Nonsense. Why people assume that the entire country like El Salvador could feel much of a consequence from this? If this was a trillion dollar amount - yes. But this?
It's pure insanity that you'd tie your country's future to the performance of any one financial instrument, let alone one with so much volatility and uncertainty
This reminds me of king Farouk of Egypt. Spent the country's treasury to aquire collectibles. One of the collectibles was a 1933 gold eagle which is the only one that is legal to own. currently.
@@chris0000924 I love how you’re not expanding your thinking. On a relative basis, the USD is lower risk than Bitcoin. Risk is always relative. Keeping your money under a mattress makes it low risk compared to buying stocks. But your house could be broken into. Bitcoin is more speculative than stocks so yes it is one of the most risky assets in history.
@@chris0000924 because federal reserve is not like a fire station. They don’t follow an action-guide. They contemplate, discuss and come up with a plan for EVERY situation. Yes, many of their action are defined but the course of action, facing any situation is going to depend on the people in charge AT THAT TIME.
I feel bad for El Salvador. This isn’t a total disaster for the country though. They made a bad gamble, but there was no guarantee that their economy wouldn’t have collapsed anyways. The last few years have put a lot of pressure on all countries, and El Salvador was likely to struggle no matter what they did. I think their Bitcoin City is actually a terrible idea though. A city with access to cheap electricity could actually produce something useful with that electricity, like aluminum, nitrogen fertilizer, or synthetic fuels. Producing something useful to export is a much better route to becoming a wealthy country. I do think their reckless spending of the IMF loans is ridiculous. Investing that money into building up real capital in their country was always a clearly better, though maybe less glamorous, path to prosperity. They’re squandering resources that another developing nation would actually use to create something useful for their people.
They would have to import raw materials for that to happen you'd end up like turkey and sri Lanka. Why is it Americans think the geography isn't a thing?
lol, They are improving the banking system. Why dig yourself deeper into the traditional banking system when you can build a solid foundation for the new banking system and patch the holes between traditional and new? Blockchain is literally about being "bankless".
You have to understand none of this has to do with really switching El Salvador from the USD to Bitcoin - the primary goal is to raise government revenue by addressing the incredible tax avoidance the government faces. Salvadorans living in SV are mostly unbanked and do not report income, and Salvadorans living in the US do not report their income to SV and many work illegally and avoid all taxes (US and SV). The Salvadoran government has recently refinanced its bonds and repurchased the bonds due in the next 3 years, because of increases in tax adherence. The new government is looking to pass legislation that would tax global income of all Salvadorans, much like US tax policy, and to begin taxing Salvadorans living in the US.
I thought the shortcut to get rid of remittance fees was a good move. Mexico tried something similar during the 2008 recession. A large amount of the GDP was also made up of money from US workers.
Imagine if your receipts were noted by the blockchain too, like you buy something embarrassing like shampoo for pubic lice and that transaction gets permanently and irrevocably posted to a public ledger for all time lol
...in the future: "And if we look here in the blockchain, this is where your great, great, grandfather bought something called Tekashi69 tickets, pink sauce, and also hemorrhoid cream..."
@@chris0000924 there's a lot more than just the bank and retailer cashing in on that data I'm sure, but so far none of those transactions have resulted the public posting of embarrassing data which I cannot ever remove.
As a Salvadoran it’s not that big of a deal. President Bukele locked up all the gang members and tourism is booming. He is investing heavily in infrastructure and I think that this could offset the losses from the BTC gamble
@@MPDthegamer one out of thirteen Salvadorans is on the payroll of an MS-13 affiliate, so quit bullshittin. And the word on the street is the truce was made with gang leaders who run things from prison (Salvadoran jails are more like exile than incarceration).
I'm American, and before last year I couldn't have even found El Salvador on a map. Now it's one of my favorite countries and I want to go see it. Bitcoin makes sense to me - you shouldn't be dependent on the monetary policy of another country, and people can hold and use it while being fully in control.
Bitcoin is notoriously inefficient with very high and slow transaction fees. I don’t understand how the president thinks it can help solve those problems. It will make it worse!
