--START--Bitcoin community planning to give El Salvador $1 billion?

Bitcoin community

The Bitcoin community may be planning to give El Salvador $1 billion after the country made Bitcoin a legal tender.

Although the $1 billion the Bitcoin community will give El Salvador would be a loan and not a gift, the idea is a brainchild of Max Keiser.

Keiser tweeted that Bitcoiners can arrange a $1 billion lending facility stop-gap for El Salvador.

He said this on Thursday while fuming at the International Monetary Fund (IMF) concerns about El Salvador making Bitcoin a legal tender and how the Central American country could be at the mercy of the International organization.

I’m sure #Bitcoiners can arrange a $1 billion lending facility stop-gap for El Salvador. The IMF can go f*** themselves. https://t.co/oHxwkpeCx1

— Max Keiser’s “F*CK ELON” show – Austin, July (@maxkeiser) June 10, 2021

IMF, El Salvador, Bitcoin: How El Salvador may be at IMF’s mercy

Recall that the Central American country just made Bitcoin a legal tender on Wednesday. It meant that BTC will have an equal footing with the dollar in the country after USD became El Salvador’s official currency 20 years ago.

However, the IMF on Thursday expressed concerns about El Salvador making BTC a legal tender. It said it has a number of economic and legal concerns regarding the move from El Salvador to make Bitcoin a parallel legal tender.

“Adoption of Bitcoin as legal tender raises a number of macroeconomic, financial and legal issues that require very careful analysis,” said Gerry Rice, an IMF spokesman, during a scheduled press briefing.

“We are following developments closely, and we’ll continue our consultations with the authorities.”

The IMF spokesperson said afterward that they will meet El Salvador President, Nayib Bukele to discuss the Bitcoin law. Meanwhile, El Salvador is in discussions with the IMF seeking a near $1 billion program.

This angered Max Keiser and prompted his call that the Bitcoin community may eventually have to loan El Salvador the $1 billion to free them from the hands of the IMF.

Bukele undeterred after making Bitcoin legal tender in El Salvador

Bukele the country’s president appears undeterred in integrating Bitcoin into Salvadorians lives and the economy of the country.

President Bukele during an interaction with Bitcoin community on Twitter after the parliamentary process, he was asked about the possibilities of Bitcoin mining in the country owing to its hydro and volcanic energy. The president said he has not given any thought to mining but assured that he will look into the possibilities of Bitcoin mining using volcanic energy.

Early on Thursday, he announced that he has spoken with the president of the geothermal electric company to make way for Bitcoin mining using volcanic energy.

He appears ready to make El Salvador an entire haven for Bitcoin activities.