good morning from El Salvador!

The IMF deal with El Salvador has split the Bitcoin community That's fine. We are all on this for different reasons and this helps clarify that and will help each of us find our tribe If you are in this because you see Bitcoin as a tool to empower, then we are in the same tribe If you think small, opaque groups of elite should continue to dictate to the rest of the world, you are in a different tribe Clarity is a good thing. Onward!

Good morning! We are now in DAY FIVE since El Salvador rescinded Bitcoin as legal tender, at the request of the IMF There continues to be a lot of misunderstanding about what happened on Wednesday, so it might be worth giving a brief overview In 2021 El Salvador made history by becoming the first nation in the world to adopt Bitcoin as legal tender. The president, Nayib Bukele, aided by @jack mallers announced this to much fanfare at the largest bitcoin conference in the world. In the next days the president did a sort of media tour, appearing on various twitter spaces and podcasts to champion the new law Fast forward 3+ years In December of 2024 El Salvador and the IMF announced a draft agreement for a loan which came with various conditions, many relating to Bitcoin in El Salvador The way IMF loans work, the nation needs to conform to various conditions before the agreement becomes official and any payments are disbursed. The revisions passed Wednesday were sent by the president and was passed with no discussion or comment. There was no media tour, in fact there has been almost no information at all from the govt The IMF takes away a nation’s sovereignty. The law changes passed Wednesday and other changes to come are at the behest of the IMF, so it makes sense they would not be very keen to draw attention to this, but still, the silence has been deafening. It has also created a lot of confusion Some quick facts: - The laws passed on Wednesday need to be published in the Official Gazette, then 90 days from that date they will become law. This is standard for El Salvador. For example, the 2021 Bitcoin Law was announced and passed in June but went into effect in September. - No word on when the new law will be published, but likely this week. - Once these new laws go into effect Bitcoin will cease to be legal tender in El Salvador - The govt will no longer accept Bitcoin as payment for anything (taxes, immigration fees, etc.) - The government Bitcoin wallet application, Chivo, will be sold - The loan will be disbursed over a 40-month period and in that time the IMF will have deep access to anything related to the terms of the agreement and effectively have to approve any changes/ may mandate further changes from the government to conform to the terms In addition to the above, there may be further changes related to this line in the draft agreement: For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined. Due to the lack of communication, it is pure speculation how this will be interpreted. It’s possible that the above changes will be enough to satisfy this line. It’s also possible El Salvador will be forced to make further concessions. Hopefully the government gains its voice back and can clarify the various changes, but otherwise it will months of close observation before we can fully understand the impact

Good morning from El Salvador We are now in DAY FOUR since the government rescinded Bitcoin as legal tender, at the request of the IMF Today, I want to share resources to help people understand how the IMF operates. Their primary purpose is not to give loans, it is to exert control and influence. IMF loans are not just simple loans. The loans are just a means to the end. For example, many people seem to believe that via ‘creative accounting’ El Salvador could spend the loan on whatever they wish, including say, bitcoin. Again, this is not about money, it is about power. The IMF will decide if the terms are being met and they will have wide discretion. For example, from the draft agreement, For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined. (screenshots below from draft agreement terms) That’s not super well defined. That’s by design. The IMF is the judge, jury and executioner. The IMF, not El Salvador, will determine if they run afoul of any terms, such as the line about ‘public sector engagement’ quoted above What would happen if El Salvador took the loan and used it in a way that did not ‘confine’ bitcoin use (as determined by the IMF)? First the money would stop—the loan is scheduled to be disbursed over 40 months and the IMF will continually checkup to make sure El Salvador is abiding by the terms. The IMF will have deep access to the government and significant influence over anything relating to the agreement’s terms. Second, if the IMF determines El Salvador is in breach, the nation will be ostracized from the global power structure much worse than previous. This isn’t about a law being changed, this is about who changed it. El Salvador’s govt passed the law, but they were on orders from the IMF. This is about sovereignty. Please educate yourself about the IMF and how it influences our world and shapes our future. Here is a thread of community-sourced resources from the DAY THREE post yesterday…

You know what quietly happened a few hours before this tweet? The president sent a bill to the Assembly which was passed without discussion and which, among other things, rescinded Bitcoin as legal tender, at the behest of the IMF. Now, the only legal tender here in the US Dollar I'm sure that's just a coincidence that the leader of one of the world's largest buyers of US treasuries was meeting with the president then. Nothing to see here...