@@SatsMate Yea I was gonna say that. The barrier of entry for making these youtube videos is too low, obviously worse for commenting. So many people around here have no idea what Bitcoin actually is.
@@northerngamingygo4274 I am very happy for the people of El Salvador that things are looking up with the btc adoption. I hope that things continue this way. I am willing to make a rectification and also apologise to Nayib Bukele once I have had a little more time to evaluate the situation. Thank you for pointing this out. Regards. M
@@northerngamingygo4274 It now seems that I was too quick to criticize Mr. Nayib Bukele. I have seen the way that he has recovered the streets of El Salvador from the gangs and criminals and gratly improved the lives of the average people. He seems to be doing a fantastic job in that respect. I take my hat off to the man.
Those colonies were isolated by France and the US. Also great Britain used to be the world super power, by heavy trading with it's former colonies as well as their territories. While Spain was a broken power in decline with a lot of debt at he end of the 1800s.
no, having the government's debt equal to the total amount of money spent in the country over a year is ridiculous for any government and any country of any size or consequence. Hes saying that because "modern" "economists" in the usa are telling congress to spend more money even though they don't have any
@@plopplop. I think he is talking about how tether owned a large stake in BTC something like one billion plus I think. It was used as a collateral. The thought was that if tether became disable they could liquidate the BTC and use the capital to stabilize. Didn’t work tho
You'd be shot before you got even close to the office. That country is a crap hole and always has been: the nuns run the medical, the El's I know don't educate themselves even after "bailing" to Canada or the USA. Everything shipped gets stolen: first by the Port crew, then military, then if it's destination rural it will not get there. Too many layers of entrenched crime and it's part of their culture. MS13 almost is normal for that area.
Wow I didn't realize they were buying that much btc. As a believer in BTC I hope they come through this strong and believe it could happen. Either way BTC is not guaranteed and its extremely irresponsible to be doing it on a nation state level at this point.
Somebody had to be the first. With the IMF truly strangling the countries that are forced to borrow from them, escaping their clutches was a gamble that was worth taking. However, the bottom of the market is nowhere near, but BTC at some point will not no longer correlate to risk assets. It will become the first risk free asset. That is what Bukele is hoping and that he can hold out until that happens. In the interim Bukele has no other choice than buying the dip and continuing to accumulate BTC. At some point, the U.S. dollar will hyperinflate, as every fiat currency in history has done. The dollar is now in an inflationary cycle that will not abate. Inflation is at least 10% in the U.S. now and that will compound from this point forward. That being said, Bukele may be much closer to being right than anyone realizes. BTC represents the only real means of escaping central bank monetary policy which only benefits central bankers. Bukele better have a good secession plan as the central bankers undoubtedly want him dead. This is so the country never liquidates it's BTC. With the BRICKS putting together a reserve currency to challenge the dollar, there is a distinct possibility they will incorporate BTC in their commodity backed currency. That will hasten BTC's decoupling risk assets and the dummies in El Salvador protesting BTC will be dragged kicking and screaming into prosperity. This situation is very, very fluid. All I can say is stay tuned, as I truly hope Bukele lives through this.
I will say that it was a risky move doing this type of thing this early in the lifespan of BTC, but I still hope for future success and that they don't pull out.
@@chris0000924 the USD is required for many transactions like taxes, mortgages, and trade. So there is inherent demand for the currency, unlike bitcoin.
@@d_all_in So by that logic water should be more valuable than anything on the planet since it demand by every living thing on the planet. Don't talk economics again please
@@chris0000924 not really. The dollar has a lot of problems but you don't buy a dollar for the purpose of selling to someone else for more. The dollar staying at the exact same value is perfectly acceptable for those that use it. It's actually preferred because of that stability, compared to most other resources. That's what makes a currency a currency instead of a ponzi scheme. Imagine if we can look in the future and see that bitcoin will lock at it's current value and not change for the next 40 years. How many would panic or give up on it knowing they will never sell it to someone at a better price? The dollar is many things and it's being used in many horrible says, But ponzi it is not.
