Posted on 06/06/2021 3:34:17 AM PDT by nickcarraway
El Salvador President Nayib Bukele announced in a recorded message played at a Bitcoin conference in Miami Saturday that next week he will send proposed legislation to the country's congress that would make the cryptocurrency legal tender in the Central American nation.
The 39-year-old president, who has maintained approval ratings above 90% and made Twitter his preferred way of communicating, characterized it as an idea that could help El Salvador move forward.
"Next week I will send to Congress a bill that will make Bitcoin a legal tender in El Salvador," Bukele said. "In the short term this will generate jobs and help provide financial inclusion to thousands outside the formal economy and in the medium and long term we hope that this small decision can help us push humanity at least a tiny bit into the right direction."
(Excerpt) Read more at kob.com ...
Okay, I am shocked. The US dollar is the currency in El Salvador. I was going to say that if they used Bitcoin then they wouldn’t have any control over fiscal policy or monetary policy...but...hey, US dollar. They have no control now. Fiscal policy is what you budget for this year. Monetary policy is how much currency you print. So, if they don’t have their own currency, I have no idea how they can do anything.
This guy is a real financial imbecile, switching to a “currency” that can swing wildly 10, 20 percent in a very short period. The bitcoin fanboys typically exhibit total cluelessness about real world finance. They look at only one side of the ledger. Just buy coins... it went up, yeah! But in real life there are two sides to every coin.
I am not sure making Bitcoin legal tender constitutes “switching.” There could be more than one legal tender.
Ok so what problem is this guy really solving? Any of these out of the mainstream types now have to have internet access and open up coin exchange accounts, and if they could do that, why were not all the current payment methods not available?
Can El Salvador afford 1 Bitcoin ?
The CIA is preparing the ‘color revolution’ against him as we speak.
Looks to me that adding Bitcoin will please the drug lords and corruption prevalent in their culture....I’m sure Several other Central and South American countries will follow suit unless the US taxpayers pony up large sums of cash...
Is that a Nigerian name? Is he a man of faith? or just one more member/agent of a dangerous cult?
I’ve been asking out this kind of thing almost since the quasi beginnings of cryptocurrency and I never get a straight answer from crypto fans. I usually use Venezuela as the example.
What if a country like Venezuela, which has experienced over 200% per year of inflation... what if such a country tied its currency to Bitcoin? Wouldn’t it stabilize their currency?
“What if a country like Venezuela, which has experienced over 200% per year of inflation... what if such a country tied its currency to Bitcoin? Wouldn’t it stabilize their currency?”
It might, but I think it would end up being a currency nobody could afford. One bitcoin would equal a gazillion bolivar.
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