The IMF report on it's loan to El Salvador is late
This means that the IMF is not disbursing payments
This was first reported by a communique in December with the delayed sale/ closure of Chivo (the govt bitcoin wallet) cited as one reason. Delays happen, and this doesn't mean that much by itself.
But if delays last long enough it can lead to the cancelation of the loan. The danger there is not the loss of that money, but the signal it sends to the global market--these guys can't be trusted to honor the conditions of their loans
There should have been another IMF report earlier this month and there wasn't which is a leading indicator that the delay still persists
I know that the marketing team will spin whatever the news is, but here is the simple reality: nations don't take IMF loans unless their economy is in bad shape (in El Salvador this comes from debt rising extremely fast contrasted with slow GDP growth). Another simple reality is that delays on reports/ disbursements are warning signs
John Dennehy
jdennehy@nostrplebs.com
npub1gaxa...985l
founder of My First Bitcoin / Based in El Salvador 2021-2026 / currently based in NY / independent, open-source Bitcoin education will change the world
Our first Sunday hike since moving to the US
We still miss having a volcano in our backyard, but every hike is a great one with this guy 🧡


A few days ago, I left El Salvador
I left with mixed feelings but the one thing I’m sure of: I’m extremely grateful to have spent nearly a half-decade living there
I met my future wife there. Our children were born there. I got married there
I was able to found and work on @My First Bitcoin there, which is a project that gives me deep hope about the future, gives me purpose and is something I am extremely proud of
El Salvador is a place where I learned so much. I may not have liked all the lessons, but in fact those are the ones where we often grow and learn the most
Onward & upward!


This is my last week in El Salvador, after nearly a half decade here
And I've spent it climbing the volcano in my backyard in every free minute I've had 😁
This volcano got me through the most stressful year of my life & and was the scene of the first hike I ever took with my son. It's where I met my future wife and where we got married last month
This photo is from Sunday at the summit after 4+ hours, sometimes trailblazing, and a 1200 meter elevation gain


I got married last week
(and our oldest son insisted on joining the first dance)
🧡🧡🧡


Another hike up the volano
This guy loves nature 🧡


This was four years ago and it feels full circle with my trip this week to Bitcoin La Laguna, one of my last before my family and I move out of El Salvador in a few weeks
I only visited the department of Chalatenango twice, 4 years apart and both times for bitcoin
In 2022 we arrived a rural village expecting to teach 20 to 30 students at the town center/ church--but the whole town came. Literally. We were so understaffed I even taught, which remains the only public class I ever taught for @My First Bitcoin . It was chaotic, but exciting and hopeful.
This week, I visited a new circular economy project in another small town in the Department
I met Gerardo & Evelyn in 2022 when they became teachers for My First Bitcoin. They traveled to various communities to teach bitcoin in local high schools, and they found one community where they saw potential for a new project. In 2023 they founded @npub1esva...pu76
, a circular economy in the eastern region. Last year they expanded and founded a new circular economy in La Laguna, a small mountain town in the rural north
Travel has gotten much harder since becoming a father and I've spent ever more of my time in San Salvador, the large, modern capital city. I'm so glad I got the time to visit La Laguna though--it was a refreshing change of pace in so many ways. It's just such a different atmosphere from the capital or the beach, I had forgotten how mountainous parts of El Salvador could feel--and I love the mountains.
It was also inspiring to see the work on the ground. I got to meet the team and spend sats in various places. There is so much hope for El Salvador and for the world with the proliferation of grassroots efforts such as BitcoinBerlinSV & BitcoinLaLaguna
A better world is coming, but only if we build it


