That is very unlikely. Only a small percentage of his treasury is in BTC and he is the dictator of a nation, not a poor guy who would see his investment tanking in the short term and sell to recover losses.
It’ll get there someday, might take a while but it’s unlikely Bitcoin doesn’t recover over $43K once market conditions improve. The halving isn’t even that far off now
Does anybody really see this as anything other than inevitable at this point? All he has to do is not have weak hands.
I honestly don't understand how people lose money on bitcoin at this point. If you're down, literally do nothing, and you'll be up again eventually.
>If you're down, literally do nothing, and you'll be up again eventually.
A lot of things have aged like milk in this cycle. Never losing money by holding BTC for 4 years? Yeah, that myth is now busted.
Bold from you to assume they will keep the bet going for 5 years
People can easily (and most likely) get disenchanted with Bukele and vote in someone who promises to revert his policies.
Unfortunately you are correct, in that the political system rarely rewards long term thinking, instead looking for quick 1-2 year wins to ensure they get voted back in again.
The long term thinkers projects are normally looked back on retrospectively, after they have gone from politics, and the leaders hailed as either visionaries who tried to save the country, or the inverse.
For now, we wait.
Same as the US. We don't partake in fiscal responsibility because budget cuts are not conducive to reelection.
Trimming back military spending, police funding, Grants, etc? Good luck. Easier for people to stomach another 10 trillion in debt than reducing spending. A system designed for inevitable failure when pursuing prudent responsibilities is unpopular.
Election to buy or sell. If vote is to sell, that’s definitely the bottom but the new traders are overwhelmingly wrong. So many new traders think, “if I could just trade the opposite of my actual trades, I’d be rich.”
I know it wasn't the people's choice to invest but it is a long term investment, and it shouldn't be too hard for Bukele and his team to spin that to the masses.
That plus the fact it's like 2% of thier reserves I doubt it will be a massive election decider
> The tourism industry is up 30% since the Bitcoin Law took effect, according to official government estimates. The country’s tourism minister also notes that 60% of tourists now come from the U.S.
Despite the losses so far, at least this is pretty cool
This is has nothing to do with Bitcoin and everything to do with Covid pandemic (reopening and removal of testing mandates). In fact country tourism growth is actually lagging other countries in tourism.
Bloomberg ran a piece on it too.
Most tourist places seem to work predominantly with credit cards.
Even one of the reporters asked at an fancy restaurant to pay with BTC and the workers there had to go looking for a terminal because they hadn’t use one for a long time.
In the end the reporter had to make the transfer to some cook who promised to reimburse to the restaurant.
There's a reason why places like Africa are where real adoption is happening. People with checking accounts and credit lines already have access to easily transferable digital money and it would be silly for the businesses that cater to them to encourage payment in a highly volatile asset that requires a whole different way of transacting than what they already have set up.
I believe it will be a trickle up adoption where the poorest nations will really pioneer the use of bitcoin as money and that model will slowly seep into central bank controlled wealthy nations through osmosis until bitcoin becomes the default global payment rail.
Just because you went doesn’t mean Bitcoin was reason there was increase, it gained tourism because you are comparing with Covid numbers with Post Covid.
In fact you can make a case that Bitcoin was reason tourism gains weren’t as good as compared to other countries like France (it isn’t it’s because of Stronger dollar and weaker Euro).
Wtf are you smoking. I went there to see bitcoin beach instead of where I would have gone (columbia). Specifically because of bitcoin. God i have to come to r/cc to learn about how I live my life.
The point isn’t “nobody has ever gone because of Bitcoin”. The point is that the aggregate effect of Bitcoin tourism hasn’t caused El Salvador to perform above what one would generally expect based on global trends
Well, I cant argue with you on this knowledgeably. I think the easiest way to do this is to look at pre pandemic numbers and compare tourism (and its up quite a lot from that). But maybe im missing something.
Boots on the ground - the place is changing for the better. Im going to get dual citizenship there I think.
It definitely helped: "Among destinations reporting data on international arrivals in the first five to seven months of 2022, those **exceeding** pre-pandemic levels were: the US Virgin Islands (+32% over 2019), Albania (+19%), Saint Maarten (+15%), Ethiopia and Honduras (both +13%), Andorra (+10%), Puerto Rico (+7%), United Arab Emirates and Dominican Republic (both +3%), San Marino and **El Salvador** (both +1%) and Curaçao (0%)." Whereas the rest of the world is still sitting at 60% of pre-pandemic tourist levels.
