Posted on 07/02/2022 10:18:07 AM PDT by nickcarraway
The president of El Salvador, Nayib Bukele, announced Thursday that he bought 80 bitcoin, at a time when the legal tender cryptocurrency maintains a downward trend and is around 20,000 dollars.
“El Salvador I buy today 80 btc (at $19,000 each),” the president wrote on Twitter, in English. “Bitcoin is the future, thanks for selling cheap,” he added.
Faced with the decline in the price of cryptocurrencies and the criticism his administration is receiving, on June 19 the president said that “patience is the key” when investing in bitcoin.
(Excerpt) Read more at ticotimes.net ...
How do we know he’s telling the truth?
US donated money
He should donate some of those bitcoins to the caravans so the caravans can pay their coyotes.
It’s probably not his own money.
He should have bought gold instead.
I think it will return but needs a major infusion of web3 tech, time line is unpredictable but likely 5 years, btc has a ceiling and provides a way for decentralized banking so I keep buying at a low steady rate because I don’t want central control
“Patience is the key”
Then buy later, not now.
I’m actually a provisional believer in Bitcoin, but is it really noteworthy for a country to buy $1.5 million dollars of it? That’s a lot for you or me, but for a country???
Do not buy Bitcoin. Stay with worthless paper….lol
Cryptocurrency is an electronic Ponzi scheme.
That’s the country that stupidity jumped into bitcoin when it was high 🤪
No telling how many lost huge
“ gamble isn’t paying off like President Nayib Bukele hoped it would.
The government’s crypto coffers have been cut in half, bitcoin adoption nationwide isn’t really taking off, and crucially, the country needs a lot of cash, fast, to meet its debt payments of more than $1 billion in the next year. This comes as the price of bitcoin has fallen more than 70% from its November 2021 peak, and more than 55% from the time Bukele announced his plan.”
CNBC
He could have went to a precious metals-backed economy and been the talk of the globe.
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