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Very misleading. If you're solely looking at the price, it was on June 8th 2021 that El Salvador Legislative Assembly voted to make Bitcoin legal tender [1]. T

by Urgo 4y ago

Very misleading. If you're solely looking at the price, it was on June 8th 2021 that El Salvador Legislative Assembly voted to make Bitcoin legal tender [1]. The price of Bitcoin on June 8th had a intraday low of $31,114.44 USD [2]. The price of Bitcoin as I write this comment is $30,144.71 USD[2]. Yes, its down slightly since they signed it into law, but hardly tanked. Sure the price of Bitcoin went a lot higher AFTER they decided to use it as legal currency, but the headline is very misleading. [1] https://www.asamblea.gob.sv/node/11282 https://www.asamblea.gob.sv/node/11282 [2] https://coinmarketcap.com/currencies/bitcoin/historical-data/ https://coinmarketcap.com/currencies/bitcoin/historical-data... (pick June 7-8 2021)

unmole 4y ago
They brought multiple tranches when the price was much higher. I belive they are down by atleast 20% despite buying the dip multiple times. And more to the point, Bukele's shenanigans have signalled to the world that El Salvador's government can't be trusted to follow responsible financial policies. Which is why yeilds on this bonds have spiked and the country is finding it impossible to borrow.
- cyphertruck 4y ago
  Only in clown world is stacking hard currency “shenanigans” and borrowing unlimited billions from IMF (always with strings to keep them poor) is “responsible”.
  - nradov 4y ago
    Cryptocurrency is not hard currency. Outside of failed states like El Salvador, it isn't backed by any military force or taxing authority. It's just like Monopoly money or something.
  - unmole 4y ago
    The very fact that a country needs an IMF bailout means that its economic policies were not working. Governments borrow to fund revenue deficits. What exactly does hodling a highly volatile asset that generates no cash flow acomplish?
  - niklasbuschmann 4y ago
    „In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value.“

by Urgo 4y ago

unmole 4y ago

They brought multiple tranches when the price was much higher. I belive they are down by atleast 20% despite buying the dip multiple times. And more to the point, Bukele's shenanigans have signalled to the world that El Salvador's government can't be trusted to follow responsible financial policies. Which is why yeilds on this bonds have spiked and the country is finding it impossible to borrow.

cyphertruck 4y ago
Only in clown world is stacking hard currency “shenanigans” and borrowing unlimited billions from IMF (always with strings to keep them poor) is “responsible”.
- nradov 4y ago
  Cryptocurrency is not hard currency. Outside of failed states like El Salvador, it isn't backed by any military force or taxing authority. It's just like Monopoly money or something.
- unmole 4y ago
  The very fact that a country needs an IMF bailout means that its economic policies were not working. Governments borrow to fund revenue deficits. What exactly does hodling a highly volatile asset that generates no cash flow acomplish?
- niklasbuschmann 4y ago
  „In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value.“