Good morning from El Salvador We are now in Day Three since the government rescinded Bitcoin as legal tender, at the request of the IMF Some updates... After skipping a few days for the first time since the 'bitcoin-a-day' program began, the govt seems to have made up for it and purchased 5 bitcoin yesterday. No word on what happened earlier in the week, but good to see they are back on track. As far as I can tell, this program will not be affected by the IMF deal, at least not at first, though we shall see No other updates from on the ground, but in being very vocal in my opposition to removing legal tender status at the behest of the IMF I have learned a lot about the Bitcoin community. One major surprise is how little Bitcoiners seem to know about how the IMF works This isn't just some loan. This isn't about the law changes El Salvador quietly pushed through earlier this week. This is about power, and how much leverage the IMF now has in determining El Salvador's future. If the govt decided, you know what, we need to update some laws. Great. But, that's not what happened. They are now making law changes cause Daddy IMF wants it, not cause they do. Expect more of the same now. This is the IMF playbook, always has been Some background on me: I've been strongly opposed to the IMF since 2001 when I first realized thier actual role in the world. For more than two decades I've been protesting them. Literally. My first IMF related arrest was in 2002. I never worked for them, but I worked for the UN and UNICEF for over 10 years and got some insight into the global bureaucracy that the IMF was born out of. I've also travelled the globe--to more than 70 nations--, working as a journalist and seeing with my own eyes how the IMF has shaped the world When I first heard about Bitcoin, I understand its potential instantly. I literally sold everything I had (which as a nomadic anarchist was not much) and went all in (I lost that entire first purchase when the exchange was hacked and later, the UK govt seized all my assets cause I was selling p2p bitcoin and they didnt like one of my customers). I understood Bitcoin immediately as a solution because I was already neck deep in the problem, which is best represented by the IMF and how they use 'loans' to control the world and shape our future. There was only one other time in my life when I dropped everything and went all in. El Salvador in 2021, when they announced Bitcoin as legal tender, and implicitly, gave the finger to the IMF. I've built a life here. My son was born here. Whatever its faults, that this nation was willing to resist the IMF made this place incredibly special to me. Maybe you can understand why this news has hit me so hard But I digress. I had wrongly assumed that the why & the how of the IMF was widely known among Bitcoiners. I've come to realize over the past few days that most think of the IMF as simply an organization that gives loans to nation states I'm going to write more in the coming days and weeks about the IMF to try and help people understand how that org works. Any good beginner resources to recommend for those just getting started?

Day two of Bitcoin no longer being legal tender in El Salvador. Some updates... There are a lot of people who seem to misunderstand what Legal Tender means and also how IMF loans work Bitcoin is no longer legal tender, anyone claiming the contrary is at best misinformed. I've attached what the actual law changes are so you can read for yourself that the language was changed, removing all references as bitcoin as money or legal tender, plus the actual conditions, such as the govt accepting bitcoin for things such as taxes, are now prohibited. I've also attached a screenshot of what the definition of legal tender is El Salvador will not be able to buy Bitcoin with the loan, either direct or indirect. This is just an ignorant cope from a lot of bitcoiners tbh. Yes, money is fungible but the IMF isn't evil because they are dumb. They set the terms and it is at their sole discretion if the sprit of those conditions are being met. This isn't my opinion this is literally how every IMF loan has been structured for decades. Read a book. I'm so tired of seeing this cope. I will once again offer this: if you think I'm wrong and that El Salvador will take this money and then use it, either direct or indirect, to buy bitcoin, then let's bet 1 Bitcoin on it. If you're right, I send you one bitcoin. If you're wrong, you donate one bitcoin to @My First Bitcoin What about the one bitcoin per day program? I don't know. The language of the draft agreement doesn't seem to prohibit the continuation of that program and therefore I would have presumed that it would continue. That said, the fact they have been skipping days for the first time ever and with zero explanation makes me wonder. There is a screenshot of a three day gap in purchases from earlier this week and you can look this all up yourself on the blockchain of course Final thoughts: The IMF is the enemy. Yesterday, today, tomorrow and EVERY DAY. This isn't necessarily about the content of the changes it's about making a deal with the devil. If you lay down with dogs, you get fleas

