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El Salvador hasn’t “failed”, or been unable to raise capital. They are a nation state with hard, sound money that is creating wealth and increased GDP. And other countries are seeing it in real time.

El Salvador hasn’t “failed”, or been unable to raise capital. They are a nation state with hard, sound money that is creating wealth and increased GDP. And other countries are seeing it in real time.



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34 Comments

  1. tldr; El Salvador’s President Nayib Bukele has announced the nation will build 20 new schools with Bitcoin profits. The funds come from the surplus of the Salvadoran Trust for the Adoption of Bitcoin, which is currently enjoying all-time highs at above the $60,000 price mark. El Salvador is the only country publicly holding Bitcoin in reserve.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. Ahahahha the main critique point the anti BTC crowd has that the money could have been used to fund schools. Now they not only fund schools, but build new ones as Bitcoin provides profits compared to slave fiat money.

  3. All well and good that they are using Bitcoin as a commodity and profiting from it. However, it’s a different story when looking at their use of Bitcoin as a currency.

    3 months since launching Chivo to allow Bitcoin to be used and [93% of businesses there have not had a single Bitcoin payment.](https://www.reuters.com/technology/one-month-el-salvadors-bitcoin-use-grows-headaches-persist-2021-10-07) Instead the local Bitcoin app is being used for workers abroad to send money home, where it’s converted to fiat before being spent.

    You can tell it’s being converted to fiat because [the app is being used by scalpers to profit from Bitcoin’s volatility](https://www.newscientist.com/article/2294777-el-salvadors-bitcoin-adoption-hit-by-an-easy-money-making-loophole).

  4. You know how every once in a while you’ll read an article in the newspaper about something you’re knowledgeable about and think “WTF? The author has no idea what they’re talking about”. That’s how I feel about posts about Bitcoin and El Salvador. There’s a bunch of American 20 year olds with portfolios between 100 and 1000 dollars convinced if they pump news about one of the poorest countries in the world, maybe it’ll boost their portfolios.

    You guys have no idea the challenges the people of El Salvador face and how far down the list of problems the currency is.

  5. I wouldn’t be so sure.

    El Salvador bonds have been consistently falling since may… after they rejected help from the IMF.

    Regardless of what you think is actually happening. It’s a fact that the market and thus investors, think so Salvador is a huge risk and don’t want to put money into that country…

    That is not a good thing…. So no, the country doesn’t have sound money actually because investors don’t think it’s sound. Otherwise their bonds would be flat for the year or increasing… but… they aren’t. Which is why they are having trouble raising capital

    https://cbonds.com/bonds/756983/

  6. How did El Salvador suddenly go from

    “they’re communists! America will turn into them if we don’t watch out!”

    to

    “omg El Salvador has implemented the best policies in the world …because bitcoin”

    are we just ignoring the decades of failed policies now? We’re just pro everything El Salvador all of the sudden?

What do you think?

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