Post

Solana Releases New Mainnet Version 1.8.14; More Upgrades Are Soon To Follow

CB4U

CB4U

Next Post
Solana Releases New Mainnet Version 1.8.14; More Upgrades Are Soon To Follow

Solana Releases New Mainnet Version 1.8.14; More Upgrades Are Soon To Follow

Discussion about this post

RECOMMENDED

DID THE FED JUST KILL BITCOIN?

DID THE FED JUST KILL BITCOIN?

7 months ago
Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA

Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA

1 day ago

DON'T MISS

TA- My Neighbor Alice Could Be Set For A Major Bounce

TA- My Neighbor Alice Could Be Set For A Major Bounce

August 9, 2022
Is Cardano Being “Aggressively Priced” An Understatement?

Is Cardano Being “Aggressively Priced” An Understatement?

August 9, 2022
3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix

3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix

August 9, 2022
Game dev explains why blockchain should be ‘invisible’ in P2E gaming: KBW 2022

Game dev explains why blockchain should be ‘invisible’ in P2E gaming: KBW 2022

August 9, 2022
Crypto Currency Bazaar 4u

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

TA- My Neighbor Alice Could Be Set For A Major Bounce

TA- My Neighbor Alice Could Be Set For A Major Bounce

August 9, 2022
Is Cardano Being “Aggressively Priced” An Understatement?

Is Cardano Being “Aggressively Priced” An Understatement?

August 9, 2022
3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix

3 Cryptos To Buy During The Dip Season: Dogeliens, Cardano, And Synthetix

August 9, 2022

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H