{"code":"27741","sect":"El Salvador","sect_slug":"el-salvador","hits":"833","link":"https:\/\/elfaro.net\/en\/202502\/el_salvador\/27741","link_edit":"","name":"Faithfuls Cling to \u201cBitcoin Country\u201d after IMF Deal Nixes Bitcoin","slug":"faithfuls-cling-to-ldquo-bitcoin-country-rdquo-after-imf-deal-nixes-bitcoin","info":"In the bitcoin world and official narrative, El Salvador is a tech pioneer, success story, and free speech paradise. That El Salvador is actually a country afraid to express opinions on official matters, and that, by order of the IMF, bitcoin is no longer legal tender, is a side note.","mtag":"Politics","noun":{"html":"Nelson Rauda Zablah","data":{"nelson-rauda-zablah":{"sort":"","slug":"nelson-rauda-zablah","path":"nelson_rauda_zablah","name":"Nelson Rauda Zablah"}}},"view":"833","pict":{"cms-image-000041509-jpg":{"feat":"1","sort":"41509","name":"cms-image-000041509.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041509.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041509.jpg","back":"","slug":"cms-image-000041509-jpg","text":"<p>Milena Mayorga, on the far right, participates in the panel\u00a0\u201cThe global race to accumulate bitcoin\u201d at the Plan B Forum on Jan. 30, 2025, in San Salvador. Photo Nelson Rauda<\/p>","capt":"\u003Cp\u003EMilena Mayorga, on the far right, participates in the panel\u00a0\u201cThe global race to accumulate bitcoin\u201d at the Plan B Forum on Jan. 30, 2025, in San Salvador. Photo Nelson Rauda\u003C\/p\u003E"},"cms-image-000041510-jpg":{"feat":"0","sort":"41510","name":"cms-image-000041510.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041510.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041510.jpg","back":"","slug":"cms-image-000041510-jpg","text":"<p>Milena Mayorga, El Salvador's ambassador to the United States, after her speech at the LaBitConf conference held in San Salvador in November 2021. Photo Carlos Barrera<\/p>","capt":"\u003Cp\u003EMilena Mayorga, El Salvador's ambassador to the United States, after her speech at the LaBitConf conference held in San Salvador in November 2021. Photo Carlos Barrera\u003C\/p\u003E"},"cms-image-000041511-jpg":{"feat":"0","sort":"41511","name":"cms-image-000041511.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041511.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041511.jpg","back":"","slug":"cms-image-000041511-jpg","text":"<p>Valdez stated that 504 businesses accept bitcoin as payment throughout the country, less than 1 percent of registered companies, during the Plan B Forum conference on Jan. 31, 2025. Photo Press Office of the Presidency<\/p>","capt":"\u003Cp\u003EValdez stated that 504 businesses accept bitcoin as payment throughout the country, less than 1 percent of registered companies, during the Plan B Forum conference on Jan. 31, 2025. Photo Press Office of the Presidency\u003C\/p\u003E"},"cms-image-000041512-jpg":{"feat":"0","sort":"41512","name":"cms-image-000041512.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041512.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041512.jpg","back":"","slug":"cms-image-000041512-jpg","text":"<p>Peter DeSoto, Rom\u00e1n Mart\u00ednez, and Michael Peterson, founders of \u201cBitcoin Beach\u201d, pose with Minister of Tourism Morena Valdez. Photo Press Office of the Presidency<\/p>","capt":"\u003Cp\u003EPeter DeSoto, Rom\u00e1n Mart\u00ednez, and Michael Peterson, founders of \u201cBitcoin Beach\u201d, pose with Minister of Tourism Morena Valdez. Photo Press Office of the Presidency\u003C\/p\u003E"},"cms-image-000041513-jpg":{"feat":"0","sort":"41513","name":"cms-image-000041513.jpg","link":"https:\/\/elfaro.net\/images\/cms-image-000041513.jpg","path":"https:\/\/elfaro.net\/images\/cms-image-000041513.jpg","back":"","slug":"cms-image-000041513-jpg","text":"<p>Rom\u00e1n Mart\u00ednez, originally from El Zonte, has promoted a real estate boom in the beach area, aimed at foreigners and bitcoin enthusiasts. Photo courtesy of Plan B Forum<\/p>","capt":"\u003Cp\u003ERom\u00e1n Mart\u00ednez, originally from El Zonte, has promoted a real estate boom in the beach area, aimed at foreigners and bitcoin enthusiasts. Photo courtesy of Plan B Forum\u003C\/p\u003E"}},"pict_main__sort":41509,"date":{"live":"2025\/02\/10"},"data_post_dateLive_YY":"2025","data_post_dateLive_MM":"02","data_post_dateLive_DD":"10","text":"\u003Cp dir=\"ltr\"\u003E\u003Cem\u003E\u003Ca href=\"\/es\/202502\/el_salvador\/27738\/los-bitcoiners-se-aferran-a-bitcoin-country\"\u003ELeer en espa\u00f1ol\u003C\/a\u003E\u003C\/em\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EA day after El Salvador \u003Ca href=\"\/en\/202501\/el_salvador\/27724\/with-a-stroke-of-the-pen-bukele-rewrites-constitution-to-allow-changes-at-will\"\u003Eeliminated bitcoin as legal tender\u003C\/a\u003E, the only government official to have spoken out on the matter entered a huge hotel room in San Salvador packed with cryptocurrency enthusiasts. Confronting people to whom a promise was broken might seem like a bad idea. But Milena Mayorga, El Salvador\u2019s ambassador to the United States, came in fresh, as if nothing had happened, for a presentation entitled \u201cThe Global Race to Accumulate Bitcoin.