- This topic has 5 replies, 2 voices, and was last updated 2 months, 3 weeks ago by whangdoodle13.
- Friday, July 1st, 2022 at 18:12 #324197asap011Participant
Image / El Salvador’s $425 million bitcoin experimentFriday, July 1st, 2022 at 18:12 #324198asap011
The government has an unrealized paper loss
on bitcoin of around $50 million, which the finance minister notes is less than
0.5% of the national budget. In aggregate, the entire experiment (and all its
associated costs) have only run the government around $374 million, according
to estimates. That’s not nothing — especially considering the fact that El
Salvador has $7.7 billion of bonds outstanding — but to an economy of $29
billion, it is comparatively small. The optics aren’t good, though.
Negotiations have stalled with international lenders in part because they are
unwilling to throw money at a country that is spending millions in tax dollars
on a cryptocurrency whose price is prone to extreme volatility. Rating
agencies, including Fitch, have knocked down El Salvador’s credit score citing
the uncertainty of the country’s financial future, given the adoption of bitcoin
as legal tender. That means that it’s now even more expensive for President
Bukele to borrow much-needed cash.Friday, July 1st, 2022 at 18:12 #324199Calibre1972
Seems like this countrys investing success is similar to mine. Most of the time they buy the price drops!Friday, July 1st, 2022 at 18:12 #324200asap011Friday, July 1st, 2022 at 18:12 #324201bokah_chimp
1 BTC = 1 BTCFriday, July 1st, 2022 at 18:12 #324202whangdoodle13
I really hope BTC does go to 100k. Would like to see them have the ability to improve their country
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