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A silly different attempt is still a silly one…the Bitcoins the country bought are now worth over 60% less than their purchase price [1]. A poor country has suc
by boeingUH60 4y ago
A silly different attempt is still a silly one…the Bitcoins the country bought are now worth over 60% less than their purchase price [1]. A poor country has successfully thrown away tens of millions of dollars…such incompetence on display.
1- https://www.cnbc.com/amp/2022/10/13/el-salvadors-bitcoin-holdings-down-60percent-to-60-million-one-year-later.html https://www.cnbc.com/amp/2022/10/13/el-salvadors-bitcoin-hol...
- earnesti 4y agoWhether they have thrown the money away depends how they deal with the bitcoins long term. As far as I know they are still adding to the position. There is grassroots adoption also happening in the nearby countries, maybe the story hasn't ended just yet.
- osullip 4y ago'Maybe' is too unpredictable for most sophisticated systems. Certainty, or at least a level of high confidence, is when businesses invest and consumers spend.
- xur17 4y agoAnd it's not just about the value of the Bitcoin they purchased. They also have presumably increased tourism and interest in their country at least some (their name is in the news more, and I know for a fact that Bitcoin fanatics have visited specifically because of this).
- Nursie 4y agoIt really doesn’t depend on the long term position. They could buy the same amount of Bitcoin now for 60% less. They have lost that money.