Advisor to El Salvador's president, Max Keiser, stated that central banks and the IMF will disappear within five years, while Bitcoin will become the foundation of the financial system.
Bitcoin as the Key to Financial Reform
Keiser characterized fiat currency as a 'fear-based disease' during a podcast on July 21. He views Bitcoin as divinely ordained financial reform and believes traditional assets like gold and bonds will become worthless.
El Salvador as a Bitcoin 'Node Nation'
Keiser called El Salvador the 'new Statue of Liberty' in the transition to Bitcoin. He predicted that the country's BTC reserves would soon be worth billions and could eliminate national debt, making lenders obsolete. 'Nobody will borrow fiat money anymore,' Keiser declared.
IMF Report on Compliance Conditions
An IMF compliance document dated July 15 states that El Salvador halted voluntary Bitcoin purchases after securing a $1.4 billion loan. The memorandum specifies: 'We haven’t accumulated bitcoin voluntarily since program approval.' This contradicts the reports from President Nayib Bukele’s Office regarding daily purchases of 1 BTC, which are attributed to 'consolidating government wallets' rather than new acquisitions.
Thus, El Salvador attempts to balance ideological support for Bitcoin with IMF requirements, creating tension between revolutionary concepts and real financial obligations.