@@stevenmitchell7830 a true bubble never recovers. Have u ever looked at the chart of gold? It crashes too. Gold has even had an 80% correction, clearly you don't think gold = tullip
3:04 If this was the point of adopting Bitcoin, the goal could have been achieved much more effectively with a POS community-based stablecoin currency, which is nothing new. From Brazil to Brixton, it's been an effective way to improve cash flow and encourage local spending over purchases that send money out of the community. Also drives down unemployment. It was even the IB CS case study some four years ago.
I would love to see Bukele lose the keys. Not because I want to see the good people of El Salvador suffer, but to put an end to this rampant stupidity.
Where's the stupidity exactly? And why do you assume the keys can all be "lost". In all likelihood, this is a multi-sig where they can actually lose a number of keys without any impact while also requiring a number of keys to be allowed to spend anything.
El Salvadorans must be at a loss. How could their hard earned tax dollars come into the reins of this lunatic! Speculative investing at its worst. How is the government going to keep the lights on and pay its obligations.
100 million is only 0.05% of their GDP.... Look at how many billions of dollars flow in to El Salvador from family sending money to there family members there. It was so much money that USA didn't want that money to leave so they made the El Salvador currency US dollars.. think about... Look. At how much money from tourism has brought in. I meen people are actually going there as a vacation destination. That was never a thing in the last 50 years.
Are you sure the US was unhappy with the dollar outflow? As I understand it (I have a degree in econ) the US is very happy when dollars leave, and are only trying to prevent dollars from coming back.
![งมหอย จับปลา มือเปล่า หาอยู่หากินแบบวีถีอีสานกับแก๊งเซียนหรั่ง ม่วนคัก! [ขอนแก่น] @Sianstudio](http://i.ytimg.com/vi/JEJZg6N-AbU/mqdefault.jpg)
This was literally the *most* predictable outcome of any self-imposed financial failing in the history of finance.
Amen!!!
nahhh... Argentina and Venezuela have that prize LOL
Hahaha now everyone is a great hindsight economist
Nonsense. Why people assume that the entire country like El Salvador could feel much of a consequence from this? If this was a trillion dollar amount - yes. But this?
You should apologize now. Btc went back up and they paid back their loan in full
It's pure insanity that you'd tie your country's future to the performance of any one financial instrument, let alone one with so much volatility and uncertainty
To the moon mentality
You should have said that in 2008 when world markets crashed because of American housing bubble.
@@KKOPPONG So, which country tied everything to the us housing market?
@@tonycrabtree3416 I agree, pot thinks kettles black.
I know, they never should have started using the dollar as their currency.
He belongs on WallStreetBets, using debt to finance his losses so he doesn’t have to realise them gambling on it all going up. A true professional
He should be modded if he posts lossporn.
Running a country by getting advisement from r/wallstreetbets
his watasp below
+61
485
Imagine electing a cryptobro to run your country, he even comes with this backwards hat and all
When wallstreetbets gets its own country
election in el salvador? good joke bruh
An object lesson
So just send your entire population North?
Lmao who could've seen this coming 🙄
New policy: El Salvador will invest its currency reserves into PowerBall tickets
haha yeah same difference.
I chuckled out loud.
How is a lottery(government tax scam) the same thing?
You say that as a joke.... heh heh
Based. It probably would work
Gamblers never leave the table the first
time they lose.
Bitcoin isnt gambling, its hedging the corrupted fiat. Look at china LMAO banks took all their money fiat is worth nothing when its centralized.
@@googleuser8971 something so volatile can never be a currency.
You should apologize now. Btc went back up and they paid back their loan in full
62k right now... 40%+ profit. Yea...
They’d literally have been better off buying baseball cards
"Our Treasury is built on the value of our '74 Hank Aaron."
If 100 million is a big deal to El Salvador, then they are in trouble
Yeah :(
It is when “Average monthly salary after taxes is $411.10 per capita”
Its 400-500M
I remember when 100 million was a lot but now a few apartment buildings will cost you that much over here
El Salvador is an underdeveloped country with a population size smaller than Baghdad.
i love policies like this, either make or break your whole country. Your fellow peasant takes the loss, while you reap the reward
The next move for El Salvador? NFT's
Imagine your president yoloing your tax money into Bitcoin like a WSB degenerate 💀💀💀
Third world problems.... please yelp 😉
What do you mean? they yolo it all the time.
