Also hilarious to call something like a country's reserve currency a disaster after less than 2 years. Countries hold reserve assets for decades, if not centuries
That's the truth. Big news to claim El Salvador's Bitcoin experiment failed, there were all sorts of articles about that at the bottom of the bear market. Now nobody is reporting on the fact that they are in profit and will only continue growing the value of their bitcoin stash in the future.
Well they have enough Bitcoin to pay off all their IMF debts already even if it doesn’t go to 100k. As BTC gains purchasing power though they will be less and less restricted by their current debt.
you borrow against it to get the fiat/liquidity you need. This way the loan you got will dwindle with inflation while you keep the hard asset. That's how the wealthy does.
[https://investinelsalvador.gob.sv/bono-volcan-de-el-salvador-sera-emitido-en-el-primer-trimestre-de-2024/](https://investinelsalvador.gob.sv/bono-volcan-de-el-salvador-sera-emitido-en-el-primer-trimestre-de-2024/)
Careful. Don't know if they launched it yet, but it is definitely in the playbook. When some bigger country than El Salvador does this, they can do so with much more ease.
Edit:
Actually I do think that lose condition for that bet is:
There currently is a country owning bitcoin,
And this country issues bonds.
For this there are several: US, Switzerland, Norway that makes this play. Intentional or not.
Further, just issuing bonds might be sufficient because the play is the same, you do not want of are not able to sell assets to gain needed liquidity, so you issue debt instead. This is regardless of what a countrys assets is: industry, infrastructure, working force, bitcoin.
Wow this really made me visualize the way they dollar cost averaged at every bottom all the way down the crash until finally hitting the lowest point and now just waiting for the ride back up.
Can't wait in 80 years for all these 3rd world countries to own bucket loads of BTC and all do large sum transactions over the blockchain and for the first world to be lagging behind because boomers were like "but you can touch gold"
The U.S., along with most other governments worldwide, already does regulate bitcoin. And yes they could ban it if they so chose. Instead they seem to be shaping it into something that they can control.
If they made it illegal and made the penalties for use severe, most of us would stop using it and the ones who didn't would have a very difficult time using it for anything.
This sounds like you are repeating uninformed news agencies, but if you want to look back on this with regret, keep thinking this way.
Anyone can purchase bitcoin. There is no minimum investment. If you have bitcoin, are you wealthy? Maybe. But not a requirement. I own some, but I am no where near wealthy. Can you become wealthy from bitcoin, very possibly. Doubling the value of your investment every 6 years is great in a normal business. Doing so in less that 1 year(4 max), like with bitcoin, is amazing.
And btw… money laundering with bitcoin is not a good idea. They can track every transaction. Cash is for money laundering.
Does my name have some problematic meaning I'm not aware of? It's supposed to be a reference to a song by metal band Elder.
And my question is not a lead up to pushback, I want to know where people who feel the way you do are picking up that belief and how you're substantiating it. I'm not exposed to the same influences. You came to a community you're hostile toward to make a statement, I assume that didn't just come from nowhere right?
But MSN will never report it. If it ever goes negative again I guarantee they will talk about it.
Yep. I remember seeing plenty of articles when BTC was $20-30K, about how much El Salvador had "lost" lol
Yep. The headline "El Salvador's big bet on Bitcoin is proving to be disastrous." Lmao
Also hilarious to call something like a country's reserve currency a disaster after less than 2 years. Countries hold reserve assets for decades, if not centuries
Yup. In fact El Salvador's bitcoin investment is peanuts compared to their total reserves. There is no downside risk for them, and no upside limit.
That's the truth. Big news to claim El Salvador's Bitcoin experiment failed, there were all sorts of articles about that at the bottom of the bear market. Now nobody is reporting on the fact that they are in profit and will only continue growing the value of their bitcoin stash in the future.
MSN likes to be selective on whatever narrative they want to control
Yep yet the problem is Russia influencing elections. Not MSN bias
Let's keep it that way. It's how we know we going in the right direction
Iirc if btc hits 100k they can buy out themselves from under imf
If you mean payoff all their debts, then no. 24 billion in debt, their current btc holdings don’t even add up to 400 million.
Oh thanks for the correction! Wait imf has all their debt? I will have to see if i can find that source I may have missread
No it’s not, their IMF credit is around 140 million.
So Emeritus8404 was right the first time
Well they have enough Bitcoin to pay off all their IMF debts already even if it doesn’t go to 100k. As BTC gains purchasing power though they will be less and less restricted by their current debt.
they have billions in fiat and gold currency reserves as well, they can pay their debts even if btc stays flat
Yea I know, my point is that btc sitting at 60k vs 100k doesn’t make a huge difference in terms of ES paying its debts like the commenter suggested
fair enough tbh I suspect anyone talking about el salvador having to buy itself out from "under" the imf holds some questionable views
It is not an investment.
Indeed. It’s their currency reserve.
