El Salvador abandons Bitcoin as legal tender
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El Salvador abandons Bitcoin as legal tender
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Re: El Salvador abandons Bitcoin as legal tender
#2> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency
Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.
Re: El Salvador abandons Bitcoin as legal tender
#3All for a mere $1.4B in international loans from the (supposedly evil and corrupt) IMF…
Wasn’t El Salvador supposed to be Balaji’s first “Network State”? What happened to strike wallet and that whole crypto grifter crew?
Re: El Salvador abandons Bitcoin as legal tender
#4Speculative asset class fails as non-speculative legal tender class.
If king for the day with a sovereign wealth fund I wouldn't forbid investment choices like this on risk grounds, I mean you need risk assets as well as boring ones, right? But I have problems with the moral quality: it's like state investing in the casino business. Monaco? works fine. Anywhere else? It's got problems.
Like a lot of people, I probably fall into severe errors which would be bread and butter for "bad economics" reddit groups but truly, I can't see how this wasn't forseen and expected. It was about WHEN, not IF.
Re: El Salvador abandons Bitcoin as legal tender
#5> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.
Investment is not legal tender, its moved from a functional role to a high risk investment strategy, would be my take. They're different buckets of money/value and expectations.
Re: El Salvador abandons Bitcoin as legal tender
#6Unsurprised. I got the impression Bukele picked bitcoin in a sort of manic ADHD moment and no one pushed him on it, figuring it was their president’s personal indulgence.
Re: El Salvador abandons Bitcoin as legal tender
#7> The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency Sounds like the term "Failed Experiment" is the writer's assertion and not the government official position.
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Re: El Salvador abandons Bitcoin as legal tender
#8They have made just over 300 Million off the initial BTC purchase, and as of 15 minutes ago, continue to buy BTC everyday.
They even have their own tracker, https://bitcoin.gob.sv/
Re: El Salvador abandons Bitcoin as legal tender
#9All for a mere $1.4B in international loans from the (supposedly evil and corrupt) IMF… Wasn’t El Salvador supposed to be Balaji’s first “Network State”? What happened to strike wallet and that whole crypto grifter crew?
Bukele realized that it's more profitable to leave the legal tender and get a loan and buy Bitcoin from it instead.
Re: El Salvador abandons Bitcoin as legal tender
#10PSA: If you don't like Bitcoin you might want to read the article before you post your knee-jerk reaction to avoid embarrassment.