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Tom Richardson

West can’t afford to laugh at El Salvador’s bitcoin price pain

Ridiculing El Salvador’s bitcoin adoption cannot hide Western policymakers’ failures in managing money, including negative rates and repeated crises.

Tom RichardsonJournalist

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El Salvador’s move to make bitcoin legal tender got off to a shaky start and a little ridicule on Tuesday after the digital currency crashed 10 per cent in the aftermath and the Central American nation’s sovereign debt fell in value.

However, for emerging economies, just a symbolic shot at an alternative reserve currency to the US dollar is an opportunity to shake off the yoke of US imperialism, which still stirs deep resentment.

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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com

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    Original URL: https://www.afr.com/markets/equity-markets/west-can-t-afford-to-laugh-at-el-salvador-s-bitcoin-price-pain-20210908-p58ps3