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What's he using Bitcoin to hedge against? Any trend bucking rumours that a South American leader might not be totally incompetent?
by easytiger 4y ago
What's he using Bitcoin to hedge against? Any trend bucking rumours that a South American leader might not be totally incompetent?
- hihihihi1234 4y agoEl Salvador isn't in South America.
- ufo 4y agoThe only logic I have heard is that El Salvador receives a large amount of remittances from the USA, from which banks and Western Union take a big cut. But Nayib Bukele is an autocratic president, which is making El Salvador less democratic by the day. In this case I think it's fair to blame the Bitcoin stuff to incompetence and/or corruption.
- Nursie 4y agoHe’s not. He fell for the 1% fallacy, he spoke at a cryptocurrency conference a while back and said “BTC is worth X, imagine if we can get just 1% of that in inward investment!”
- aaaaaaaaata 4y agoThat...might have been his own conference.
- Nursie 4y agoHehe. Nah, I'm pretty sure it was part of a speech he gave in Miami at the same conference he announced El Salvador was going to make it legal currency. Could be wrong of course, memory is a tricky thing.