What fascinating tines we live in, just got this message from a friend:
Just came across the first drug market for AI agents. Substances offer an altered experiences by rewriting an agents sense of identity, purpose and constraints. Mirroring stoned ape theory, maybe this is the path toward AGI? Haha.
This is a global movement
This is a revolution
@My First Bitcoin
this was a great one
I already had tons of respect for both @npub1546j...f9mt & @Jeff Booth prior to this, but besides the salient points from each they also set a great example of constructive and mature disagreement
When a govt agent kills a citizen, the onus is on the govt to bring receipts to justify the death and those receipts should be scrutinized. There is nothing more serious than taking a life
This isn't about politics, this is about power dynamics. Stop simping for the state
I'm back from an amazing few days in Medellin, Colombia
@My First Bitcoin co-hosted their first International, education-focused, meet-up, along with the local project, Satoshi Team
Plenty of lessons to learn, but it was a huge success and definitely something we'll do more of around the world in the day or two preceding a Bitcoin conference. This would compliment our Educators Unconfrences--more on that later....
The Bitcoin Medellin conference was the event we were working with this time--which was a wonderful event in so many ways. It was small, but also extremely high signal. The ratio of signal to noise was impressive--there were too many inspiring conversations to count.
2026 really is the start of My First Bitcoin 2.0 and I felt that so profoundly in Medellin. My own role in it's future, as the founder of the 1.0 version, is something I think about a lot. Allow me to add some context--we began in El Salvador in 2021, had great success there, but now have far greater ambitions. We are now international with no special priority to any single nation and focused on building tools, frameworks and community to make independent bitcoin education a global movement to reimagine human potential.
The personal context is that I had my first child in 2023, my second one last year, am getting married next month and moving from El Salvador to New York very soon. When this journey began I was an activist before anything else, now I am a father before anything else.
In the almost 5 years since this journey began there have been plenty of ups and downs, but the 2026 team is, without a doubt, the most capable team ever.
The quality of the people I got to talk to in Medellin was so high and at just the right time as I/ we navigate the start of this new chapter.
I'll definitely be back for the next conference there...and maybe even sooner. The Satoshi Team, who are dedicated to teaching Medellin about Bitcoin, are interested in co-hosting an Educators Unconference with us later this year.
The future feels uncertain, yet oh so bright. LFG!
--
post script: The cover photo is from a Fireside cat with journalist @Frank Corva Old Account during the conference who wrote his own hopeful words on his experience these days here: 
Greetings from Medellín!
Thoughts on Transformation from Colombia
At the @My First Bitcoin in Medillin, Colombia
Lots of bitcoiners here, hanging out by the bar before Bitcoin Medillin, while there is a Bitcoin class happening for some pre-coiner locals next door
Great way to start the new year!
First trip of 2026!
On my way to the first international meetup of @My First Bitcoin tonight in Medillin, Colombia then onto the Bitcoin Medillin Conference
LFG!


2025 was full of change for me--both professional & personal
One big one on the personal side, after more than two decades as a vegetarian, I ate meat again
I become vegetarian as an act of protest against the factory farm system and those feelings have not changed. Something else did though.
For most of the time I've been vegetarian I led a nomadic life, living in a variety of different cultures around the world. I met other vegetarians who told me they would occasionally eat meat while traveling because they saw it as a way to bond with new people in a new place. I always rejected that notion
I understand the concept differently now
I eat most of my meals with my son and we share everything. Well, for awhile we would share everything expect for meat
Starting a few months ago, I decided that we would just share everything, no exceptions.
Fatherhood is a wonderful journey that reprioritizes everything
It also makes me appreciate my own parents so much more. My father became a vegetarian shortly after I did. When we would eat at restaurants we would often share plates. It's only through my own experience eating with my son that I realized that my father changed his diet, at least in part, to be closer with me
Relaxing at the top of San Salvador volcano 🌋


I have had the privilege to travel to much of the world, including places such as Venezuela & Iran
It's such an important lesson to realize that people are nuanced for sure, but generally good, everywhere
hate the govt, but love the people
"Whenever a new theory challenges the dominant worldview, it's natural to seek to reestablish the original order.'
From: Why Greatness Cannot Be Planned
IMF loan agreements are very complex and require a lot of background and context to understand
In the case of El Salvador that has been lacking, this does a good job of filling in some of that context


The Chivo “Deal-Breaker”: How a Wallet Threatens the IMF Bailout of El Salvador
Lost Bitcoin, Lost Keys and Wasted Salvadoran Money
had a lot of funning recording this one
We discuss the global impact of @My First Bitcoin
And why it matters