@@Nierez yolo = you only live once, therefore, take you chances.
You should apologize now. Btc went back up and they paid back their loan in full
This reminds me of king Farouk of Egypt. Spent the country's treasury to aquire collectibles. One of the collectibles was a 1933 gold eagle which is the only one that is legal to own. currently.
this isnt the same by any means
A BitBro running a country. Who DIDN'T see this coming?
imagine gambling your country's financial future on the most high risk asset in history 🤣🤣🤣
@ᴡᴀʟʟ ꜱᴛʀᴇᴛ ᴍɪʟʟᴇɴɴɪᴀʟ fucking spammers
I love how the USD is somehow low risk
@@chris0000924 I love how you’re not expanding your thinking. On a relative basis, the USD is lower risk than Bitcoin. Risk is always relative. Keeping your money under a mattress makes it low risk compared to buying stocks. But your house could be broken into.
Bitcoin is more speculative than stocks so yes it is one of the most risky assets in history.
@@fredm.2699
So explain to me why a burger cost 80x more than it did in 1971?
@@chris0000924The USA population alone has doubled since 1971 which means there are more people competing for the burger, which drives up the price.
I haven't met a genuinely tech savvy person that thinks Bitcoin could work as a currency.
It won't, only robber the world would like to see who hold power as of now is goverment.
Most tech savvy people can't even tell you how the federal reserve works(try it)
@@chris0000924 bruh anyone can explain that
@@chris0000924 because federal reserve is not like a fire station. They don’t follow an action-guide. They contemplate, discuss and come up with a plan for EVERY situation. Yes, many of their action are defined but the course of action, facing any situation is going to depend on the people in charge AT THAT TIME.
Nice to meet you ;)
I feel bad for El Salvador. This isn’t a total disaster for the country though. They made a bad gamble, but there was no guarantee that their economy wouldn’t have collapsed anyways. The last few years have put a lot of pressure on all countries, and El Salvador was likely to struggle no matter what they did.
I think their Bitcoin City is actually a terrible idea though. A city with access to cheap electricity could actually produce something useful with that electricity, like aluminum, nitrogen fertilizer, or synthetic fuels. Producing something useful to export is a much better route to becoming a wealthy country.
I do think their reckless spending of the IMF loans is ridiculous. Investing that money into building up real capital in their country was always a clearly better, though maybe less glamorous, path to prosperity. They’re squandering resources that another developing nation would actually use to create something useful for their people.
They would have to import raw materials for that to happen you'd end up like turkey and sri Lanka. Why is it Americans think the geography isn't a thing?
How about us. We are in debt for over 4 trillion dollars , but to who..
@@Ryousure China (who is also Trillions of dollars in debt to Africa)
So really Africa
I don't care I just wanted to start a surf school and charge all those geeks a shit ton if money.
The massive arrests of gang members will help immensely. Just needs to focus on building cities to bring in tourism money
TLDR: an entire country is in HODL
LMAO, fuck me, that's funny.
They could have easily Improved traditional banking system for that money
exactly. If so many are un-represented in traditional banking, change that. It already exists, why re-invent the wheel , a square wheel at that.
Easier said then done.
lol, They are improving the banking system.
Why dig yourself deeper into the traditional banking system when you can build a solid foundation for the new banking system and patch the holes between traditional and new?
Blockchain is literally about being "bankless".
You have to understand none of this has to do with really switching El Salvador from the USD to Bitcoin - the primary goal is to raise government revenue by addressing the incredible tax avoidance the government faces. Salvadorans living in SV are mostly unbanked and do not report income, and Salvadorans living in the US do not report their income to SV and many work illegally and avoid all taxes (US and SV). The Salvadoran government has recently refinanced its bonds and repurchased the bonds due in the next 3 years, because of increases in tax adherence. The new government is looking to pass legislation that would tax global income of all Salvadorans, much like US tax policy, and to begin taxing Salvadorans living in the US.