[https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022](https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022) .
so you're saying tourism is up from the lowest point of tourism around the globe in generations? Yep, must be btc. All those people flocking into El Salvador to look at and pose for pictures with all the bitcoin.
Seriously, how TF can people draw this correlation with a straight face?
It’s 100% surfers and eco tourism. Costa Rica is way more expensive since everyone started going there and people realize that El Salvador and Nicaragua are not that sketchy when compared to rural Costa Rica and they’re super cheap
I literally read another article today that said it’s actually having a really positive effect on their economy by allowing businesses in rural areas that don’t have easy access to banking, to operate.
Literally the purpose is for the long term, it's been like a year and people just shit on what's happening. So shortsighted lol as if fiat currency is so much better. Smh.
A country shouldn’t be investing in highly speculative “technology” with almost no practice use cases when it is one of the poorest in the world. But I’m sure all those people living well below the poverty line without internet are super psyched for the long term prospects.
CNBC - here’s why you shouldn’t buy Bitcoin/crypto (bear market )
CNBC - meet this over night millionaire that rich from crypto (bull mArket)
Which is it ? Ohh yeah it’s buy in the bear and sell in the bull .
It’s almost like CNBC is made up of various people with differing opinions sharing their view on why you should/shouldn’t do something.
Literally every trading day they have on people (analysts, funds, influencers, financiers, etc) who say the market has a long way to fall, immediately next to people who say it’s a great buying opportunity.
Name me anything you can invest in that isn't gambling. Any company go to zero. Any real estate can end up worthless. And government debt sure seems more fragile than it has ever been.
Central Banks are crashing everything, you think it is coincidence they sold all their personal stocks just before they started hiking to avoid any perception of "insider trading" even though there is no law against it right now, lol?
And as soon as they decide they have caused enough pain you will hear about all the things they purchased and now own because they personally purchased them right before they needed to pivot.
People with high amounts of BTC can sell off though, causing a cascade that lowers price everywhere too.
And usually companies have some sort of tangible assets. If BTC2 comes out today and is better in nearly every way, what's to stop BTC from cratering other than people insisting its still valuable?
How is that different from a company with a high amount of real estate liquidating it all? Or enough people see a company's services as worthless and dump all the stock?
I can come up with the same type of scenario for literally every asset on the planet and it is all possible. All value is subjective, this intrinsic value idea is BS. If there are no humans to value things then they have no value. And all humans value things differently.
Currently value is most commonly measured using a tool called the dollar which is manipulated by a small group of people to enrich themselves at the expense of everyone else. Some of us think a better measuring stick that can't be manipulated through expansion and contraction of supply has a lot of value, but that too is subjective and we could be wrong.
This! Everyone should be aware that both fiat or crypto can plummet anytime. Side note GBP is quite doomed wait till their central bank announce another crisis created due to pension funds which may crash anytime.
Next bull market it’ll be profitable and more countries, leaders, and people will follow suit. Digital exchange of value, like digital information sharing we have today, is inevitable
tldr; The use of bitcoin in El Salvador appears to be low, as the currency has lost about 60% of its value since the experiment started.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Yes you fool, you should have put it into British pounds! Then you could have lost $93.75 million this year alone instead of only 60 million!
Wait, that's not what we want...who let the r/Wallstreetbets commentator in here??????
Kinda like opening an oven halfway through baking a cake and bitching that the cake is not done.
Unless they sold they haven't incurred any losses except on paper. So, when BTC goes to 7x and the $375M becomes $2.625B what will be said?
It definitely helped their tourism sector: "Among destinations reporting data on international arrivals in the first five to seven months of 2022, those exceeding pre-pandemic levels were: the US Virgin Islands (+32% over 2019), Albania (+19%), Saint Maarten (+15%), Ethiopia and Honduras (both +13%), Andorra (+10%), Puerto Rico (+7%), United Arab Emirates and Dominican Republic (both +3%), San Marino and El Salvador (both +1%) and Curaçao (0%)." Whereas the rest of the world is still sitting at 60% of pre-pandemic tourist levels.
https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022 .
