El Salvador apparently invested about $270 million in bitcoin since 2021 and that investment is worth about half a billion bucks now. Oh my god, ha, what idiots!

[–] context@hexbear.net 5 points 1 day ago (2 children)

zane i don't understand why you dorks are laughing when i advocate for the use of tulips as legal tender. i'll have you know that i recently cashed out during the height of this latest tulip bubble! you rubes are simply jealous of the treats i can now buy and the very coherent and good point i'm making.

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[–] FuckyWucky@hexbear.net 16 points 1 day ago* (last edited 1 day ago) (11 children)

Ok, can they sell it then? What's the use of Bitcoin? Why are you valuing it in Dollars? Countries accumulate Dollars and other first world currencies to be able to import more (and in case of El Salvador, spend more domestically). Bitcoin is sitting there doing nothing.

Same applies to massive foreign exchange reserves like in the case of China. But still, atleast forex reserves can be quickly used to stabilize the exchange rates.

Also keep in mind even if they sell it and assuming there is enough liquidity, $300m one time isn't a lot of money even for a country like El Salvador.

[–] jagged_circle@feddit.nl 4 points 1 day ago* (last edited 1 day ago)

The IMF is forcing them to sell it. They probably want it.

Edit: misinformation. They're keeping it as a reserve. They're just being forced to strike the language of legal tender

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[–] plinky@hexbear.net 13 points 1 day ago (4 children)

now do nvidia i-love-not-thinking

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[–] spooky2092@lemmy.blahaj.zone 8 points 1 day ago

BUT I WAS TOLD THERE'S NO DIFFERENCE BETWEEN BUTTCOIN AND REAL MONEY, WHAT THE HELL?!?11?!

Who could have ever seen this coming other than anyone who thought about it for the briefest amount of time?

[–] Alk@sh.itjust.works 31 points 1 day ago (2 children)

"This is good for bitcoin."

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[–] Redcuban1959@hexbear.net 19 points 1 day ago (1 children)

WOAH what a surprised maybe it's because half of the fucking country lacks electricity or internet? Really good job Bukele.

[–] technocrit@lemmy.dbzer0.com 3 points 1 day ago* (last edited 1 day ago) (1 children)

Well I'm sure the petrol-dollar will fix all that stuff like when El Salvador was a utopia before bitcoin. \s

[–] Redcuban1959@hexbear.net 2 points 1 day ago

Did bitcoin fix their economy?

[–] MyOpinion@lemm.ee 21 points 1 day ago (3 children)

Crypto is a massive scam. It has no value. It is just used to obscure fraud.

[–] nixfreak@sopuli.xyz 8 points 1 day ago (4 children)

I mean neither does FIAT currency, U.S. currency is based on taxes , there is nothing that backs it. Majority of GDP is just finance. We need more education on what and how a currency actually works.

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[–] tehWrapper@lemmy.world 20 points 1 day ago (1 children)

The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency. According to the National Bitcoin Office, El Salvador has 6,050 bitcoins worth $634.8 million. “President Bukele continues buying bitco

They are still keeping the mass reserves just not forcing it to be accepted as legal tender in stores. Before if someone wanted to pay in Bitcoin you had to accept it, now you don't have to.

[–] fine_sandy_bottom@discuss.tchncs.de 1 points 1 day ago (1 children)

Yeah most commenters here just read the headline I think.

The govt just wanted the loan so they did the thing.

They're still big into bitcoin. Seems like their holdings have gone well (only because Trump won), but their other projects haven't been successful by any metric.

People haven't taken up crypto as a currency, it's just the pres using federal resources to invest in crypto. He's been lucky so far.

[–] tehWrapper@lemmy.world 1 points 1 day ago (1 children)

Bitcoin seems like the best crypto for storage of reserve funds like gold. If it was to be used day to day something smaller and quicker would be better suited like zcash?

[–] fine_sandy_bottom@discuss.tchncs.de 1 points 23 hours ago

Sorry you're barking up the wrong tree there mate. Crypto is a detriment to humanity.

[–] Horse@lemmygrad.ml 19 points 1 day ago (2 children)

an extremely volatile speculative asset primarily used for buying drugs, gambling, and illegal pornography doesn't work as an actual currency?
who would have guessed

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[–] NuraShiny@hexbear.net 17 points 1 day ago

The thing we all knew would happen, did happen. Crypto is only useful to commit financial crimes and even for that it's bad.

[–] ininewcrow@lemmy.ca 15 points 1 day ago (1 children)

The problem with any new kind of currency no matter what it is will always be controlled and manipulated by the wealthiest individuals who will flood their wealth into that new system.

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[–] Parsani@hexbear.net 13 points 1 day ago

This is good for bitcoin

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