I thought the shortcut to get rid of remittance fees was a good move. Mexico tried something similar during the 2008 recession. A large amount of the GDP was also made up of money from US workers.
Comments aged like milk, video aged like milk. 😂
Lucky🙈
Imagine if your receipts were noted by the blockchain too, like you buy something embarrassing like shampoo for pubic lice and that transaction gets permanently and irrevocably posted to a public ledger for all time lol
Your banks and retailer's already sell that info to advertisers but you read their TOS right?
No shame in having lice lol
@Abba Okoro ok but that’s still not a public ledger though.
...in the future:
"And if we look here in the blockchain, this is where your great, great, grandfather bought something called Tekashi69 tickets, pink sauce, and also hemorrhoid cream..."
@@chris0000924 there's a lot more than just the bank and retailer cashing in on that data I'm sure, but so far none of those transactions have resulted the public posting of embarrassing data which I cannot ever remove.
Bitcoin is a huge bubble. Bitcoin is not unique. Stuff like that happened so many times and Bitcoin won’t be the last one
Oops😮
El Salvadoran president going YOLO with his country’s money!
And it paid off😊
Chivo means "goat", need I say more? LOL
Remember to deposit in a exchange you never heard of. Called moomoo stocks LMAO
As a Salvadoran it’s not that big of a deal. President Bukele locked up all the gang members and tourism is booming. He is investing heavily in infrastructure and I think that this could offset the losses from the BTC gamble
Until they default on debt and/or the gang leaders end the truce.
@@samsonsoturian6013 Theres no truce he literally locked them all up
@@MPDthegamer one out of thirteen Salvadorans is on the payroll of an MS-13 affiliate, so quit bullshittin. And the word on the street is the truce was made with gang leaders who run things from prison (Salvadoran jails are more like exile than incarceration).
I'm American, and before last year I couldn't have even found El Salvador on a map. Now it's one of my favorite countries and I want to go see it. Bitcoin makes sense to me - you shouldn't be dependent on the monetary policy of another country, and people can hold and use it while being fully in control.
@@fusion9619 found the wannabe conman
Bitcoin is notoriously inefficient with very high and slow transaction fees. I don’t understand how the president thinks it can help solve those problems. It will make it worse!
He understands that it will not work; he does not care. He is making millions in the process. Salvadorians will foot the bill eventually.
You must not understand the Lightning network sir!
@@SatsMate Yea I was gonna say that. The barrier of entry for making these youtube videos is too low, obviously worse for commenting. So many people around here have no idea what Bitcoin actually is.
When I saw President Nayib Bukele's red socks and hanky, I began to fear for the people of El Salvador.
Hes out of it u could tell his just going to steal all the money from el Salvador
You should apologize now. Btc went back up and they paid back their loan in full
@@northerngamingygo4274 I am very happy for the people of El Salvador that things are looking up with the btc adoption. I hope that things continue this way. I am willing to make a rectification and also apologise to Nayib Bukele once I have had a little more time to evaluate the situation. Thank you for pointing this out. Regards. M
@@northerngamingygo4274 It now seems that I was too quick to criticize Mr. Nayib Bukele. I have seen the way that he has recovered the streets of El Salvador from the gangs and criminals and gratly improved the lives of the average people. He seems to be doing a fantastic job in that respect. I take my hat off to the man.
he listened to Max Keiser 🤣
They would be up by 10 to 15% if they bought in March
Someone spilled. Milk 😅
dude gambled his entire country on a ponzi scheme🤣🤣🤣🤣
This comment proves you do not understand Bitcoin, nor ponzi schemes.
@@TopShelfMontana The irony. Go on and read your comment to yourself.
And made 40%+ on the investment.
Bro a whole ass country got rug pulled man
I really wonder what the El Salvadorian leader was smoking when he decided to destroy the future of his nation
In the future Bitcoin will increase massively
@@mushroom11g55 Only in a ponzi scheme way.
Kratom.