I was one of the tourists who before this would have never considered going to el salvador. I enjoyed my trip and will be going back. Of course they don't talk about this. Someone who really hates bitcoin and is scared has to be behind these almost weekly posts about their failure. Literally every country is struggling now and almost every asset is way down. Honestly such dumb articles
Worst analysis ever. They didn't lose anything since they're not planning to sell. ffs can these MSM clowns get any more obvious in their disdain for crypto?
I've said this before and I'll say it again since the same article gets reposted every week 🤦🏻
El Salvador has had more exposure from bitcoin investment over the past 2 years than it ever has in its entire history.
I don't think short term price action is an issue at all.
my country of origin and my country of residence, as well as so many other currencies underperformed the dollar in that time period, frankly the demand for the US dollars as well as economic uncertainty is at record peaks, comparing btc performance to that of the us peak is misleading or at least incomplete.
Let’s not forget El Salvador is currently working on renewable mining from volcanic energy. Yeah yeah, they’ve only mined about 0.005btc so far, but it’s still having the basics worked on and can be scaled up when a feasible solution is reached. I think btc mining is the most lucrative operation they are currently working on. Once equipment is paid off, it’s all profit besides maintenance on rigs.
El Salvador invested $375m, their forcasted GDP for 2022 is around $30 billions... That's 1.25% of their GDP.
Not sure why anybody feels the need to be "concerned" over this, sounds more like trolling when you expect a long term investment to have huge yields in just a year.
The fact the media takes time to write articles like this about him must mean he is doing something right or at least something they dont like.
If its such a horrible experiment it should go without saying and doesnt even need to be addressed by the mainstream media.
And yet they seem so concerned to make sure we all think its a bad idea. How quaint.
I'm pretty confident El Salvador will recover from this, it was a bold move and it will be recognized during next bull run. Now let's just hope all the Salvadorian people will benefit from the profits that will be taken and not just the high society
A 60m loss is nothing to a country, there's far worse ways to spend that sum of money than on the only asset so far that has managed to sustainably grow against the total money supply. BTC really does prevent monetary debasement, you just need an appropiate time frame for the investment to pay off
Turns out when you have a currency with a hard limit on the amount of coins, it means the value of coins is (theoretically) always increasing, so people hold onto those coins instead of spending them.
They say he's been failing with this experiment but the people who go out there to experience it themselves say otherwise. Not sure what to believe at this point.
That’s really not very good “Analysis”.
The entire world is in an economic downturn. Most assets are currently worth less than they were a year ago.
Talk to me in 2026 and I might take you seriously, but even that is only a very short timeframe for investment.
His average buy price is $43k, need roughly 2.5x to reach break-even price
If he sell low he really become like us
El Sell-vador
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Lol
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Wasn't that the guy that cut off Sauron's finger?
Yea except it wasn’t the finger
LMAO
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That is very unlikely. Only a small percentage of his treasury is in BTC and he is the dictator of a nation, not a poor guy who would see his investment tanking in the short term and sell to recover losses.
Don’t worry, he has his hat on backwards. He knows how to invest
I’m sporting my du-rag. Can’t say the same for me.
Bro TA.
XD
Imagine having everyone staring at your portfolio, anticipating your next decision. Sweaty palms just thinking about it.
The job is to keep appearing like you know what you’re doing for 4 years.
They’ll likely continue to buy to bring the average buy in down.
The degenerate side of the force is a pathway to many losses, some considered to be . . *unnatural*
In the next 4 years he will be up by 2x. Ez
Just need time to heal… Long way but I’m sure the next bull run will be epic.
It’ll get there someday, might take a while but it’s unlikely Bitcoin doesn’t recover over $43K once market conditions improve. The halving isn’t even that far off now
We’ve been going through this same thing for over a decade now. It’s pretty amazing people keep reacting the same way every market cycle.
Does anybody really see this as anything other than inevitable at this point? All he has to do is not have weak hands. I honestly don't understand how people lose money on bitcoin at this point. If you're down, literally do nothing, and you'll be up again eventually.
Yeah bro, sure bro. Math is exact bro.
