convertibility

"I come from an age in which I saw convertibility. To me, those were 10 years of economic peace which allowed us to plan, develop, work," said 57-year-old Buenos Aires resident Nestor Cerneaz.

But economists and business executives said the headline GDP figures did not reflect the real state of the Russian economy because the Russian government effectively ended the ruble’s convertibility since the sanctions were imposed.

And on Aug. 15, 1971, President Richard M. Nixon suspended the convertibility of the dollar to gold for foreign governments, which, until then, could obtain it from the U.S. government at $35 an ounce.

The dollar has lost 86% of its purchasing power since 1971, according to U.S. government data, when President Richard Nixon ended the fixed convertibility of dollars to gold.

The government also said it has set aside $150 million, equivalent to 12 percent of El Salvador’s public investment budget last year, to ensure bitcoin’s free convertibility into dollars.