@@mushroom11g55 did Nayib buy bitcoin. I think he just stole the money.
I wonder how the nation is destroyed…..? Safest in the western hemisphere and bought at 40k now 67k
What a smart comment
Oooooof... Maybe worth an update?
What is it about former colonies of Spain and France that makes them so much worse off than British colonies?
Soviet Union, Cold War, Russia do a little research on the old Internet
Those colonies were isolated by France and the US. Also great Britain used to be the world super power, by heavy trading with it's former colonies as well as their territories. While Spain was a broken power in decline with a lot of debt at he end of the 1800s.
They were run like government agencies meanwhile the British and French gave them a lot of autonomy and ran them like extensions
Isn't Zimbabwe a former British colony.
@@Piano4715 so was singapore..malaysia..australia..canada..your point?
He should triple down and buy the dip lol
So the whales can use him as exit liquidity and crash us down to 10k lol
@@beamlayerhq if you believe in Bitcoin why wouldn’t you want the chance to buy more at 10k
@@diegovalles7048 guy I'm waiting to load up life savings sub 17k 😂
Oops 😮, you are on to something
how are they doing now?
no, having the government's debt equal to the total amount of money spent in the country over a year is ridiculous for any government and any country of any size or consequence. Hes saying that because "modern" "economists" in the usa are telling congress to spend more money even though they don't have any
Wither it's Bitcoin gold oil Euro, you don't mess with the U.S Dollar, it won't go in your favor ever.
Tether is already insolvent, which makes up the majority of BTC. What could go wrong?
Can you explain how "Tether makes up the majority of BTC" exactly? That statement just makes no sense to me.
@@plopplop. I think he is talking about how tether owned a large stake in BTC something like one billion plus I think. It was used as a collateral. The thought was that if tether became disable they could liquidate the BTC and use the capital to stabilize. Didn’t work tho
@@otissanders3341 No you're thinking of Luna/Terra.
@@plopplop. No. There is a 43 page report. Tether was used to manipulate BTC in both 2013 and 2017.
@@whitejodeci8926 easy to call bs here given that tether was initially released in 2014...
They really elected a Crytobro for President.
A country got " rekt "
They can easily make it back. They just need to use options xD
But only naked short calls, please! (Besides can't-go-tits-up free money box speads obviously)
LMAO! TO THE MOON!
When I first heard of this I thought it was stupid. Now after the crash I think it's worst than stupid.
Should have put it into Dogecoin.
They would have lost even more
Why would they use bitcoin for its efficiency when bitcoin itself isn't efficient?
you might as well ask why is btc still worth anything. the answer, fuck knows. stupidity maybe
Yeap
$84m profit as of April 24’. Video aged like Wendy Williams 😂. Love the page tho.
I feel sorry for the people of El Salvador. Situation went from bad to worse.
That’s not true. El Salvador is not in a debt crisis due to bitcoin. They are in fact buying more bitcoin as it dropped lol
Should have backed in a tangible like gold, I heard that tends to work.
Money hasn’t been backed by gold in forever. What era you from?
You should apologize now. Btc went back up and they paid back their loan in full
El Salvador, if Wojak was a country. Buying the dip with credit cards.
too bad he didn't contact PULOSEE'S hubby 1st LMAO
I should run for El Salvador president. I feel like I would have a chance.
You'd be shot before you got even close to the office. That country is a crap hole and always has been: the nuns run the medical, the El's I know don't educate themselves even after "bailing" to Canada or the USA. Everything shipped gets stolen: first by the Port crew, then military, then if it's destination rural it will not get there. Too many layers of entrenched crime and it's part of their culture. MS13 almost is normal for that area.
If an Omanese guy did, you can
BTC is too volatile for transactions.
What is your opinion now? This is going the same path as Microstrategy, to be revolutionary as a tool for saving value.
Brilliant ..let's make an unregulated phony coin our national currency 🤣😅🤣
diamond hands = smooth brain
"Bukele has invested so much of his reputation on Bitcoin"
What reputation?
