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This sounds like a pump-and-dump :) But really...how much could they have earned if they invested it elsewhere instead? It seems silly for any country to inves
by dcdc123 3y ago
This sounds like a pump-and-dump :)
But really...how much could they have earned if they invested it elsewhere instead? It seems silly for any country to invest in crypto. Nations should use their money to invest in themselves and build their economy, not to park it in crypto.
- RestlessMind 3y agoEvery single country has national savings and reserves. Bitcoin is just one investment vehicle to park those reserves. Other options include Gold (hard to transport), USD (at the mercy of the USG and can be cancelled if USG thinks you are evil for geopolitical reasons), EUR (still at the mercy of USG). So Bitcoin can definitely be good complimentary part of the mix.
- JumpCrisscross 3y ago> Bitcoin can definitely be good complimentary part of the mix This argument works for anything. Not even any asset, any literal thing. There is a laundry list of better reserve assets between U.S. dollars, Euros and gold, on one hand, and Bitcoin, on the other hand. Particularly for an economy as small as El Salvador’s. Bitcoin makes paying off gangs and cronies simpler for San Salvador. That’s the benefit of this boondoggle.
- andirk 3y agoExcept that bitcoin transactions are far more public than accounting for gold bars.
- jksflkjl3jk3 3y ago> Bitcoin makes paying off gangs and cronies simpler for San Salvador. That’s the benefit of this boondoggle. Does it? Surely it's easier to hand someone bags of cash or gold bars if he doesn't want to leave a trail. Everyone in the world can see the moment he withdraws some BTC from the country's wallets.