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The Salvadoran government has 5,940 bitcoins worth $582M
- avalys 2y agoHow are they storing the key, I wonder?
- treyd 2y agoIt's very likely a large threshold multisig setup. Possibly some infra is contracted out to a company that provides institutional custody services.
- xandrius 2y agoVery likely
- cypherpunks01 2y agoIt's a P2SH-P2WSH 3-of-5 multisig Supposedly https://mempool.space/address/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo https://mempool.space/address/32ixEdVJWo3kmvJGMTZq5jAQVZZeuw...
- griomnib 2y agoWritten on a post it note stuck to the side of somebody’s monitor at the central bank.
- Onavo 2y agoProbably the safest way for a state level treasury. Stealing it carries the risk of "suicide by cop".
- JumpCrisscross 2y ago> Stealing it carries the risk of "suicide by cop" If you’re robbing the El Salvadorean central bank, you’re retiring under a false identity far away.
- meiraleal 2y agoMakes one wonder. El Salvador brilliantly fixed the high homicide rate issue. But did they fixed also the huge corruption issue? Could they tackle both together? I wouldn't expect so.
- miguelspizza 2y agoI just spent a week traveling El Salvador. They recently (<2 years ago) arrested basically every criminal in the country and have the highest incarceration rate in the world by far. It’s a bit controversial internationally but the El Salvadorian people love it. All I can say is visit now while it’s a well kept secret. I’ve never felt safer in a Latin American country. it’s beautiful, cheap and authentic. It feels like a country on the rise. While driving there it felt like everything was under construction (in a good way)
- 8f2ab37a-ed6c 2y agoAny of the people in charge of that program who want to come to the Bay or NYC and help with their local justice-impacted community?
- cmdli 2y agoThey should go to Houston, which has a higher murder rate than either of those: https://en.wikipedia.org/wiki/List_of_United_States_cities_by_crime_rate https://en.wikipedia.org/wiki/List_of_United_States_cities_b...
- jeffbee 2y agoJust because it's a pet issue of mine: the FBI specifically warns against making a table like this one because crime stats from different agencies simply cannot be compared like that. It also tends to distort reality when a city with a relatively small Census resident population has a much larger daytime population due to commute patterns. https://ucr.fbi.gov/ucr-statistics-their-proper-use https://ucr.fbi.gov/ucr-statistics-their-proper-use
- grogenaut 2y agoLol, houston is not even in the top 35 on that list. It's not even the biggest city in that list. Chicago has it beat. And my home town continues to represent as #1.
- mullingitover 2y ago
- ggm 2y agoGDP of $32b so 1.8% of their annual activity, invested in sovereign funds are in a high risk high yield asset class. Fair enough. What the rest of their state financial asset investments are isn't clear: they've been doing smart debt recycling getting rid of high interest overhangs of being a basket case economy. National exchequer isn't kitchen penny jar. I wouldn't personally invest in bitcoin because I don't like gambling and I'm content to live in an ETF world reflecting overall market trends, through my retirement fund. I wouldn't have a clue if they hold any and as long as it was a small % I wouldn't care much.
- yieldcrv 2y agoComing soon to every G-7’s national government and every administrative subdivision within them via multiple agencies at each level
- TMWNN 2y agoAs already mentioned by another, there is a proposal for a US strategic bitcoin reserve. It has bipartisan support. <https://bitcoinist.com/bitcoin-reserve-legislation-gain-bipartisan-support/ https://bitcoinist.com/bitcoin-reserve-legislation-gain-bipa...>
- yieldcrv 2y agoI’m aware, that bill is going to expire in 30 days so its irrelevant and will have to be reintroduced next year. the President-Elect is interested too and campaigned on the same premise what I’m talking about is far more expansive than 1 country’s national government instructing 1 agency to do it In talking about several agencies across every sovereign and subdivision thereof. all municipalities doing the same. the sovereign credit market being leveraged to buy bitcoin continuously, just like we’re seeing the beginning of in the corporate credit market. in case anyone wants to think about where this is really going and what that means for bitcoin’s scarcity
- m3kw9 2y agoGovt become exit liquidity, they won’t be exit liquidity I’m sure
- yieldcrv 2y agoThat’s… reductive. Government isnt either an amorphous entity when referring to a single one, and isnt an amorphous concept when referring to many For the people that sell bitcoin, sovereign institutions will be amongst the exit liquidity the sovereign's problem is that nobody, or less people, will want to be exit liquidity for their fiat its fine that your patriotic indoctrination makes that an absurd concept to imagine about a government you respect, but there are also governments you dont respect and where this has already occurred, and that's going to continue occurring as they all compete for exit liquidity of their fiat
- modeless 2y agoThis represents less than 10% of annual government spending or revenue and less than 2% of their outstanding debt. It's cool, but not a huge deal at this point. If Bitcoin went up another 10x it would be significant.
- ks2048 2y agoDumb questions: Are they going to sell? When? If not, what's the point? Likewise, there is talk about people trying to get Trump to create a "strategic bitcoin reserve". Granted I have my biases against crypto/web3, but even trying to understand the argument, I don't get it.
- anonu 2y agoWhat's the point of hoarding gold?
- ks2048 2y agoI'm not sure I understand that completely either. One proposal to buy bitcoin would use money from a revaluation of the country's gold reserves: https://prospect.org/power/2024-11-26-crypto-plot-against-americas-gold-reserves/ https://prospect.org/power/2024-11-26-crypto-plot-against-am...
- betaby 2y agoGold has a direct usage in electronics and hi-tech in general.
- hollerith 2y agoSure, but if these "direct uses" were the only reason people ever bought gold, it would cost orders of magnitude less.
- yashg 2y agoThere's an innate human desire for gold. Humans crave gold so much that empires have been built and destroyed over it. That's a utility baked into the commodity. Many cultures hoard gold. Most of that gold will never be sold. Much of it is purchased for ornamentation and most of the time it just sits in a locker. In many cultures it is in fact considered a shame if family gold has to be sold. Think of it this way - if there was no one to buy the gold from you, would you still buy the gold? Answer is yes. Many people all over the world would buy gold even if they could never resell it. The same can't be said about magic internet tokens. They have no inherent utility apart from the hope that a bigger fool will buy it from you at a higher price in future.
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- latchkey 2y agoThe wallet: https://platform.spotonchain.ai/en/profile?address=32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo https://platform.spotonchain.ai/en/profile?address=32ixEdVJW...