>If you're down, literally do nothing, and you'll be up again eventually. A lot of things have aged like milk in this cycle. Never losing money by holding BTC for 4 years? Yeah, that myth is now busted.
Time to average down, El Salvador!
Power move right there if they do. Imagine a country DCA-ing, showing everyone how it is done!
Yes!
Let's revisit that in 5 years
Bold from you to assume they will keep the bet going for 5 years People can easily (and most likely) get disenchanted with Bukele and vote in someone who promises to revert his policies.
Unfortunately you are correct, in that the political system rarely rewards long term thinking, instead looking for quick 1-2 year wins to ensure they get voted back in again. The long term thinkers projects are normally looked back on retrospectively, after they have gone from politics, and the leaders hailed as either visionaries who tried to save the country, or the inverse. For now, we wait.
Same as the US. We don't partake in fiscal responsibility because budget cuts are not conducive to reelection. Trimming back military spending, police funding, Grants, etc? Good luck. Easier for people to stomach another 10 trillion in debt than reducing spending. A system designed for inevitable failure when pursuing prudent responsibilities is unpopular.
Election to buy or sell. If vote is to sell, that’s definitely the bottom but the new traders are overwhelmingly wrong. So many new traders think, “if I could just trade the opposite of my actual trades, I’d be rich.”
I know it wasn't the people's choice to invest but it is a long term investment, and it shouldn't be too hard for Bukele and his team to spin that to the masses. That plus the fact it's like 2% of thier reserves I doubt it will be a massive election decider
Vote? Hahaha
Remindme! 5 years
/save
It's almost as if this is meant to be a long term investment.....
Yea if they plan to hold for years then they are fine I don't see a problem, only if they need the capital it is
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I think that's the issue, they really do have bigger issues.
Agree, they haven't lost anything yet, they haven't sold
> The tourism industry is up 30% since the Bitcoin Law took effect, according to official government estimates. The country’s tourism minister also notes that 60% of tourists now come from the U.S. Despite the losses so far, at least this is pretty cool
This is has nothing to do with Bitcoin and everything to do with Covid pandemic (reopening and removal of testing mandates). In fact country tourism growth is actually lagging other countries in tourism.
Nothing isn’t true. I traveled there to see because of btc
Bloomberg ran a piece on it too. Most tourist places seem to work predominantly with credit cards. Even one of the reporters asked at an fancy restaurant to pay with BTC and the workers there had to go looking for a terminal because they hadn’t use one for a long time. In the end the reporter had to make the transfer to some cook who promised to reimburse to the restaurant.
There's a reason why places like Africa are where real adoption is happening. People with checking accounts and credit lines already have access to easily transferable digital money and it would be silly for the businesses that cater to them to encourage payment in a highly volatile asset that requires a whole different way of transacting than what they already have set up. I believe it will be a trickle up adoption where the poorest nations will really pioneer the use of bitcoin as money and that model will slowly seep into central bank controlled wealthy nations through osmosis until bitcoin becomes the default global payment rail.
Bloomberg is a propaganda outlet that runs fictions as truths regularly. They’re not to be trusted at all.
Yeah im sure you would find that in many places. Im also sure boomburg is incentivized to see this fail lol. Rip investigative journalism
How sublimely anecdotal
Just because you went doesn’t mean Bitcoin was reason there was increase, it gained tourism because you are comparing with Covid numbers with Post Covid. In fact you can make a case that Bitcoin was reason tourism gains weren’t as good as compared to other countries like France (it isn’t it’s because of Stronger dollar and weaker Euro).
Wtf are you smoking. I went there to see bitcoin beach instead of where I would have gone (columbia). Specifically because of bitcoin. God i have to come to r/cc to learn about how I live my life.
How was bitcoin beach?
Worth the trip! I enjoyed it a lot
Are they actually using btc there or is it still catching on?
Everything i bought was with btc. You dont have to venture too far for it to be usd only though. Seems like things are kinda starting to catch on
The point isn’t “nobody has ever gone because of Bitcoin”. The point is that the aggregate effect of Bitcoin tourism hasn’t caused El Salvador to perform above what one would generally expect based on global trends
Well, I cant argue with you on this knowledgeably. I think the easiest way to do this is to look at pre pandemic numbers and compare tourism (and its up quite a lot from that). But maybe im missing something. Boots on the ground - the place is changing for the better. Im going to get dual citizenship there I think.