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cWelcome to the Bitcoin Country,\u201d said Mayorga. She spoke in the present tense. \u201cWe are adopting bitcoin. We have a special law,\u201d she said. That law, \u003Ca href=\"\/en\/202412\/ef_audio\/27687\/Podcast-With-IMF-Deal-Bukele-Rolls-Back-Bitcoin-Ambitions.htm\"\u003Efollowing the reforms of January 29\u003C\/a\u003E, says that prices \u201cmay be converted into bitcoin.\u201d It\u2019s a truism: They could also be converted into euros or yuan or pounds sterling, without the need for a law. It is as legal to pay for things in bitcoin here as it is in Nigeria or Argentina, which do not have \u201cspecial laws.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EBut nobody batted an eye. The panel, which included people in serious positions, such as the mayor of Vancouver, nodded along as Mayorga gave her version of what happened. \u201cWe have the law, adoption, Chivo Wallet. You can go and buy a hamburger with bitcoin anywhere. President Bukele is buying one bitcoin every day. It\u2019s hard for anyone to take our place. We are way ahead,\u201d she said.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=3000&ImageId=41509 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Milena Mayorga, on the far right, participates in the panel\u00a0\u201cThe global race to accumulate bitcoin\u201d at the Plan B Forum on Jan. 30, 2025, in San Salvador. Photo Nelson Rauda\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Milena Mayorga, on the far right, participates in the panel\u00a0\u201cThe global race to accumulate bitcoin\u201d at the Plan B Forum on Jan. 30, 2025, in San Salvador. Photo Nelson Rauda \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EMayorga lined up three lies in a row, or, let\u2019s say, exaggerations.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe law she mentioned has no teeth: It prohibits the state from accepting bitcoin payments, one of the conditions of the International Monetary Fund (IMF) for the \u003Ca href=\"\/en\/202412\/ef_audio\/27687\/Podcast-With-IMF-Deal-Bukele-Rolls-Back-Bitcoin-Ambitions.htm\"\u003Edisbursement of a $1.4 billion agreement\u003C\/a\u003E. Although McDonald\u2019s does accept bitcoin payments, it is not true that you can buy a hamburger with cryptocurrency anywhere. Adoption is a myth. According to a survey by the Central American University, 85 percent of Salvadorans \u003Ca href=\"https:\/\/www.laprensagrafica.com\/economia\/El-85--de-salvadorenos-no-utilizo-el-bitcoin-en-2023-20240112-0096.html\"\u003Edid not use bitcoin in 2023\u003C\/a\u003E. President Bukele admitted in \u003Ca href=\"https:\/\/time.com\/7015598\/nayib-bukeles-iron-fist-el-salvador\/?linkId=569083965\"\u003ETime Magazine\u003C\/a\u003E that bitcoin \u201chas not had the widespread adoption we expected.\u201d And, according to one of its developers, \u003Ca href=\"\/en\/202212\/el_salvador\/26601\/The-Inside-Story-of-How-El-Salvador%E2%80%99s-Official-Crypto-Wallet-Crashed-and-Failed.htm\"\u003Ethe Chivo Wallet is a spectacular failure\u003C\/a\u003E, causing \u201ca hemorrhage of public money,\u201d which the government has to eliminate or sell, under the terms of its agreement with the IMF.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EReforming the Bitcoin Law at the request of the IMF must be the least bitcoin-like thing there is. Bitcoin was created in the aftermath of the 2008 financial crisis. It is an invention of libertarian programmers, whose idea is to separate money from the state, to make financial transactions without intermediaries. The IMF is the bogeyman of bitcoiners, the symbol of the status quo, the ultimate video game villain. Max Keiser, Bukele\u2019s top bitcoin advisor, \u003Ca href=\"https:\/\/x.com\/sovmindset\/status\/1885683020394369503\"\u003Esaid in early January\u003C\/a\u003E that the IMF is \u201can organization of financial terrorism. They think they can print money and influence other people. What kind of sick fucks are they?