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How do we actually know that El Salvador is buying BTC when they say they are? Is there a government wallet that we can see to confirm the presence of the natio
by boc 4y ago
How do we actually know that El Salvador is buying BTC when they say they are? Is there a government wallet that we can see to confirm the presence of the national BTC reserve? I have a suspicion that the announced purchases aren't aligned with actual purchases, especially since we've seen that relatively small volumes of buying/selling will move the BTC market by thousands of dollars.
- impulser_ 4y agoThey don't buy on the open market like a normal person would. They buy from Coinbase or other large exchanges off market. Much like how large stock deals are done.
- duskwuff 4y ago> They don't buy on the open market like a normal person would. They buy from Coinbase or other large exchanges off market. If they were being responsible about it (or, at least, as responsible as any government speculating in cryptocurrency could be), they would. But, according to Bukele himself [1], these purchases are made from an app on Bukele's personal mobile phone. I wouldn't be surprised at all if they were buying through an over-the-counter exchange. [1]: https://twitter.com/nayibbukele/status/1467333081505976323 https://twitter.com/nayibbukele/status/1467333081505976323
- mike00632 4y agoThe government of a sovereign nation is expending its treasury all through one person's cell phone?! Wild times we live in.
- duskwuff 4y agoYep. I don't think there's any good-faith argument that this is a responsible or appropriate approach to state-level investment. It's madness.
- TrapLord_Rhodo 4y agoC'mon. That tweet is halarious. It's a joke. I know people aren't expecting that nowadays from heads of state, but it's the norm now. He's just trying to fit in with Elon.