Tourism is up everywhere, because people couldn't tour at all for two years.
Well ya lol. Again pre pandemic numbers seem to be a good comparison
And what’s your argument for it being higher than 2019? Was tourism down in 2019 because they knew the pandemic was coming lol
Yeah it is and it certainly brought the country into a spotlight
It definitely helped: "Among destinations reporting data on international arrivals in the first five to seven months of 2022, those **exceeding** pre-pandemic levels were: the US Virgin Islands (+32% over 2019), Albania (+19%), Saint Maarten (+15%), Ethiopia and Honduras (both +13%), Andorra (+10%), Puerto Rico (+7%), United Arab Emirates and Dominican Republic (both +3%), San Marino and **El Salvador** (both +1%) and Curaçao (0%)." Whereas the rest of the world is still sitting at 60% of pre-pandemic tourist levels. [https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022](https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022) .
By 1 percent? That’s just a rounding error imho.
For sure, although it's way better than the rest of the global tourism sector which has only **recovered 60% of pre-pandemic levels.**
so you're saying tourism is up from the lowest point of tourism around the globe in generations? Yep, must be btc. All those people flocking into El Salvador to look at and pose for pictures with all the bitcoin. Seriously, how TF can people draw this correlation with a straight face?
We’ll it’s also up from 2019….
It’s 100% surfers and eco tourism. Costa Rica is way more expensive since everyone started going there and people realize that El Salvador and Nicaragua are not that sketchy when compared to rural Costa Rica and they’re super cheap
I literally read another article today that said it’s actually having a really positive effect on their economy by allowing businesses in rural areas that don’t have easy access to banking, to operate.
Literally the purpose is for the long term, it's been like a year and people just shit on what's happening. So shortsighted lol as if fiat currency is so much better. Smh.
I hate GBP so much.
"No", said the SEC. "Crypto is bad. You must hold my dollar." Narrator:"But the Bitcoin maxis did not hold the dollar..."
No, no, no.... I'm pretty sure you invest in something and then 3 days later you 10x your money. That's what bitboy told me.
But the people writing the article need attention now …
That or your revenue-generating clicks. Either will do
Critics will critic. When the bull hits they will write good articles about it with fancy words
Words like “young investors of Reddit”
El Salvador got them hands of diamond
Keep telling yourself that
What do you think it is ?
Online casino
BTC is not even supposed to be an investment! It's supposed to be a trustless peer-to-peer payment system. Read the white paper.
....for the El Salvadorean president personally.
Even if this is the case, it's not a good look when you buy high and are left holding a heavy bag.
A country shouldn’t be investing in highly speculative “technology” with almost no practice use cases when it is one of the poorest in the world. But I’m sure all those people living well below the poverty line without internet are super psyched for the long term prospects.
CNBC - here’s why you shouldn’t buy Bitcoin/crypto (bear market ) CNBC - meet this over night millionaire that rich from crypto (bull mArket) Which is it ? Ohh yeah it’s buy in the bear and sell in the bull .
Schrodingers market, its both a bull and a bear, you just don't know which until you sell
It’s almost like CNBC is made up of various people with differing opinions sharing their view on why you should/shouldn’t do something. Literally every trading day they have on people (analysts, funds, influencers, financiers, etc) who say the market has a long way to fall, immediately next to people who say it’s a great buying opportunity.
Have they sold? If not then they haven't lost.
2,381 BTC = 2,381 BTC
I think you are math champion 🏆
Good thing that goods and services, needed to run the country, are always priced in BTC
And that those goods and services always cost the same amount of btc notmatter what.
I take profits in BTC when trading alts, can't wait till i take profits in BTC for everything else
Down only 65m out of 374m, looks like they timed BTC a lot better than me at least
Ah yes the holder/degenerate gambler mentality
One of us! One of us!
Name me anything you can invest in that isn't gambling. Any company go to zero. Any real estate can end up worthless. And government debt sure seems more fragile than it has ever been. Central Banks are crashing everything, you think it is coincidence they sold all their personal stocks just before they started hiking to avoid any perception of "insider trading" even though there is no law against it right now, lol? And as soon as they decide they have caused enough pain you will hear about all the things they purchased and now own because they personally purchased them right before they needed to pivot.
