Hello Steemite family, today I come to you again after a while with this crypto news.

photo edited in canva source and created by AI

"El Salvador and its Bet on Bitcoin."

Detailed analysis:

In this publication, the controversy surrounding El Salvador's decision to adopt Bitcoin as legal currency is addressed, contrasting the criticism received with the economic benefits generated.

Criticisms of the Revolutionary Bet on Bitcoin ?

The press, mainly on the left, criticizes El Salvador's strategy with Bitcoin, without mentioning the depreciation of local currencies in other socialist countries.

While El Salvador is criticized for accepting Bitcoin, there is no mention of the currency crisis in other Latin American countries governed by the left.

Economic Benefits and Profitability ?

Despite criticism, El Salvador has achieved spectacular profitability with Bitcoin, generating significant profits and marking a success in its monetary policy.

The reported profits exceed $50.1 million and represent one of the greatest achievements in decades for Salvadoran monetary policy.

Justification and Objectives ?

El Salvador opted for Bitcoin to counteract the monetary depreciation caused by unbalanced fiscal policies and strengthen its financial position against governments that impoverish their citizens.

By separating itself from inflationary practices such as those of Argentina or Venezuela, El Salvador seeks to give more economic freedom to its citizens and break the traditional control of central banks.

Monetary Control and Financial Confidence ?

and

Analysis of Monetary and Fiscal Policy ?

photo edited in canva source and created by AI

Well it is discussed how governments use currency to cover up structural imbalances, which leads to the erosion of purchasing power.

Criticism of El Salvador for adopting Bitcoin as legal currency is contrasted with silence in the face of the destruction of the value of local currencies by other governments.

Impact of Government Decisions on Currencies ?

photo edited in canva source and created by AI

Governments use currency to hide state structural imbalances, resulting in an erosion of purchasing power.

Monetization of the government deficit can lead to a decrease in the value of the currency if there is no international credibility in the Central Bank and the government.

Criticism of El Salvador for Adopting Bitcoin ?

Despite criticism of El Salvador for accepting Bitcoin as legal currency, the devastation of purchasing power caused by other governments is overlooked.

Bitcoin stands out as an independent currency in the process of becoming a reserve, showing its potential against the destructive use of other currencies.

Wealth Transfer and Role of the State ?

Criticism focuses on those who seek to increase state control in the economy through monetary manipulation to transfer wealth to the public sector.

The state strategy of massive debt and monetary depreciation seeks to strengthen the State at the expense of the private sector.

Recognition for Innovative Decisions?

Despite aggressive criticism towards El Salvador for adopting Bitcoin, its financial success by making significant profits and managing successful investments stands out.

My Discord oscardavid79#0846

My Twitter @oscardavid79

Thank you for reading me grateful.....

^{Image modified in canvas .}

Let's remember to comment on my publication, I will gladly answer you.

This article is written by @OscarDavid79 free of copyright

Weekly Post Count #1 Saturday 16 / March 2024 / Time 12:21 am.