I'm still rooting for AL Salvador. Do Kwon is the one to blame lol
Wow I didn't realize they were buying that much btc. As a believer in BTC I hope they come through this strong and believe it could happen. Either way BTC is not guaranteed and its extremely irresponsible to be doing it on a nation state level at this point.
I believe in bitcoin but I don't believe this buffoons way of getting his country wrekt is the right way
Somebody had to be the first. With the IMF truly strangling the countries that are forced to borrow from them, escaping their clutches was a gamble that was worth taking. However, the bottom of the market is nowhere near, but BTC at some point will not no longer correlate to risk assets. It will become the first risk free asset. That is what Bukele is hoping and that he can hold out until that happens. In the interim Bukele has no other choice than buying the dip and continuing to accumulate BTC. At some point, the U.S. dollar will hyperinflate, as every fiat currency in history has done. The dollar is now in an inflationary cycle that will not abate. Inflation is at least 10% in the U.S. now and that will compound from this point forward. That being said, Bukele may be much closer to being right than anyone realizes. BTC represents the only real means of escaping central bank monetary policy which only benefits central bankers. Bukele better have a good secession plan as the central bankers undoubtedly want him dead. This is so the country never liquidates it's BTC. With the BRICKS putting together a reserve currency to challenge the dollar, there is a distinct possibility they will incorporate BTC in their commodity backed currency. That will hasten BTC's decoupling risk assets and the dummies in El Salvador protesting BTC will be dragged kicking and screaming into prosperity. This situation is very, very fluid. All I can say is stay tuned, as I truly hope Bukele lives through this.
They would have been better of investing in magic beans😅
Who didn’t see this coming? Foolish move from its inception.
One way to get voted out of office is to bet your entire administration on a highly speculative asset.
Isnt he the highest approved president ever in El Salvador history? Oh and btc doubled since he bought it…. Wait he is still in office 😂
Keep buying while is cheap. Good strategy.
I will say that it was a risky move doing this type of thing this early in the lifespan of BTC, but I still hope for future success and that they don't pull out.
hahahahaha
Delusional
@@Tinfoiltomcat extremely persuasive argument, my views have changed completely
@@Ganerrr I wasn't having an argument, I was making an observation.
@@Tinfoiltomcat an observation that publicly denotes an opinion in contrary to the presented one, aka an argument
Well they got lucky in El Salvador paid $800,000,000 million debt off and interest, a good move in the end but a gamble that paid off.
At least he didn't go all-in into Luna
Maybe it’s the pictures you picked but I get a Elizabeth Holmes/Trevor Milton vibe from the guy.
Those goons were ordinary people trying to look official. This is a head of state trying to look hip.
@@samsonsoturian6013 Still looks like a slick used car salesman
;47 any "hatonbackward" guy with expensive shoes makes me nervous. And that's when he's driving his jacked up pickup twuck.
XD lets connect our economy with the biggest ponzie scheme in human history. What can go wrong??? 😄
The USD isn't that?
* 2nd biggest one, right after the Fed.
@@chris0000924 the USD is required for many transactions like taxes, mortgages, and trade. So there is inherent demand for the currency, unlike bitcoin.
@@d_all_in
So by that logic water should be more valuable than anything on the planet since it demand by every living thing on the planet.
Don't talk economics again please
@@chris0000924 not really. The dollar has a lot of problems but you don't buy a dollar for the purpose of selling to someone else for more. The dollar staying at the exact same value is perfectly acceptable for those that use it. It's actually preferred because of that stability, compared to most other resources. That's what makes a currency a currency instead of a ponzi scheme.
Imagine if we can look in the future and see that bitcoin will lock at it's current value and not change for the next 40 years. How many would panic or give up on it knowing they will never sell it to someone at a better price?
The dollar is many things and it's being used in many horrible says, But ponzi it is not.
This just in El Salvador just bought the dip!
Does this mean if I visit sometime next year my American money will go further?
They stay poor for a reason.
Imf loan's and fiat currencies
@@chris0000924 that makes no sense. The IMF doesn't even charge enough to make a profit, and they literally just left fiat currency.
Yeah, they started being poor in 2022 they were the richest country before that
thanks i was scrolling for minutes
It is fine once he has to flee the country 3AC has a job for him in risk management.