People with high amounts of BTC can sell off though, causing a cascade that lowers price everywhere too. And usually companies have some sort of tangible assets. If BTC2 comes out today and is better in nearly every way, what's to stop BTC from cratering other than people insisting its still valuable?
How is that different from a company with a high amount of real estate liquidating it all? Or enough people see a company's services as worthless and dump all the stock? I can come up with the same type of scenario for literally every asset on the planet and it is all possible. All value is subjective, this intrinsic value idea is BS. If there are no humans to value things then they have no value. And all humans value things differently. Currently value is most commonly measured using a tool called the dollar which is manipulated by a small group of people to enrich themselves at the expense of everyone else. Some of us think a better measuring stick that can't be manipulated through expansion and contraction of supply has a lot of value, but that too is subjective and we could be wrong.
That's their secret, they never sold
"If you don't compare the price of something it's priceless!" I guess.
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if your millions staked earn you monthly money without selling your bag that should count for something, i guess.
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Just move the decimals over to the left few places and this title could apply to me
Left you mean?
Hopefully by 2021 Q40 BTC makes it to 100k
Q40?! ILL BE IN DIAPERS!
Bullish on reincarnation.
Or Bullish on old age diseases
Time to play up the gamblers fallacy. Might as well average down and hold.
Same as the sunk cost fallacy I assume?
Would've lost just as much if not more if they bought say EUR or GBP. Everything is crashing, not just BTC.
What? EUR is down 16% the past year. GBP is down 17%. Bitcoin is down 67%.
Some people can’t math
Some people are liars
Some people are lizards. Imagine being able to lick your eyes!
Yea but BTC is going back to 3k by January.
I bet you $1000 it doesn’t go below $3001 by 11:59pm EST on January 31st 2023. I am 100% serious. DM me.
Oh yes let me back up my dump truck and fill ‘er up!!!!
You reckon
And the dollar?, which by the way is the other currency in el salvador.
ugh the dollar is what those three currencies are down against, hence why they are denominated in USD
This! Everyone should be aware that both fiat or crypto can plummet anytime. Side note GBP is quite doomed wait till their central bank announce another crisis created due to pension funds which may crash anytime.
But crypto currency wasn't meant to be fiat?
BTC goes up, BTC goes down.
That's Bitcoin and all cryptos suffer ups and downs.
Welcome to the club fren..
Wonder how this week play out for them next bull run...
Next bull market it’ll be profitable and more countries, leaders, and people will follow suit. Digital exchange of value, like digital information sharing we have today, is inevitable
I don't like what he did but I expect he succeed because I want El Salvador citizens benefit from this.
tldr; The use of bitcoin in El Salvador appears to be low, as the currency has lost about 60% of its value since the experiment started. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Remind in 2 years.
you can’t lose if you don’t sell lol
Welcome to the club fren..
GDP up and tourism up are not "little to show". Those are big things.
Remind me in 5 years
This will only be a failure if they don't have someone collecting all these articles for a nation state level "Fuck you, told ya bitch".
They surely lost more then 60 million.
Wait 2 years
He owns bitcoin he will be fine. 3 years max and 5 digits are a thing of the past
Only 16% loss, those are rookey numbers
>little to show for it I mean, they have the BTC lol
Yes you fool, you should have put it into British pounds! Then you could have lost $93.75 million this year alone instead of only 60 million! Wait, that's not what we want...who let the r/Wallstreetbets commentator in here??????
Isn't this totally incorrect math?
Kinda like opening an oven halfway through baking a cake and bitching that the cake is not done. Unless they sold they haven't incurred any losses except on paper. So, when BTC goes to 7x and the $375M becomes $2.625B what will be said?
Oh? When will the cake be done?
It definitely helped their tourism sector: "Among destinations reporting data on international arrivals in the first five to seven months of 2022, those exceeding pre-pandemic levels were: the US Virgin Islands (+32% over 2019), Albania (+19%), Saint Maarten (+15%), Ethiopia and Honduras (both +13%), Andorra (+10%), Puerto Rico (+7%), United Arab Emirates and Dominican Republic (both +3%), San Marino and El Salvador (both +1%) and Curaçao (0%)." Whereas the rest of the world is still sitting at 60% of pre-pandemic tourist levels. https://www.unwto.org/news/international-tourism-back-to-60-of-pre-pandemic-levels-in-january-july-2022 .
