El Salvador has been buying one bitcoin a day since 2022, and will continue until bitcoin "becomes unaffordable with fiat currencies."
  • 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.
  • daniskarma@lemmy.worldEnglish
    373·
    9 months ago

    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.

    • IphtashuFitz@lemmy.worldEnglish
      91·
      9 months ago

      Worse, what happens if cybercriminals are able to successfully steal a large number of the countries bitcoin, or if they somehow lose access to their bitcoin wallet(s)?

      • BabalugatsEnglish
        14·
        9 months ago

        He said ‘until it’s unaffordable’ I guess he’s using reserves like the way the US does on weapons and military, some of which isn’t even for them.

        He’s investing in what he believes is a profitable investment. I’m guessing that he has financial advice from people that have studied this to a level that can understand it better than most people, and consider it a sound investment. With the intention at the other end being to use for the country. Everything accounted for, nothing going into senators back pockets, could be used to boost their health service and hospitals and whatever else. With countries less built up currently looking more favourable in the future, they’re already in a good position.