\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EBut such technicalities of the truth have no place in Plan B Forum, a cryptocurrency conference that sold out tickets and decorated the Sheraton Hotel and the Marte Museum, in the San Benito neighborhood of San Salvador, in the orange color of bitcoin, murals of allusive art, a giant screen where code like that of the Matrix could be seen, and a statue of the mystical creator of bitcoin, Satoshi Nakamoto.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EAccording to Mayorga, there is one culprit for the failure of bitcoin to deliver on its promises: the media, which \u201cscared people and there was a smear campaign internationally\u201d.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe panel moderator followed the recipe, saying that El Salvador ranks third in the world in terms of countries with the highest amount of bitcoin per capita, after Bhutan and Ukraine, not exactly economic powerhouses.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EMayorga said it was difficult for anyone to take the country\u2019s place. She added that President Bukele \u201chas the personality to challenge the economic banks (sic), even the IMF.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ENo one on the panel thought of the irony of saying that the president was challenging the IMF one day after approving a package of laws to obey the IMF. There were no questions from the audience, but perhaps it wouldn\u2019t have helped much. Sometimes it seems that bitcoiners live in a bubble in El Salvador: Benjamin Turner, a Californian bitcoin user who was listening, told me that he didn't know that the law had been reformed the night before.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EWhen the panel ended and Mayorga stopped taking photos, I went to ask her how she could say that El Salvador is Bitcoin Country if it is not even recognized as a currency anymore. \u201cWe already have a bitcoin reserve and we are going to continue buying bitcoin, that is why the country will always be known as a pioneer. Without a doubt, we have to adapt to the current situation,\u201d said the ambassador, accepting defeat. Later, I asked her why she said that Bukele was defying the IMF when, in reality, he was obeying it. \u201cThe law is still in force. It is a challenge for the world because it is not easy to have a law that talks about bitcoin and its adoption in the country. We have bitcoin offices, digital asset offices, and a whole ecosystem to be able to adopt it even more,\u201d she said.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=2667&ImageId=41510 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Milena Mayorga, El Salvador's ambassador to the United States, after her speech at the LaBitConf conference held in San Salvador in November 2021. Photo Carlos Barrera\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Milena Mayorga, El Salvador's ambassador to the United States, after her speech at the LaBitConf conference held in San Salvador in November 2021. Photo Carlos Barrera \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ENeither the president nor his legislators have said anything about the legal reform. Instead, Stacy Herbert, director of the National Bitcoin Office, told the propaganda newspaper that Bukele founded that her office will focus on the \u003Ca href=\"https:\/\/diarioelsalvador.com\/la-oficina-nacional-del-bitcoin-fortalecera-las-politicas-bitcoin-de-el-salvador-en-2025\/618284\/\"\u003Epurchase of bitcoin as a \u201cstrategic reserve,\u201d\u003C\/a\u003E as well as educational courses for public-school students and government workers. But, whatever they say, El Salvador no longer recognizes bitcoin as a currency. The Bitcoin Law does not regulate anything; it only lists actions that one can take. Or not.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EStoring bitcoin as a reserve and providing educational courses is very different from \u003Ca href=\"\/en\/202106\/el_salvador\/25541\/how-el-salvador-adopted-bitcoin-in-five-hours.htm\"\u003Ewhat the government promised\u003C\/a\u003E almost four years ago. In 2021, Bukele used another bitcoin conference, in Miami, to announce its adoption as currency in El Salvador, before a fervent audience that began to applaud before Bukele had finished speaking, and a speaker who shed tears before donning a national soccer team shirt.