Funny times we are living. Since the announcement that El Salvador would be adopting Bitcoin as legal tender, global organizations like the IMF have been on the attack. Spreading fear uncertanty and doubt that Cryptocurrencies could threaten the macroeconomic security and stability of the world.
This did not seem to phase El Salvador. On the day their Bitcoin laws went into effect they added to the countries Bitcoin stash and the president of El Salvador even went as far as to troll the IMF.
The following day, the US treasury announced that it is on track to default on its debt sometime in october. Treasury secretary Yellen said that the treasury would likely run out of cash in the coming weeks and exhaust its extrodinary spending measures to keep the country within its legal borrowing limits. I have a feeling some Salvadorans may be thankful their country dedcided to ditch the us dollar after reading this news.
Link to Us Treasury news article:
https://www.msn.com/en-us/news/politics/government-will-run-out-of-money-in-october-leading-to-shutdown-if-debt-ceiling-not-raised/ar-AAOegeI
