Ultimately, the Bitcoin thing is a drop in the bucket for El Salvador's problems. El Salvador currently uses the US dollar as their currency, which is why the Press is all Medium Mad and seething etc., about Bitcoin. You can't threaten that USD hegemony! That's an element you have to keep in mind any time you read about crypto anything - especially poorer nations adopting it.
Idk you've got to remember that when a country uses the USD as official currency, it's usually because the local currency has collapsed, due to sanctions, imperialism, incompetent and corrupt local leadership, or a combination of all of that. There's no other option at that point, because US global hegemony. At that point there's much bigger problems than a local currency, and trying to re introduce a local currency is pretty much guaranteed to fail. (See the Zimbabwean RTGS dollar from 2019-2020). Using a mix of relatively stable foreign currencies, such as the Chinese yuan, USD, Euro, currencies from more stable neigbouring countries, etc is the best option to avoid just using the USD until the underlying material causes of instability are fixed.
Yeah, BTC isn't great but USD is a shit coin. Be nice if countries would move away from the US's printing press & towards a more decentralized money. I get the allure.
Ultimately, the Bitcoin thing is a drop in the bucket for El Salvador's problems. El Salvador currently uses the US dollar as their currency, which is why the Press is all Medium Mad and seething etc., about Bitcoin. You can't threaten that USD hegemony! That's an element you have to keep in mind any time you read about crypto anything - especially poorer nations adopting it.
Idk you've got to remember that when a country uses the USD as official currency, it's usually because the local currency has collapsed, due to sanctions, imperialism, incompetent and corrupt local leadership, or a combination of all of that. There's no other option at that point, because US global hegemony. At that point there's much bigger problems than a local currency, and trying to re introduce a local currency is pretty much guaranteed to fail. (See the Zimbabwean RTGS dollar from 2019-2020). Using a mix of relatively stable foreign currencies, such as the Chinese yuan, USD, Euro, currencies from more stable neigbouring countries, etc is the best option to avoid just using the USD until the underlying material causes of instability are fixed.
Yeah, BTC isn't great but USD is a shit coin. Be nice if countries would move away from the US's printing press & towards a more decentralized money. I get the allure.
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