President of El Salvador Nayib BukeleIn response to the International Monetary Fund’s (IMF) warning to the government of El Salvador that the legal status of Bitcoin (BTC) should be revoked, with a joke image.
The government of El Salvador became the first country to recognize Bitcoin as its official currency last September.
The leading crypto-asset has been in price fluctuations ever since and managed to climb above its all-time high of $69,000 in November, and after a series of steep declines, it fell below $40,000 this month.
IMF and recently recommended that Bitcoin’s legal status be revoked, following its annual bilateral meetings with El Salvadoran officials.
“There are major risks associated with the use of Bitcoin regarding financial stability, financial integrity and consumer protection, as well as the associated financial contingent liabilities. Some executives have also expressed concern about the risks associated with Bitcoin-backed bond issuance.”
President Bukele then took to Twitter to post an animated meme (prank) from the popular TV show The Simspons, in which the character of Homer Simpson is shown doing a handstand while the other two characters are talking.
“I see you, IMF. This is very good.”
https://t.co/s1F5kwOBEn pic.twitter.com/LD0I2dBHha
— Nayib Bukele 🇸🇻 (@nayibbukele) January 26, 2022
Bukele, El Salvador Bitcoin (BTC) He regularly informs his followers about his purchases and has recently been reported to have purchased over 400 BTC.
“El Salvador bought 410 Bitcoins for just $15 million. Some guys are selling really cheap.”
The big buy follows several other purchases after Bitcoin’s price fell, including 100 BTC in November, 420 BTC in October, and 150 BTC in September.
At the time of writing, Bitcoin is trading sideways on the day, trading at $37,722.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.