re: El Salvador’s Bitcoin Holdings Up Over 40%

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.

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the government then pivoted again to this volcano-branded wind and solar project that won’t do geothermal energy or issue a bond.

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His strategy was so simple though how could it fail

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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)

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Except now he says the country has no intentions to sell the BTC... Imagine a govt not spending tax payer money on the taxpayers.