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe idea was launched on the claim that bitcoin was going to \u003Ca href=\"\/es\/202206\/el_salvador\/26217\/Bukele-va-perdiendo-la-apuesta-por-el-bitcoin.htm\"\u003Emake remittances cheaper\u003C\/a\u003E, which represent a fifth of the Salvadoran economy. But only around one percent of remittances were sent in crypto-wallets, according to official figures from the Central Reserve Bank.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EIt was claimed that bitcoin was there to grow the economy. At the Sheraton conference, Minister of Tourism Morena Valdez \u003Ca href=\"https:\/\/x.com\/SecPrensaSV\/status\/1885393760470593877\"\u003Esaid there are 504 companies\u003C\/a\u003E in the country that accept bitcoin payments. By 2017, there were more than 70,000 registered companies in El Salvador; in other words, 0.7 percent of companies accept it.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EIt was claimed that bitcoin was also for financial inclusion and that the more than 200 Chivo ATMs installed in markets and municipal squares would bring financial services closer to the 70 percent of Salvadorans who do not have a bank account. Bitcoin bonds would also be sold, the profits of which would be \u003Ca href=\"\/en\/202407\/el_salvador\/27503\/the-promise-of-bitcoin-city-displaces-conchagua\"\u003Eused to build Bitcoin City, a futuristic city\u003C\/a\u003E with skyscrapers by the sea, like Dubai, but in La Uni\u00f3n, powered by energy from a volcano. In May 2022, the president \u003Ca href=\"https:\/\/x.com\/nayibbukele\/status\/1523799427856490496\"\u003Epresented a golden model city\u003C\/a\u003E. Bitcoin bonds would also be \u003Ca href=\"https:\/\/diarioelsalvador.com\/el-salvador-podra-saldar-absolutamente-toda-su-deuda-externa-con-los-bonos-bitcoin-max-keiser-experto-en-criptomonedas\/163805\/\"\u003Eused to totally pay off the foreign debt\u003C\/a\u003E in ten years, and to avoid loans from institutions classified as archaic, such as the IMF.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ENone of this is talked about anymore.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=2558&ImageId=41511 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Valdez stated that 504 businesses accept bitcoin as payment throughout the country, less than 1 percent of registered companies, during the Plan B Forum conference on Jan. 31, 2025. Photo Press Office of the Presidency\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Valdez stated that 504 businesses accept bitcoin as payment throughout the country, less than 1 percent of registered companies, during the Plan B Forum conference on Jan. 31, 2025. Photo Press Office of the Presidency \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EAccording to Ambassador Mayorga, the United States\u2019 decision to establish a strategic reserve of cryptocurrencies is due to the Trump sphere seeking to copy El Salvador. Matt Gaetz, Trump's first choice for attorney general, said Mayorga \u003Ca href=\"https:\/\/x.com\/FmrRepMattGaetz\/status\/1886052609406255428\"\u003Emay be the most impressive diplomat\u003C\/a\u003E he has ever worked with. Paolo Ardoino, the CEO of Tether, a cryptocurrency company valued at billions of dollars, said that he had a meeting in El Salvador that \u003Ca href=\"https:\/\/x.com\/paoloardoino\/status\/1884812528045146270\"\u003Echanged the course of history\u003C\/a\u003E, and Bukele retweeted it. The country is a pioneer, an innovator, led by a visionary leader who adopted the best money in the world.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThat was the tone of the conferences at the Sheraton, many of them in English. At three in the afternoon, a panel called \u201cHow to Survive the Apocalypse\u201d took place, and it began to be a mixture of mysticism and bitcoin. Ardoino advised that before using any technology we should ask ourselves if it can survive the wrath of God.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EBut Plan B also had a Spanish side, in smaller rooms, in the Marte Museum. On one of the terraces, food stalls had been set up for lunch. The line to buy an\u00a0\u003Cem\u003Eal pastor\u003C\/em\u003E\u00a0burrito was delayed because two employees and two foreign diners were unable to process the POS to charge seven dollars in bitcoin to one of them. Even though they scanned the phone many times, they could not complete the payment. Finally, a third conference attendee paid with another phone. When it was my turn, I ordered a burrito, but they told me they only accepted payment in bitcoin. I argued, in vain, that the dollar is the only legal tender in this country, but the restaurant employees told me that those were the conditions they were given. So I went to get lunch somewhere else.