World Bank Slams Bitcoin, Declines to Help El Salvador's Cryptocurrency Plan | Saylor Files with SEC for $1B MicroStrategy Stock Offering
Top stories and news you should know in the bitcoin, crypto, and decentralized markets
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The timing is never good. Who knows if it's going to go up? I don't care about the bitcoin price. I care more about the blockchain technology and how disruptive it could be. The way those markets are developing could be a real interesting adjacency to what we do…
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El Salvador moved to adopt a dual currency system with Bitcoin and the US Dollar being accepted as legal tender, upsetting many in the academic and financial communities who’ve said it could not and would not be done, period.
The IMF and World Bank have said they will not help with their new system, so it will not be easy for them but the reward will be so much better that they access bitcoin and its technology that can’t be manipulated by central banks or their fellow cronies.
World Bank Slams Bitcoin, Who’s It Really Protecting?
Last week the government of El Salvador passed a law to accept bitcoin (BTC) as legal tender alongside the world’s reserve currency, the US Dollar (USD).
In a monumental move, El Salvador’s decision to accept BTC was a major step forward for them to get away from rising inflation, interest rate fluctuations, and being mostly unbanked to “become their own bank” with bitcoin. The IMF first made a statement from a spokesmen, Gerry Rice, saying at a press briefing that there was a number of macroeconomic, financial, and legal issues that require very careful analysis. This week, the World Bank didn’t hold back in declaring, “We are committed to helping El Salvador in numerous ways, including for currency transparency and regulatory processes, while the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.” Central banks, the IMF, and the World Bank as privately owned institutions, independent from governments, managed by unelected bureaucrats are protecting their own power by maintaining the status quo because bitcoin has embarrassed them by doing more in ten years has than they could have ever accomplished in more than one hundred years.
Bitcoin goes against the Luddites’ old financial canon of infinite money, closed-off networks of influence, and power over the interest rates for rent-seeking people’s own money. The man behind the brilliant move that helped El Salvador make a giant leap for humankind, Jack Mallers, showed them the benefits and possibilities that bitcoin can bring them not only as an asset but as a network with the ability to enable the Bitcoin Lightning Network for scalable off-chain instant payments. In short, it speeds up the time a bitcoin transaction takes place by doing it over another layer above the bitcoin core protocol to allow users to make peer-to-peer payments at very little cost.
These developments with the Lightning Network and Jack Maller’s Strike app allows people to convert their BTC to USD or their local currency in a frictionless manner that is not gated and guarded by banks, borders, fees, or slow settlement times. Forcing another nation and people to use a broken currency that has increased its total issuance by 40% over the time that bitcoin has existed like the US Dollar has not only is evil, but it is morally against what central banks, IMF, and World Bank claim to be fostering in their work within the global economy. Those institutions give people a false idea of belief that they are there to help them by bringing value and stability, but in reality the truth is that they are instilling a slow deliberate demoralization of the population by making them hold a currency that depreciates in value until they as debtors must resort to extreme measures to survive such as forced labor or selling off their natural or precious resources in order to meet loan obligations to their creditors.
There is a reason why bitcoin-ers say, “Fix the money. Fix the world.” It is because their firm belief that a currency that is as secure and sound as bitcoin with an auditable blockchain and open source code that anyone can run beats the current financial system that’s basically operated by a black box dictated by a select group of people who dilutes the money supply as well as destroys and pollutes the environment in orders of magnitude more than Bitcoin. The market is telling a story that the better money wins out because bitcoin versus the US Dollar not only outperforms it, but BTC also incentivizes better behavior and decision-making, cleaner energy sources, and an engaged as well as enhanced society that is free from the burdens of corruption, censorship, unbridled inflation, steep fees, high barriers to entry, and slow payments.
If central banks like the Federal Reserve along with the IMF and World Bank were as smart as they claim, they would have prevented or softened the massive blows from Black Tuesday in 1929 or the Global Financial Crisis of 2008 to name a couple instances of their ignorance. They want people to think that bitcoin has environmental and transparency shortcomings, but the fact is that the US Dollar is backed by Saudi oil as well as the United States military complex while being printed on paper that’s made from trees so maybe it is the one that needs to reexamine its priorities.
El Salvador with their Bitcoin Bill, including the two articles above, delivered a major shot over the bow of the central banks, IMF, and World Bank.
TL;DR — The powers at be in the financial system are figuring out what they’re going to do as nations are waking up to their lies, illusions, and sleight-of-hand.
Bitcoin Beach @BitcoinbeachIs #ElSalvdor playing 4D Chess with World Bank? https://t.co/131U5BNrSL
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The famed hedge fund manager and investor that advises the Federal Reserve on CNBC this week said that he would “go all in on inflation trades” if the U.S. Federal Reserve keeps discounting rising consumer prices. Jones clarified his inflation trades saying, “I’d probably buy commodities, buy crypto, buy gold.” He continued on to say why he likes bitcoin as a great way to protect wealth over the long run, comparing it to gold, and why he upped his bet on bitcoin from 1% to 2% of his total assets under management to a target allocation that is 5% bitcoin…
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BitMEX Research @BitMEXResearchBitcoin's softfork Taproot upgrade is now locked-in!!! https://t.co/2ENYz4eLZu #taproot https://t.co/XKdCkO8TuU
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