As of today, Bitcoin is no longer legal tender in El Salvador I'm sure Daddy IMF is pleased

'...that strengthens the US dollar...' The US govt buying Bitcoin & the growth of USD stable coins will extend the US empire. They are literally saying that. Is that what you want? I sure as hell don't I'm here to make the US empire irrelevant. Decentralization, empowering the individual & proof-of-work will be the foundation of a better future. US Govt stockpiles & pseudo CBDCs are the opposite of that As @Jeff Booth says, 'bitcoin is your enemies money.' But that doesn't mean we have to encourage them

A decade ago, I was a journalist, paying for grad school in England by selling p2p bitcoin This was one of the first articles I wrote for a mainstream outlet that was about bitcoin--or rather, it was about the Silk Road and how lessons there (it DECREASED violence in the drug trade) might apply to other illicit markets Silk Road is such an important part of Bitcoin's early history. We wouldn't be here today without it, not even close This is why I'm so passionate about #FreeRoss He's a hero Welcome home Ross!

As I leave Colombia I'm reflecting back What a wild & inspiring few days... On Monday I sent out the 'Welcome Docs' to the brand new @My First Bitcoin Advisory Board and asked which dates everyone would be free in the next weeks for a call Turns out all three--@Jeff Booth, Mike Peterson & @Jeremy Almond--would be attending the Medellín Bitcoin Cinference. I made some last minute arraignments and joined them so we could all meet in person The meeting was insightful & inspiring. We have an opportunity to reimagine what's possible. We have a chance to avoid repeating all the same mistakes that brought the fiat world to it's current state And it starts with introductory bitcoin education It must have transparent funding sources that will align the incentives so that students learn how to think and NOT what to think. It must be decentralized This is already what we have been building toward for 3+ years, but we are now entering a time when it will become ever more crucial. Bitcoin education must be independent. It must be impartial. It must be community-led I left that meeting inspired, but two days later, I leave Colombia even more inspired I met various Colombians who have these values and are already teaching the #BitcoinDiploma to their own communities, and met even more who are planning to begin A better world isn't just coming, the foundations are already being laid

Vision for 2025 For @My First Bitcoin This year is going to be massive for bitcoin adoption. Institutions and governments are coming in a big way. We need to be a counterweight to that. We need to entrench the importance of grassroots bitcoin education in 2025, because 2026 may be too late. This is our year to show that, one, this is happening in El Salvador & around the world, two, it is growing, three (to our allies), it is extremely valuable and worth defending and supporting, three (to our adversaries), you can’t stop us. This year we transform from a project into a movement. The way we will primary do that is much of the same—proof of work. We need to keep SHOWING & building. In addition, we need to do a better job TELLING. And the later will manifest itself in several ways in addition to what we already do there, including a newsletter, media coverage, an updated website with the various boards and their notes, and writing our own history. We also need to continue to build out global infrastructure for the movement. Our end goal is to make ourselves irrelevant—to live in a world where empowered individuals are the norm. An early step toward that is within the Node Network, and empowering others there rather than doing the work for them. This is one of the key ways we can transform from a project into a movement. Another step on that journey is to build alliances and coalitions with others. One way to do this officially is via the Advisory Board and other governance layers such as the Board of Directors and the Assembly. Including people from ‘outside’ the project, but who are still ‘inside’ the movement will accelerate and entrench this. We will scale, not by consolidating power & authority, but by giving it away. We need to open-source everything. This SHOWS that we are serious when we say the world can be different and we want to provide an example. The transparency that comes with this will hold us accountable and improve communication. It shows that this is about something bigger than us and transforms a project into a global movement. When adopted by others it entrenches the idea across borders and around the world and makes the movement more powerful and harder to stop.