Isn't the president of El Salvador an elon musk reply guy? Genuinely sad for the people. That drop was actually pretty significant but it was also quite a bit high before that. Honestly don't see it ending well for El Salvador regardless of recent fluctuations, this is an awful way to stimulate their economy, there has got to be a sizeable portion of folks who have no idea how to use it I'd imagine. I have to walk through my grandma through messaging people on Facebook and not write it to her feed trying to talk to one person
He looks like the poster child for an Elon Musk/bitcoin guy. This is all starting to make sense.
He looks like the kind of guy whose only campaign promise is legalising over-the-counter chloroform.
Ultimately, the Bitcoin thing is a drop in the bucket for El Salvador's problems. El Salvador currently uses the US dollar as their currency, which is why the Press is all Medium Mad and seething etc., about Bitcoin. You can't threaten that USD hegemony! That's an element you have to keep in mind any time you read about crypto anything - especially poorer nations adopting it.
Yeah, BTC isn't great but USD is a shit coin. Be nice if countries would move away from the US's printing press & towards a more decentralized money. I get the allure.
Idk you've got to remember that when a country uses the USD as official currency, it's usually because the local currency has collapsed, due to sanctions, imperialism, incompetent and corrupt local leadership, or a combination of all of that. There's no other option at that point, because US global hegemony. At that point there's much bigger problems than a local currency, and trying to re introduce a local currency is pretty much guaranteed to fail. (See the Zimbabwean RTGS dollar from 2019-2020). Using a mix of relatively stable foreign currencies, such as the Chinese yuan, USD, Euro, currencies from more stable neigbouring countries, etc is the best option to avoid just using the USD until the underlying material causes of instability are fixed.
He told everyone that the country bought the dip :tito-laugh:
Atleast IMF is pissed
They really let a r/wallstreetbets user become president of El Salvador huh?
He's so popular he completely obliterated the left in El Salvador in the booths. The FMLN, from which he was expelled from to begin with, is in complete shambles and doesn't look like it will recover any time soon.
The fucking scam fake money made an already poor country lose $3 million because of their memelord finance bro government. Great job everyone. Looking forward to more of this shit.
But see, actually Bitcoin is going to save the world. Somehow. With the blockchain.
Mind you, I don't think it's the bitcoin crashes what el salvador should be worried about. I'm no economist, but I don't think your legal tender should continue to bubble up in value over time completely outside of your control, nor it should be artificially scarce, especially you shouldn't provide incentives to the wealthy to underinvest, considering wealth is already concentrated and underinvested.
Bitcoin crashes
No it doesn't. It's down 5% for the week, up 1% for the month, and 360% for the year.
I love this sub, but please actually learn what the word "crash" means. If the price isn't off by double-digits for longer than six minutes, its not a crash.
