Oyogist has learned that a financial analyst, Steve Hanke has claimed that El Salvador recent Bitcoin adoption might collapse the country’s economy.
Steve stated that BTC holders from regions such as Russia and China could now target El Salvador to cash out their holdings, essentially starving the country of its foreign U.S. dollars.
He said further,
“BTC has the potential to completely collapse the economy because all the dollars in El Salvador could be vacuumed up and there’d be no money in the country. They don’t have a domestic currency.
Professor Hanke further Alleged that “dark forces are clearly behind btc adoption in El Salvador, who want to use Bitcoin to get their hands on U.S. dollars.”
He described El Salvador recent adoption of btc as “nonsensical,” as he thinks the asset will need to be converted instantly to dollars to be able to use it.
