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Cryptocurrency
- Thread starter Robbo
- Start date
SpiderSpurs
Jason Dozzell
We are now 2 years in to Bhutan's Bitcoin experiment.
That means we now hae some good data on how it has affected the economy.
The IMF warned that nations embracing Bitcoin would destabilize their economy, be less effective at attracting foreign direct investment, and endanger their decarbonizing and environmental initiatives.
What does the data say:
1. The bitcoin reserves have directly addressed pressing fiscal needs. "In June 2023, Bhutan allocated $72 million from its holdings to finance a 50% salary increase for civil servants"
2. Bhutan was able to "use Bitcoin reserves to avert a crisis as foreign currency reserves dwindled to $689 million"
3. Prime Minister Tshering Tobgay in an interview said that bitcoin also "supports free healthcare and environmental projects"
4. Tobgay also said their Bitcoin reserves helped in "stabilizing [the nation’s] $3.5 billion economy"
5. Independent analysts have now said that "this model could attract foreign investment, particularly for nations with untapped renewable resources"
Considering how the IMF analysis was not just wrong, but roughly 180° off target, it begs the question, was the IMF's predictions ever based on data?
Or maybe they just possibly have had another agenda in predicting the adverse impact of any nation embracing Bitcoin?
That means we now hae some good data on how it has affected the economy.
The IMF warned that nations embracing Bitcoin would destabilize their economy, be less effective at attracting foreign direct investment, and endanger their decarbonizing and environmental initiatives.
What does the data say:
1. The bitcoin reserves have directly addressed pressing fiscal needs. "In June 2023, Bhutan allocated $72 million from its holdings to finance a 50% salary increase for civil servants"
2. Bhutan was able to "use Bitcoin reserves to avert a crisis as foreign currency reserves dwindled to $689 million"
3. Prime Minister Tshering Tobgay in an interview said that bitcoin also "supports free healthcare and environmental projects"
4. Tobgay also said their Bitcoin reserves helped in "stabilizing [the nation’s] $3.5 billion economy"
5. Independent analysts have now said that "this model could attract foreign investment, particularly for nations with untapped renewable resources"
Considering how the IMF analysis was not just wrong, but roughly 180° off target, it begs the question, was the IMF's predictions ever based on data?
Or maybe they just possibly have had another agenda in predicting the adverse impact of any nation embracing Bitcoin?
Danishfurniturelover
the prettiest spice girl
As any British person will tell you the IMF has been a heavily political organisation for years. Lost all respect for it years ago.
WhyHasHeNotGotTheSackYet?
Kasey Keller
see what's in store today after FOMC conference.
markysimmo
Johnny nice-tits
10% pump on the news from Ripple CEO that the SEC case is being dropped
SpiderSpurs
Jason Dozzell
ricky2tricky4city
Luka Modric
Better bare that in mind when looking for Europa League final tickets
Grays_1890
Gary Stevens
Clearly to take money laundering at that level.of fine.
The arguments about cash being King and banks trying to control us is another idiotic conspiracy
Danishfurniturelover
the prettiest spice girl
You don't think banks are try8ng to control us?
The bank of England under Mark Carney particularly but also now is just an extension of the liberal elite trying to control the working class.
The revolution will be televised.
Grays_1890
Gary Stevens
Beyond tax etc? Absolutely not. I have always had financial freedom and never met any issues with movement with my money TBH. So I am either lucky or its not really not a thing.
The idea that cash is king when the state own that also and if they wanted to could manipulate its worth makes the idea fairly silly
Danishfurniturelover
the prettiest spice girl
Well they deliberately devalue cash when it suits them. So anyone not involved in crypto is involved and a willing participant in that stinking system.
Grays_1890
Gary Stevens
And then what do you do with your money earned from Crypto? Spend it on things that are controlled in the exact same way, so its not like your theory is as bullet proof as you make it out to be.
Just because a corporate world exists doesn't mean everything is a Russell Brand level of conspiracy
Danishfurniturelover
the prettiest spice girl
Not Bullet proof but trying to extract yourself from a system that keeps the working class down is a good thing.
Grays_1890
Gary Stevens
I've worked 80% of my life PAYE which has meant having to use the "system"
Other than tax, I've either spent or kept what I've then earned. Either in cash or what I have saved away. As I say I'm either lucky or people are talking conspiracy levels of balls.
Life's too short to be as daft as someone like Le Tiss