One community member interpreted the IMF’s move as a way to “scare other countries away” from adopting Bitcoin as a legal tender.
After visiting El Salvador, the International Monetary Fund (IMF) suggested that the host country seriously consider promoting the open-ended plan of bitcoin (BTC). All sectors of the community responded to the comments of the International Monetary Fund and sent out various messages calling on the organization.
First, dismissing IMF's opinion as a simple example of spreading fear, variability and concern, and then seeing it as a positive rising data signal for bitcoin companies, many members of the password community expressed their views on social platforms about IMF's persistent efforts to block El Salvador's bitcoin plan.
In one tweet, a community member made up a lie that the actions of the International Monetary Fund were a way to scare off other countries, and El Salvador had already shown that example. The Twitter user also urged others to choose BTC and helped shut down the central bank. They wrote on Twitter:
Although El Salvador has experienced a relentless bear market in the stock market, many other countries have become friendlier than the currency because of this resilience. For example, on November 29, 2022, the U.S. House of Representatives in Mexico approved a law that legalizes data encryption as a method of payment. The decree was signed by the President of Argentina on 22 December and is expected to take effect by the third quarter of 2023. However, unlike El Salvador, the law does not make bitcoin and other digital currencies in circulation in the country, but should be recognized as a method of payment.
In addition, another community member may have posted a comment on this issue, explaining some inconsistencies in IMF. For example, according to Bitcoin Xoe, the International Monetary Fund recognizes that El Salvador's GDP increase is expected to be higher than the historical time average. Even so, the group may have proposed abandoning bitcoin out of financial risk considerations.
Another Twitter user described the IMF's persistent efforts as "FUD". Members of the community feel that Bitcoin will move forward regardless of the opinion of the International Monetary Fund. On the other hand, a member of the community felt that this was a strong bitcoin rising data signal. The community member shows that the IMF's manipulation of developing countries has receded.
El Salvador has announced a lot of bitcoin plans in the country. On November 17th, the President of the United States of El Salvador, Nayb Bukeley, announced plans to buy a BTC, People's Daily. On January 11, China established a legal framework for bonds encouraged by bitcoin, known as "active volcano bonds", which will be used to repay sovereign debt and provide financial support for the establishment of a "bitcoin city".
There have been many other rapid developments in Bitcoin recently. On Feb. 14, the average block chain size of Bitcoin hit an all-time high. Before that, Bitcoin established an irreplaceable dynamic password agreement called serial number in January.
With the steady growth of the Bitcoin ecosystem in terms of capacity and user base, he has effectively strengthened his position in the expanding legal economy.