- El Salvador will continue buying 1 Bitcoin daily until it becomes unaffordable with fiat currencies
- President Bukele’s statement highlights commitment to cryptocurrency adoption
- Move demonstrates belief in Bitcoin’s long-term value and potential as a global currency alternative.
Even if bitcoin wasn’t just a pyramid scheme and all but right now there are 900 new bitcoins each day, after the next halfing around the corner it’s still 450/day. So each day there will be more new bitcoin then he would buy in 1 year. Even the easiest numbers don’t add up even if he is just a 40yr cryptobro Trump version.
Say he achieves his goal (which doesnt make any sense but lets ignore that), what then? The day they need to encash it and they start selling the price will crash
I don’t think the plan is to sell it but to be able make accept payments of good and services in it.
Whatever your thoughts on cryptocurrency might be, this is borderline gambling addiction.
cool, here’s the plan:
- see el salvador announcement
- buy one bitcoin
- wait for el salvador to buy a few bitcoins
- bitcoin price skyrockets to a few million
- sell your one 50k worth bitcoin for 500k dollars
- profit1!1!1!1!
That might be exactly what he’s trying to achieve by announcing it like this. Kinda sounds like a pump and dump tbh.
Then why do they tell everyone about it?
Seems like a way to pump the price up just by press and not actually wanting to anything.
Move the price? Talk is cheap… and so is 1 BTC per year.
This is just Bukele craving some attention. I hate the term attention whore, but can’t find a better description.
Talk is cheap… and so is 1 BTC per year
luckily it said they’re going to buy 1 per day. There are several days in an average year.
The more I’m eager to take a piss out of someone, more I emberass myself.
🤣🤣🤣🤣
El Salvador Will Keep Putting $71,000 into the President’s Swiss Bank Account Daily
FTFY
It’s tragic for the people of his country that they are being essentially forced into participating in a pyramid scheme
Yeah, this basically gave away the whole country to the USA, but now with Bitcoin, this is over!
Quadrupling down at this point, right? I feel like this will not end well for him.
Isn’t current price of Bitcoin 71000usd?
Buy high, sell low
He started buying at 50k, continued at 20k and it’s now 70k fyi
Oh, so buy, buy lower, buy higher? That’s the strategy? I guess someone’s gotta be on the bottom of the pyramid.
If this is legit and not corruption and bitcoin eventually takes off to ungodly levels, imagine the biggest bet in history paying off and their country turns around as an economic powerhouse. Risky and stupid but would make a good movie.
The only thing keeping them a powerhouse would be a number on a computer that can be stolen. Question is, would people try to steal from a nation rich enough to be a powerhouse and how sophisticated would those theft attempts be?
That number is protected the same way gold is. Reminds me you americans stole us 1000 tons of gold during ww2
That’s my point. If a country really did build up enough Bitcoin it became a world power, those Bitcoin would probably be stolen. If it can happen to gold, it can happen to Bitcoin even easier.
It’s ability to be stolen really comes down to was the password to it ever written down or did they not use a password.
If they didn’t write it down, you could conceivably keep it safe from theft as long as the people that know the password don’t give it up if tortured.
Also breaking it up into multiple wallets with different passwords that not everyone knows would limit a complete theft.
Edit: in the scenario where it can’t be stolen, killing everyone that knows the password would still leave the country with nothing though.
Why faster? The gold was in a ship because the gold had to be carried, which isn’t the case with bitcoin. If there is no ship you can steal, you won’t get anything
If I can steal your cryptographic key (a number), I can write to the Bitcoin ledger “I Mubelotix give Buttons840 all my Bitcoin”, and then it’s done, the transaction is complete, it’s written on the immutable public ledger with your own private key. If I can get your private key then I can take all your Bitcoin and you cannot stop me, nobody can, no court, no nation.
What I’m saying is that if a country did built up a world altering amount of Bitcoins, a James Bond 007 Super Secret Agent Man would come and steal the cryptographic key associated with your Bitcoins and as soon as they have that it’s over, all your Bitcoin are gone.
Sure but it’s easy to secure cryptophic keys. Way easier than securing 1000 moving tons of gold
Is it? Like, when any one of the people with access to the key has a standing offer of 1 billion dollars and a life a luxury in another country, are you sure none of them will take the offer? What about when their families are threatened? What about when they get kidnapped and hit with a wrench?
