Okay, the govt of El Salvador is directly contradicting itself regarding how Bitcoin policy will change as a result of a loan agreement with the IMF Let me show you. I brought receipts Yesterday the IMF released a detailed (111 page) document outlining the agreement and supporting documentation This includes a Letter of Intent (LOI) from, and signed by, the government of El Salvador dated Feb 11th. It outlines various financial reforms they intend to make as part of them asking for an IMF loan [screenshot1/ pages 68-69]. The El Salvador govt details the changes they are proposing, including the line "....as per agreement with the IMF, we will no longer accumulate new Bitcoins in our portfolio." [screenshot 2/ page77] Clear definitions of what is considered 'the public sector' as well as a mandate prohibiting ANY new bitcoin accumulation (except via seizure) is additionally outlined [screenshot3/ page89] That was released yesterday. Today, seemingly in response to Bitcoiners reading the agreement and pointing out various changes that were agreed upon, the president tweeted that Bitcoin accumulation is 'not stopping' [screenshot4] So, WTF is happening? The El Salvador govt is disagreeing with itself--simultaneously saying they will stop accumulating Bitcoin AND that it is 'not stopping' It's impossible for both to be true

Replies (26)

Buckleys's avatar
Buckleys 9 months ago
Well they’re technically disclosing it by shitposting.
Cpt. Charisma's avatar
Cpt. Charisma 9 months ago
I think there is probably some loop hole or misunderstanding. However, if not, do you think Bukele is more likely to be lying to the IMF or his own people?
_DannyS's avatar
_DannyS 9 months ago
Interesting strategy Cotton, let's see how it plays out.
They're not buying **new** bitcoin, they're buying **old** bitcoin, from the market, not new ones from miners.
John Dennehy's avatar John Dennehy
Okay, the govt of El Salvador is directly contradicting itself regarding how Bitcoin policy will change as a result of a loan agreement with the IMF Let me show you. I brought receipts Yesterday the IMF released a detailed (111 page) document outlining the agreement and supporting documentation This includes a Letter of Intent (LOI) from, and signed by, the government of El Salvador dated Feb 11th. It outlines various financial reforms they intend to make as part of them asking for an IMF loan [screenshot1/ pages 68-69]. The El Salvador govt details the changes they are proposing, including the line "....as per agreement with the IMF, we will no longer accumulate new Bitcoins in our portfolio." [screenshot 2/ page77] Clear definitions of what is considered 'the public sector' as well as a mandate prohibiting ANY new bitcoin accumulation (except via seizure) is additionally outlined [screenshot3/ page89] That was released yesterday. Today, seemingly in response to Bitcoiners reading the agreement and pointing out various changes that were agreed upon, the president tweeted that Bitcoin accumulation is 'not stopping' [screenshot4] So, WTF is happening? The El Salvador govt is disagreeing with itself--simultaneously saying they will stop accumulating Bitcoin AND that it is 'not stopping' It's impossible for both to be true
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NB is a renegade with big orange #bitcoin balls. I think he is going to try to have it both ways. If he stacks enough Coin, he can pay the vampires back with the proceeds from that.
Emery's avatar
Emery 9 months ago
Technically they didn’t use the borrowed money to buy bitcoin. It was from a different stash. Kinda like my girlfriend who goes to a different school and that’s why you have never seen her.
db's avatar
db 9 months ago
must be a glitch in the matrix
JustinErtia's avatar
JustinErtia 9 months ago
He met with Saylor in person a few weeks ago. No need to increase his custodied btc when he can indirectly acquire it via the bond options from MSTR?
Judge Hardcase's avatar
Judge Hardcase 9 months ago
Judge Hardcase's avatar Judge Hardcase
I'm curious if El Salvador's Bitcoin Office "piggy bank" doesn't nearly represent all - or even most - of the BTC El Salvador has already acquired (presumably, mostly through their mining operation). After all, Bhutan has reportedly managed to mine way more than 6100 BTC over the past few years. What if Bukele's plan is to slowly transfer what could easily be 1000s of BTC proceeds from their past mining operations to their public address; and, continue to call it their "daily purchase" (making him a hero figure by appearing to defy the IMF; while in actuality, complying to their terms for the loan)? What if that's effectively all he's been doing all along anyway? Of course, this is only a hypothesis; but, I haven't seen the evidence that would falsify it. To the contrary, even Bukele's original announcement of the publicly disclosed "piggy bank" characterized it as only "a big chunk" of their holdings.
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I don't understand how they are reconciling the two either. It doesn't appear as though they will spell it out though. Did the IMF get rugged then by ES?
I also picked up on that however I didn't see what the cap was set at or possibly missed that as was a long read??? I also picked up on the low reserves in the Central Bank here where a large portion of the loan seems to be headed Its also my understanding that the loan is in SDRs not $USD The danger is that they are possibly setting up structure for future financing through IMF ?? Maybe we will see the IMF debt restructured through Michael Saylor or even a P2P loan through Bitfinex or Ledn ??? Is not that much in terms of available Liquidity in those platforms That would be gangster!!!!! I live in hope
maybe I'd think the IMF wouldn't like that though, and may consider the agreement broken then. maybe not? idk why enter an agreement if you plan to immediately break it? wouldn't just ignoring them be better? it doesn't add up