One community member interpreted the IMF’s move as a means to “scare other countries” by legalizing Bitcoin.
After a visit to El Salvador, the International Monetary Fund (IMF) has advised the country to consider new plans to increase its exposure to Bitcoin.
The community responded to the IMF’s recommendations with messages. which appeals to the institution
Since dismissing the IMF’s recommendations as a simple case of fear-mongering uncertainty and doubt, or “FUD”, has been interpreted as a strong positive signal for BTC. Members of the crypto community have taken to social media to express their feelings about the IMF’s efforts to discourage El Salvador’s plans. For Bitcoin
In a tweet, a community member argued that the IMF’s move was a way to “scare other nations”. As an example of El Salvador, Twitter users urged others to use BTC and help close the central bank. He tweeted:
Despite the unforgiving bear market El Salvador was impressed by its resilience but other countries for example, on November 29, 2022, the House of Representatives in Brazil approved a law legalizing crypto as a means of payment. The bill was signed by Brazil’s president on December 22 and is expected to enter into force before the third quarter of 2023. However, the law does not legalize BTC and other cryptocurrencies in the country. Unlike El Salvador but will be recognized as a payment method
Meanwhile, another member of the community also commented on the matter. It mentions some of the anomalies of the IMF. For example, according to Bitcoin Xoe, the IMF admitted that El Salvador’s GDP is expected to grow above historical averages.
Another Twitter user described the IMF’s efforts as “FUD.” Community members believed that Bitcoin would continue to ignore IMF recommendations. On the other hand, community members argued that this is a strong bullish sign for Bitcoin, according to members. Within the IMF community, holdings in developing countries are declining.
Related: Does the IMF own cryptocurrencies?
El Salvador has announced several plans for Bitcoin in the country. On November 17, Salvadoran President Naib Bukele announced his plan to buy one BTC per day. Bitcoin-backed, known as “volcanic bonds”, the funds will be used to pay off sovereign debt and build a “Bitcoin City”.
There have been many other developments in Bitcoin since the end of the year. On February 14, Bitcoin’s average block size hit a new all-time high. The trend followed the creation of Bitcoin’s non-fungible token protocol called Ordinals in January.
As the Bitcoin ecosystem continues to grow in terms of capacity and user base, it continues to strengthen its position in the ever-growing economy.