- El Salvador will continue buying 1 Bitcoin daily until it becomes unaffordable with fiat currencies
- President Bukele’s statement highlights commitment to cryptocurrency adoption
- Move demonstrates belief in Bitcoin’s long-term value and potential as a global currency alternative.
El Salvador Will Keep Putting $71,000 into the President’s Swiss Bank Account Daily
FTFY
It’s tragic for the people of his country that they are being essentially forced into participating in a pyramid scheme
Quadrupling down at this point, right? I feel like this will not end well for him.
He will be alright, the country not so much.
I have a hunch he is personally in charge of a large number of coins to guarantee his safety…or escape lol
Whatever your thoughts on cryptocurrency might be, this is borderline gambling addiction.
Just put the whole economy on black.
No, red!
NO, BLACK!
Then why do they tell everyone about it?
Seems like a way to pump the price up just by press and not actually wanting to anything.
Move the price? Talk is cheap… and so is 1 BTC per year.
This is just Bukele craving some attention. I hate the term attention whore, but can’t find a better description.
Talk is cheap… and so is 1 BTC per year
luckily it said they’re going to buy 1 per day. There are several days in an average year.
The more I’m eager to take a piss out of someone, more I emberass myself.
It’s spelled embarrass, you wrote ‘emberass’; would that be like someone who sits on hot coals?
Relatable. In our rush to say the clever thing we’re thinking, we don’t stop to double check that we read it correctly in the first place. I’ve been guilty of that too many times…
And what happens if the government needs that money and Bitcoin price is down?
I don’t see how putting national reserves on such an inestable “asset” would be a good idea.
Worse, what happens if cybercriminals are able to successfully steal a large number of the countries bitcoin, or if they somehow lose access to their bitcoin wallet(s)?
He said ‘until it’s unaffordable’ I guess he’s using reserves like the way the US does on weapons and military, some of which isn’t even for them.
He’s investing in what he believes is a profitable investment. I’m guessing that he has financial advice from people that have studied this to a level that can understand it better than most people, and consider it a sound investment. With the intention at the other end being to use for the country. Everything accounted for, nothing going into senators back pockets, could be used to boost their health service and hospitals and whatever else. With countries less built up currently looking more favourable in the future, they’re already in a good position.
🤷♀️
As opposed to their national currency… oh, wait! :D
If this is legit and not corruption and bitcoin eventually takes off to ungodly levels, imagine the biggest bet in history paying off and their country turns around as an economic powerhouse. Risky and stupid but would make a good movie.
I really wish for them to hit the jackpot and break the cycle, but so far, everything valuable in the region was quickly turned into poverty and famine. It’s like a bad magic trick.
The only thing keeping them a powerhouse would be a number on a computer that can be stolen. Question is, would people try to steal from a nation rich enough to be a powerhouse and how sophisticated would those theft attempts be?
Venture capitalist Tim Draper believes that bitcoin will transform El Salvador into one of the wealthiest nations in the world
Or one of the poorest? To the moooon 🔻
It’s kinda hilarious that the soft dictatorship and prison state that makes even America look like a prison abolitionist paradise isn’t what’s going to sink this idiot, it’ll be the fucking bitcoins
What does ‘unaffordable with fiat currencies’ even mean? This guy knows you can divide BTC right?
The headline said 1BTC, so I take it to mean “until the price of 1BTC is too high to buy with real money”. They’re not saying they’ll buy $66000 worth of bitcoin per day indefinitely, just 1 whole bitcoin per day, regardless of how the price fluctuates, for as long as that’s viable.
El Salvador doesn’t have its own currency; they use USD and recently bitcoin. I don’t know enough to say whether this makes sense.
Right but you’re missing the point. It doesn’t matter if 1 BTC costs $1,000,000 when you can just buy 0.0001 BTC for $100. They would need to drive the cost of 1 BTC into the quadrillions of dollars before it would become even remotely unfeasible to purchase.
Yeah, I haven’t been able to parse what that phrase means in a real sense.
Publicity stunt amount.
cool, here’s the plan:
- see el salvador announcement
- buy one bitcoin
- wait for el salvador to buy a few bitcoins
- bitcoin price skyrockets to a few million
- sell your one 50k worth bitcoin for 500k dollars
- profit1!1!1!1!
That might be exactly what he’s trying to achieve by announcing it like this. Kinda sounds like a pump and dump tbh.
Is that bill cipher in the flag?
Who’s going to be buying and using Bitcoin if it’s not affordable?