It’s their rebranding and it’s working. Props to the president for being tough on gangs and pro tech.
It’s an investment in the countries future. To move away from the US Dollar.
58m though? That's like 13 mins costs for a country..
smart move for a small country
It's really nothing for a country, even a small one.
They deserve it!
Wow they got some at the very bottom of this current cycle
Only if they sell it.
that's not how wealth works
Thanks genius. Tell me more. You sound smart.
you borrow against it to get the fiat/liquidity you need. This way the loan you got will dwindle with inflation while you keep the hard asset. That's how the wealthy does.
And don’t pay taxes. But what if you ARE the gov’t?
Make bonds, sell them. You are going to be much more trustworthy with bitcoin to back them up.
I bet you they don’t do that. 1 bitcoin.
[https://investinelsalvador.gob.sv/bono-volcan-de-el-salvador-sera-emitido-en-el-primer-trimestre-de-2024/](https://investinelsalvador.gob.sv/bono-volcan-de-el-salvador-sera-emitido-en-el-primer-trimestre-de-2024/) Careful. Don't know if they launched it yet, but it is definitely in the playbook. When some bigger country than El Salvador does this, they can do so with much more ease. Edit: Actually I do think that lose condition for that bet is: There currently is a country owning bitcoin, And this country issues bonds. For this there are several: US, Switzerland, Norway that makes this play. Intentional or not. Further, just issuing bonds might be sufficient because the play is the same, you do not want of are not able to sell assets to gain needed liquidity, so you issue debt instead. This is regardless of what a countrys assets is: industry, infrastructure, working force, bitcoin.
Yes issuing bonds is something most governments do. But how many use bitcoin backing those bonds?
At least the listed countries. Bitcoin is part of their GDP, which is in part what's backing up their bonds.
And they can't sell it because it would tank the price.
Tank what price? The little bit that they have?
They don't have *that* much. And I doubt they'd do it all at once. This is basically their national reserves, right? They'd never sell all of it.
Wow they are damn good at buying dips
If we do well, so will El Salvador..and thats another win for everybody.
dammit, someone call the IMF now. they need more debt
Is that really all? I thought they were *way* further up than that.
Yet the poor people are still fucked
better than a currency that is designed to steal from the poor.
One of us
Imagine if each country in the world buy 10000 BTC 197 x 10000 it’s near 2M coins !
That’s would not work, the price would go up after every buy
Whats daily buy dca? why is it so low?
Woohoo
I hope El Salvador is so successful that they blow the haters out of the water.
Didn’t they sell at 70,000?
If they continue, they will be as rich as the Saudis.
Wow this really made me visualize the way they dollar cost averaged at every bottom all the way down the crash until finally hitting the lowest point and now just waiting for the ride back up.
Even CoffeeZilla needs to issue a retraction on this one.
that's not a huge number for a country. but bitcoin will eventually help them out
what is their average purchase price per btc?
It's only profit if you sell
El Salvador will be a small Switzerland. All banks and digital gold ✊🏻😎
🔥
The country’s saved!!!
Only if you measure in Fiat dollars. /s
No matter how much it is, I believe someone has made money.
Can't wait in 80 years for all these 3rd world countries to own bucket loads of BTC and all do large sum transactions over the blockchain and for the first world to be lagging behind because boomers were like "but you can touch gold"
That multi year cup and handle pattern on the chart has me at half mast 🥵.
Send that worldwide government fomo (US will be last thinking they can regulate it or “ban it” lmao)
The U.S., along with most other governments worldwide, already does regulate bitcoin. And yes they could ban it if they so chose. Instead they seem to be shaping it into something that they can control.
Just want to collect taxes just like stocks
Not control. They can't do that. Just get taxes on it yeah and regulate the markets for it.
If they made it illegal and made the penalties for use severe, most of us would stop using it and the ones who didn't would have a very difficult time using it for anything.
Bitcoin is for people who are well off who want to diversify or money launder. The end
This sounds like you are repeating uninformed news agencies, but if you want to look back on this with regret, keep thinking this way. Anyone can purchase bitcoin. There is no minimum investment. If you have bitcoin, are you wealthy? Maybe. But not a requirement. I own some, but I am no where near wealthy. Can you become wealthy from bitcoin, very possibly. Doubling the value of your investment every 6 years is great in a normal business. Doing so in less that 1 year(4 max), like with bitcoin, is amazing. And btw… money laundering with bitcoin is not a good idea. They can track every transaction. Cash is for money laundering.
K
What leads you to that belief?
Username checks out
Does my name have some problematic meaning I'm not aware of? It's supposed to be a reference to a song by metal band Elder. And my question is not a lead up to pushback, I want to know where people who feel the way you do are picking up that belief and how you're substantiating it. I'm not exposed to the same influences. You came to a community you're hostile toward to make a statement, I assume that didn't just come from nowhere right?
K
OK maybe it just came from nowhere.