Precisely why hipsters should not be running countries
I would really like to have an insight to this skill of your because my portfolio show little to no progress
This is a very good argument against bitcoin as a utility
Bitcoin now up to 50k😂
2024 El Salvador profit of Bitcoin 40%
Bitcoin losses?? This was uploaded on 3rd August ‘22 when bitcoin was $22,960 … today it’s at $68,849 … The President of El Salvador is a visionary.
They should have stayed with tulip bulbs. The price of tulip bulbs will never collapse.
Tulip lasted 6 months, btc has been here for 15 years
@@radicaIarchitect Yes. Tulips collapsed once. Bitcoin has done it many times. I guess that's a form of success.
@@stevenmitchell7830 a true bubble never recovers. Have u ever looked at the chart of gold? It crashes too. Gold has even had an 80% correction, clearly you don't think gold = tullip
3:04 If this was the point of adopting Bitcoin, the goal could have been achieved much more effectively with a POS community-based stablecoin currency, which is nothing new. From Brazil to Brixton, it's been an effective way to improve cash flow and encourage local spending over purchases that send money out of the community. Also drives down unemployment. It was even the IB CS case study some four years ago.
they made 32X their losses (3,200% gain) from tourism during this year alone… it’s obvious you’re reading yahoo finance
Another megalomaniac that's the price of doing business with them, they in their minds can do no wrong.
I would love to see Bukele lose the keys. Not because I want to see the good people of El Salvador suffer, but to put an end to this rampant stupidity.
They will either lose their keys or some corrupt official will steal their coins
Where's the stupidity exactly? And why do you assume the keys can all be "lost". In all likelihood, this is a multi-sig where they can actually lose a number of keys without any impact while also requiring a number of keys to be allowed to spend anything.
Emphasis on rampant... and stupidity... with a capital STUPID
Where were the adults when he proposed this idea?
No one saw this coming 😏😬
Clearly you didn't 😅
great example why using bitcoin for everyday transactions dont work
Two words: Lightning Network
@@TheGamingCanadian "everyday transactions"
@@Onion_Knights The Lightning network fixes all of Bitcoin’s scaling problems
@@TheGamingCanadianfixing Bitcoin by not using Bitcoin?
@@tomlxyz Lightning is bitcoin, wdym?
I don't know about other places, but in Mexico "chivo" means goat.
same thing in El Salvador
I've heard fools trying to sound hip use the English "goat" to mean "cool," though....
just don't understand why they wouldn't use a stablecoin like usdc
Centralization
Why is the el salverdore president dressed like a wanna-be rapper
He’s anti-establishment and dresses super causal
Because that's who got elected.
El Salvadorans must be at a loss. How could their hard earned tax dollars come into the reins of this lunatic! Speculative investing at its worst. How is the government going to keep the lights on and pay its obligations.
always playing with other people's money LMAO
Would be better if they adopted India's UPI system to get more people to have bank account
,,,,,
Lol. India is only a example of what not to do.
100 million is only 0.05% of their
GDP.... Look at how many billions of dollars flow in to El Salvador from family sending money to there family members there. It was so much money that USA didn't want that money to leave so they made the El Salvador currency US dollars.. think about... Look. At how much money from tourism has brought in. I meen people are actually going there as a vacation destination. That was never a thing in the last 50 years.
GDP isn't the national budget
Are you sure the US was unhappy with the dollar outflow? As I understand it (I have a degree in econ) the US is very happy when dollars leave, and are only trying to prevent dollars from coming back.
@@fusion9619 What dollar outflow? Currencies aren't ETFs, they don't have market caps. Are you confusing outflow with inflation?
@@samsonsoturian6013 read the OP's comment. And FU for calling me a liar, I saw that
that country need changes to the economy instead of a new currency.
going fast with loads of money is almost never a good idea.
Can you really blame a president whose first name sounds like the word "naive"?
All these Americans mocking El Salvador. The US finances don't look too clever do they.
It's not the country being mocked, it's the country's leader... who was elected by the people...