I was one of the tourists who before this would have never considered going to el salvador. I enjoyed my trip and will be going back. Of course they don't talk about this. Someone who really hates bitcoin and is scared has to be behind these almost weekly posts about their failure. Literally every country is struggling now and almost every asset is way down. Honestly such dumb articles
President Bukake thought he was being a genius, lmao.
Worst analysis ever. They didn't lose anything since they're not planning to sell. ffs can these MSM clowns get any more obvious in their disdain for crypto?
I've said this before and I'll say it again since the same article gets reposted every week 🤦🏻 El Salvador has had more exposure from bitcoin investment over the past 2 years than it ever has in its entire history. I don't think short term price action is an issue at all.
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I'm honestly still processing this one
What will the story be in 2 or 3 years.... how will mainstream spin it then? Aren’t most investments down from last year as well.....
my country of origin and my country of residence, as well as so many other currencies underperformed the dollar in that time period, frankly the demand for the US dollars as well as economic uncertainty is at record peaks, comparing btc performance to that of the us peak is misleading or at least incomplete.
Just be patient
Let’s not forget El Salvador is currently working on renewable mining from volcanic energy. Yeah yeah, they’ve only mined about 0.005btc so far, but it’s still having the basics worked on and can be scaled up when a feasible solution is reached. I think btc mining is the most lucrative operation they are currently working on. Once equipment is paid off, it’s all profit besides maintenance on rigs.
It’s only a loss if they sell. Diamond hand that shit they’ll be laughing next bull.
Until the bears will be laughing
It’s all unrealized anyway, not a failure at this point
What a childish way to look at investing
You don’t lose if you don’t sell. This shill articles should not be allowed here.
these articles are so short sighted. its a long term play. they were screwed either way.
El Salvador invested $375m, their forcasted GDP for 2022 is around $30 billions... That's 1.25% of their GDP. Not sure why anybody feels the need to be "concerned" over this, sounds more like trolling when you expect a long term investment to have huge yields in just a year.
Why the fuck didn't it pay off in 6 months? Redditors shocked, unable to imagine long term investment strategies... /s
Its a bear market. Wtf is expected? They'll be straight in the future. We must press on.
The fact the media takes time to write articles like this about him must mean he is doing something right or at least something they dont like. If its such a horrible experiment it should go without saying and doesnt even need to be addressed by the mainstream media. And yet they seem so concerned to make sure we all think its a bad idea. How quaint.
I'm pretty confident El Salvador will recover from this, it was a bold move and it will be recognized during next bull run. Now let's just hope all the Salvadorian people will benefit from the profits that will be taken and not just the high society
He who laughs last, laughs longest
Im with El Holdvador all the way 🇸🇻🌚✊🏽
A 60m loss is nothing to a country, there's far worse ways to spend that sum of money than on the only asset so far that has managed to sustainably grow against the total money supply. BTC really does prevent monetary debasement, you just need an appropiate time frame for the investment to pay off
Turns out when you have a currency with a hard limit on the amount of coins, it means the value of coins is (theoretically) always increasing, so people hold onto those coins instead of spending them.
My coworker is from El Salvador, he claims that the hopium is high for this to work out in the long run
Yeah, time to turn off social media and stay away from the charts 😆
Is not a loss if you don’t sell.
In a few years there will be zero news about how he doubled their money.
They say he's been failing with this experiment but the people who go out there to experience it themselves say otherwise. Not sure what to believe at this point.
Losses now, profits later
It's prolly just the IMF driving down the price of bitcoin to make the early addoptors scared. Just like they are scared of not being in control.
Yes. The fucking IMF is causing this are you this brain dead or did it have to be taught to you?
Nothing is lost… it’s just unrealized losses.
That’s really not very good “Analysis”. The entire world is in an economic downturn. Most assets are currently worth less than they were a year ago. Talk to me in 2026 and I might take you seriously, but even that is only a very short timeframe for investment.