I think the obvious counter to this is that El Salvador has an $800m bond maturing in Jan '23. It's all well and good to say that El Salvador hasn't lost money

I think the obvious counter to this is that El Salvador has an $800m bond maturing in Jan '23. It's all well and good to say that El Salvador hasn't lost money yet, but it has to pay debts that are denominated in dollars. Currently, the implied probability of default on that bond is 65% according to Reuters. Now, what is El Salvador's plan to pay that debt? They're going to issue a new billion dollar Bitcoin backed bond. What do they say the yeild of this bond will be? According to the developer of the financial instrument - 146% Yield. The attempts to issue the bond have continually stalled. Who do you think is going to pour money into that with the crypto market in it's current state? It doesn't matter if you think Bitcoin is going to eventually change the world, because El Salvador can't stay solvent long enough to see that happen. They're going to default on their debts and there's no fucking way the IMF is going to step in whilst El Salvador is doing this ridiculous stuff. So the actual citizens of El Salvador are about to face a massive economic problem.