I’m just saying, if we’re talking about so much Bitcoin that it alone makes a country a world power, that’s enough Bitcoin that things have moved beyond law and order and is in the ugly and dangerous realm of war and espionage.
Imagine your president being a 40yo cryptobro version of Trump. No wonder people are leaving
I have very mixed feelings about Bukele but nobody is leaving because of him. Salvadorian emigration has slowed greatly under him and many people are actually moving back.
He’s winning against the gangs though - every Salvadorean I know supports him.
Talk to families of unjustified imprisoned people or to the people itself. His ‘fixing’ was done by basically imprisoning everyone, which just happened to be close to any suspect gang member. There where even cases where a mailman was imprisoned because he just happenend to deliver a parcel during a raid.
Yes, he fixed the gang problem for now. But at a high price – the loss of a fair justice system. He imprisoned 1.2 % of the total population in just 2 years.
I know that freedom vs security is a fine balance and once security suffers significantly, you are willing to give up quiet a lot of freedom. But since he just imprisoned everyone and their relatives, its only a temporary fix – unless he wants to imprison them for life.
You seem to underestimate the gang problem. I was in Ilobasco a few years ago and my family that lives there urged me not to go outside past 7pm because I can be a target or even kidnapped. Like wtf why do the gangs get to dictate curfew in 2017? Past nightfall you have to turn the lights off so people in the streets can’t peek into your house through the metal guard rails on all the windows. It was eye opening to say the least. Since Nuevas Ideas I have only heard good things and good changes to the area from my family. There were so many people associated to the gangs that I have little sympathy for those ‘innocently accused’. I would rather a few loosely incorporated get caught than let the gangs do what they want freely.
Until it’s you who get wrongfully put in jail, but I get the point. I think everyone agree it’s better now and also they should do everything they can to speed up the release of innocent people.
Talk to families of unjustified imprisoned people or to the people itself.
Do you actually know & speak to people in El Salvador? Pretty much everyone I know there (family/friends) are ecstatic that there are no more gang members running around unchecked. The country is safer now then it has been in years.
Nothing is perfect of course, poverty is still a major issue, but not having to deal with gang members every time you ride the bus, go out shopping, even just drive around, it’s a huge deal over there.
Sure I get what you’re saying but for most people there it’s been a positive development.
But since he just imprisoned everyone and their relatives, its only a temporary fix – unless he wants to imprison them for life.
True… to be honest I suspect those people are imprisoned for life. No one expects gang members to be let out of prison while Bukele is still running the country, that’s going to be something that gets revisited when/if he’s out of office. It’s a massive human rights issue but at least for now the majority of Salvadorans consider it a net positive.
The funny thing is that this article is about bitcoin & most Salvadorans don’t particularly care about that at all, it’s just kind of a headline that isn’t going to win/lose Bukele any support in the short term at least.
I don’t think you understand how completely gangs had effectively taken over El Salvador until recently. Despite the obvious issues that you’ve pointed out, the situation is genuinely miles better than it was before for the vast majority of the population who were simply trying to live their lives.
Tbh we want a Bukele in my south American country. Crime is running rampant
It is sad to see people unaware of different conditions in the world. They have this feelings that one set of rules is good for everyone.
I know. Also tfw left and right is different outside of the US lol
You are very correct.
I don’t really want someone who is "tough on crime"in Russia, China or Taiwan , but I can understand why people in Haiti would be in favor of it.
For a future in which Bukele unites south America under the banner of zero crime, since our local presidents are just stupid and corrupt and wastes of space.
What does ‘unaffordable with fiat currencies’ even mean? This guy knows you can divide BTC right?
The headline said 1BTC, so I take it to mean “until the price of 1BTC is too high to buy with real money”. They’re not saying they’ll buy $66000 worth of bitcoin per day indefinitely, just 1 whole bitcoin per day, regardless of how the price fluctuates, for as long as that’s viable.
El Salvador doesn’t have its own currency; they use USD and recently bitcoin. I don’t know enough to say whether this makes sense.
Right but you’re missing the point. It doesn’t matter if 1 BTC costs $1,000,000 when you can just buy 0.0001 BTC for $100. They would need to drive the cost of 1 BTC into the quadrillions of dollars before it would become even remotely unfeasible to purchase.
And what happens if the government needs that money and Bitcoin price is down?
I don’t see how putting national reserves on such an inestable “asset” would be a good idea.