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EUntil midday, the only discussion I heard at the entire conference where the law reforms were discussed was the one I started with a burrito vendor.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EJohn Dennehy is a U.S. citizen who founded \u201cMi Primer Bitcoin\u201d (My First Bitcoin), an organization that offers courses on financial education focused on bitcoin and has agreements with the Ministry of Education to teach in public schools. He did talk about the law reforms. On his panel, he said that if he had known three years ago that the reforms were going to happen, he might not have moved to El Salvador. He was perhaps the only bitcoin user who criticized the changes. On his X account, he wrote that \u201csurely Daddy IMF is satisfied\u201d with the reforms, and since then he has been answering bitcoiners\u2019 questions about them. If someone from outside El Salvador has spent years reading about the energy of volcanoes, a golden city, and the successful adoption of bitcoin, it is normal for them to have \u003Ca href=\"https:\/\/x.com\/SusanVanV1\/status\/1884958563899969942\"\u003Equestions like Susan\u2019s\u003C\/a\u003E: \u201cWhy does El Salvador need an IMF loan?\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EDennehy said that \u201cthe IMF was the enemy three years ago and it still is today.\u201d He said that \u201cEl Salvador had the chance to create an alternative to a world dominated by the IMF and that is not going to happen anymore.\u201d The reform, he added, has divided bitcoiners in El Salvador.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThere are also bitcoiners who defend the benefits of an agreement with the IMF.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=2793&ImageId=41512 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Peter DeSoto, Rom\u00e1n Mart\u00ednez, and Michael Peterson, founders of \u201cBitcoin Beach\u201d, pose with Minister of Tourism Morena Valdez. Photo Press Office of the Presidency\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Peter DeSoto, Rom\u00e1n Mart\u00ednez, and Michael Peterson, founders of \u201cBitcoin Beach\u201d, pose with Minister of Tourism Morena Valdez. Photo Press Office of the Presidency \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EAt the end of a discussion, a podcaster going by Luna asked Rom\u00e1n Mart\u00ednez, one of the founders of Bitcoin Beach and \u003Ca href=\"\/bitcoiners-new-owners-el-zonte\/\"\u003Epromoter of a real estate boom on the El Zonte Beach\u003C\/a\u003E, what he would change with the reform. Mart\u00ednez, in line with the government, pointed to the same culprit as the ambassador. \u201cIn reality, it was never as the media tried to sell it, that it was compulsory, mandatory. The bitcoiners who have been here three years ago have never experienced that. In practical terms, I don't think it changes anything. Bitcoin is still legal tender,\u201d he said. Luna, however, was a more active moderator than his English-speaking peers. \u201cLegally, it's not anymore. Now you have to pay taxes in dollars, no matter what. And now it\u2019s not currency anymore, now it\u2019s just another asset,\u201d he replied. Mart\u00ednez stumbled: \u201cEr... There are many things that can be interpreted. It may seem negative, but it\u2019s not. We\u2019ve only talked about the IMF, but we have to see the doors that are opening up financially for El Salvador,\u201d he said.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe change is not only in the law, but a complete turnaround in Bukele's attitude toward the Fund. On Jan. 25, 2022, faced with an AFP headline reading \u201cIMF urges El Salvador to remove bitcoin as legal tender,\u201d Bukele reacted with a \u003Ca href=\"https:\/\/x.com\/nayibbukele\/status\/1486162932224479235\"\u003Ememe of a scene from The Simpsons\u003C\/a\u003E in which Homer, with the IMF logo on his face, is walking on his hands and his mother says to him: \u201cI saw you, IMF. Very cute.\u201d Three years later, Bukele is selling an agreement with the very institution he made fun of as a success. Following the logic of the meme, he not only paid attention to Homer's pirouette, but also followed all of its conditions \u2014perhaps \u003Ca href=\"\/en\/202406\/el_salvador\/27448\/biden-and-trump-camps-jockey-for-favor-in-bukele-rsquo-s-new-el-salvador\"\u003Eborrowing from Bukele\u2019s public oath\u003C\/a\u003E in his June 2024 inauguration speech\u2014 to a tee, without complaining.