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El Salvador’s Bitcoin Holdings Up Over 40%
Posted on 3/8/24 at 11:18 am
Posted on 3/8/24 at 11:18 am
3
Posted on 3/8/24 at 11:23 am to The Baker
They have approximately .5% of their GDP in BTC, but good for them.
I have no live lost for the IMF, but I can understand that they want countries to avoid assets that have a tendency to swing down 80% or more each cycle.
I’m well aware of the long term growth of BTC, but the volatility is an understandable concern.
I have no live lost for the IMF, but I can understand that they want countries to avoid assets that have a tendency to swing down 80% or more each cycle.
I’m well aware of the long term growth of BTC, but the volatility is an understandable concern.
Posted on 3/8/24 at 12:15 pm to The Baker
Ah yes El Salvador which narrowly avoided default by paying back its massive debt last year with distressed credit levels. Now it will default owing even more money in a few years. Not even a massive run up in BTC prices will save him.
Obviously the same idiot was the one who promised the btc city, where everything would transact in BTC. Yet adoption has basically not only halted, but flat lined back down to zero. Local citizens dont use it.
However, he knows the answer... Volcano Bonds!!
Also if you did not know the thermal energy mining company that he proposed to back these bonds was insanity and has already quietly pivoted.
His strategy was so simple though how could it fail
Except now he says the country has no intentions to sell the BTC... Imagine a govt not spending tax payer money on the taxpayers.
Obviously the same idiot was the one who promised the btc city, where everything would transact in BTC. Yet adoption has basically not only halted, but flat lined back down to zero. Local citizens dont use it.
However, he knows the answer... Volcano Bonds!!
Also if you did not know the thermal energy mining company that he proposed to back these bonds was insanity and has already quietly pivoted.
quote:
the government then pivoted again to this volcano-branded wind and solar project that won’t do geothermal energy or issue a bond.
His strategy was so simple though how could it fail
quote:
Issue a bond to borrow money
Buy bitcoin with the money
Wait for bitcoin to appreciate
Sell it for a profit
Pay down the original bond and other sovereign debts with the proceeds
Do this enough times and become entirely debt free (debt/GDP = 0)
Except now he says the country has no intentions to sell the BTC... Imagine a govt not spending tax payer money on the taxpayers.
This post was edited on 3/8/24 at 12:23 pm
Posted on 3/10/24 at 8:28 am to The Baker
El salvador is in an incredibly desperate situation with massive crime, gangs, drug smuggling, and impoverished people living in fear. Their leader leader was a marketing exec aiming to become a dictator as he has new Supreme Court judges allow him multiple elections, military intimidation for anyone that opposes him while he flashes around in expensive clothes calling himself the “coolest dictator in the world”
I’d question where he got some of his crypto and would certainly suspect him of obtaining the crypto through illegal means. But no one will ever know.
I wonder if they accept their tax payments in crypto?
Imagine accepting tax payments in a currency that could lose massive value in a matter of minutes! It’s too expensive to do it anyway.
Touting El Salvador’s use and acceptance of crypto currency is another dent in crypto currency credibility more than anything else.
I’d question where he got some of his crypto and would certainly suspect him of obtaining the crypto through illegal means. But no one will ever know.
I wonder if they accept their tax payments in crypto?
Imagine accepting tax payments in a currency that could lose massive value in a matter of minutes! It’s too expensive to do it anyway.
Touting El Salvador’s use and acceptance of crypto currency is another dent in crypto currency credibility more than anything else.
This post was edited on 3/10/24 at 8:48 am
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