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe sudden change of course may seem surprising to bitcoiners now, but in his sixth year as president, Bukele has already done this many times. He promised to fight corruption, but eliminated an International Commission Against Impunity in El Salvador (CICIES) \u003Ca href=\"\/en\/202201\/el_salvador\/0000025948-el-salvador-attorney-general-raids-offices-of-anti-corruption-prosecutors\"\u003Ewhen they began to investigate his government\u003C\/a\u003E. He condemned politicians who made deals with gangs, but \u003Ca href=\"\/en\/202205\/el_salvador\/0000026177-collapsed-government-talks-with-ms-13-sparked-record-homicides-in-el-salvador-audios-reveal\"\u003Ehe did the same\u003C\/a\u003E. He complained about dictators who change the constitutional rules to allow themselves to be re-elected and... Bukele also played fast and loose with the bitcoiners.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u003Cbr\/\u003E \u003Cfigure class=\"pict pict_land pict_move_posc 0 cs_img cs_img--curr rule--ss_c\" data-shot=\"pict\" data-hint=\"pict\"\u003E \u003Cdiv class=\"pict__pobj text-overflow\"\u003E\u003Cimg src=https:\/\/elfaro.net\/get_img?ImageWidth=4000&ImageHeight=3000&ImageId=41513 class=\"pobj\" style=\"max-width: 100%\" rel=\"resizable\" alt=\"Rom\u00e1n Mart\u00ednez, originally from El Zonte, has promoted a real estate boom in the beach area, aimed at foreigners and bitcoin enthusiasts. Photo courtesy of Plan B Forum\" \/\u003E\u003C\/div\u003E \u003Cfigcaption class=\"pict__text cs_img_caption folk_content typo_buttons line--ss_s0c line--ss_s0c--auto block full-width text-overflow rule--ss_l relative\"\u003E \u003Cdiv class=\"__content block-inline full-width align-top tint-text--idle relative\"\u003E Rom\u00e1n Mart\u00ednez, originally from El Zonte, has promoted a real estate boom in the beach area, aimed at foreigners and bitcoin enthusiasts. Photo courtesy of Plan B Forum \u003Cdiv class=\"photographer text_italic rule--ss_l tint-text--idle\"\u003E \u003C\/div\u003E \u003C\/div\u003E \u003C\/figcaption\u003E \u003C\/figure\u003E\u003Cbr\/\u003E\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOne of the most eagerly awaited speakers appeared at 4p.m. on the first day: Chris Pavlovski, founder of Rumble, a kind of \u003Ca href=\"https:\/\/www.barrons.com\/news\/right-wing-video-site-rumble-grows-as-does-its-misinformation-39d333db\"\u003EYouTube for the U.S. far right\u003C\/a\u003E. But it\u2019s not entirely fringe: A company co-founded by now-Vice President J.D. Vance invested in it in 2021, and Vance personally chipped in $100,000, \u003Ca href=\"https:\/\/www.nytimes.com\/2022\/10\/31\/us\/politics\/jd-vance-peter-thiel-rumble.html\"\u003Eaccording to the New York Times\u003C\/a\u003E.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EPavlovski and Rumble claim to be defenders of freedom of expression. Pavlovski boasts of having been the only social platform that did not sanction Donald Trump after the failed insurrection of Jan. 6, 2021, when a mob of supporters of the now-president tried to prevent Joe Biden from being sworn-in. Truth Social, the social network that Trump founded when his Twitter account was shut down, is hosted by Rumble, which also operates a cloud storage service.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOn January 10, Rumble \u003Ca href=\"https:\/\/corp.rumble.com\/blog\/rumble-announces-cloud-agreement-with-government-of-el-salvador\/\"\u003Eannounced a cloud storage agreement\u003C\/a\u003E with the government of El Salvador. No-one in the government has explained how this is compatible with the agreement with Google, \u003Ca href=\"https:\/\/www.asamblea.gob.sv\/node\/12930\"\u003Eannounced in 2023\u003C\/a\u003E, which also includes Google Cloud storage services. But this is normal in El Salvador: With Bukele it\u2019s usually on to the next shiny thing.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOn January 14, I sent an email to Rumble to ask for an interview. I wanted to know about the deal with the government, but also about freedom of expression. Pavlovski came to preach freedom to a country where more than 60 percent \u003Ca href=\"https:\/\/diario.elmundo.sv\/politica\/mas-del-60-de-salvadorenos-no-expresan-sus-opiniones-politicas-latinobarometro\"\u003Edo not express their political opinions\u003C\/a\u003E, according to Latinobar\u00f3metro, and which \u003Ca href=\"https:\/\/www.rsf-es.org\/clasificacion-mundial-de-la-libertad-de-prensa-rsf-2024-analisis-general-el-periodismo-bajo-las-presiones-politicas\/\"\u003Ehas dropped 67 places\u003C\/a\u003E in the Reporters Without Borders press freedom ranking since 2018.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ENo one replied to my email, but this is a small country. Shortly before 11a.m. I found Pavlovski entering the Sheraton, alone with a companion.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cHello, my name is Nelson and I'm a journalist. Since you're here to talk about freedom of expression, I'd like to ask you for five minutes to talk about freedom of expression.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cI'm late for a meeting and I have a very busy schedule.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cHow about later today or tomorrow?\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cI have a very early flight tomorrow. If you see me in the hallway we can talk, but not now.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOn his panel, Pavlovski said, \u201cI used to be a sucker for accepting interviews with corporate media.\u201d On the panel, Pavloski shed some light on how he understands freedom of expression.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe interviewer was Paolo Ardoino, CEO of Tether, who has \u003Ca href=\"\/bitcoiners-new-owners-el-zonte\/\"\u003Ejust bought two properties in El Encanto\u003C\/a\u003E, a private complex with a golf course 15 minutes from San Salvador. In December, Tether \u003Ca href=\"https:\/\/www.reuters.com\/technology\/rumble-receive-775-million-strategic-investment-tether-2024-12-20\/\"\u003Eannounced a $775 million investment\u003C\/a\u003E in Rumble. Ardoino introduced Pavlovski as \u201cthe best CEO of the best company\u201d. The investor interviewing the president of his new project.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EPavlovski, whose company started in 2013, complained that YouTube\u2019s algorithm prioritizes big influencers and corporations, without taking into account that the company that has just injected almost $800 million into Rumble is \u003Ca href=\"\/bitcoiners-new-owners-el-zonte\/\"\u003Ebigger than Uber or Nike\u003C\/a\u003E.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EPavlovski is the standard-bearer for the discourse of a Right persecuted around the world. He said that he was personally being persecuted by all corporate media, activists, and governments. \u201cWe don\u2019t obey governments that tell us to censor creators,\u201d he said, adding, \u201cFreedom of expression is defended when it is difficult, not when everyone agrees.\u201d He said he is still afraid to go to certain countries.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EBut not everything is so terrible for Pavlovski. He said things have changed since Trump\u2019s election: \u201cElon Musk has been great for creators. He promotes freedom of expression and helps Rumble grow.\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003ERumble has \u003Ca href=\"https:\/\/www.barrons.com\/news\/right-wing-video-site-rumble-grows-as-does-its-misinformation-39d333db\"\u003Edisinformation videos with millions of views\u003C\/a\u003E about how Covid-19 vaccines have caused numerous deaths, or about how there was massive fraud in the election that Trump lost in 2020.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOn the panel, Pavlovski complained about his critics. He said he doesn\u2019t even know what hate speech is, that no one can define it, even though the mainstream media mentions it all the time.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cI have the toughest skin of anyone. Allowing people to speak is a human right. We are not going to stop fighting. If it weren\u2019t for us, who?\u201d\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EThe audience applauded.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003EOutside the pleasant air-conditioned rooms where the bitcoiners lauded their exploits, a man stopped his cart to offer bread, cigarettes, and gum. I paid him $0.25 for some mints.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cDo you accept bitcoin?\u201c I asked him.\u003C\/p\u003E\u003Cbr\/\u003E\u003Cbr\/\u003E\u003Cp dir=\"ltr\"\u003E\u201cNot yet,\u201d he said. \u201cWe don't understand it.\u201d\u003C\/p\u003E"}