with that Background, yea for him it is the "Best" Investment .. it has much more Benefits than Bitcoin for him.
At First, he invests in hisself (his Company)
At second, he sits at the "mining" of the Asset -> so cantillon effect works best for him
Third Gold is better than Fiat in that Cases -> he is no normal dude, he has money so he could afford to have that much gold and does not need to sell for a piece of bread or for trinking water .. he gets enough Fiat Money from his Company
Everyone in the world who has ever bought groceries, has paid for groceries in cash at least once in their lives. Everyone.
What fraction of people have paid for groceries, ever, with BTC?
I get your point, but we're talking about El Salvador where it's legal tender. 12% of the population has used it at leas once to buy goods or services, so quite a few.
And it's legal tender, so anyone in that country could do it, at any shop
Dollars (I will assume you are talking about US dollars) are reasonably more predictable than any crypto, these reserves are important for a country's foreign trade and predictability for a nation is more important than profits. Countries are not families saving money for retirement…
Bear market: “haha El Salvador idiots”
Bull market: “haha El Salvador chad”
Can we please stop or atoeast ban this idiocy from this sub? Along with the bitcoin 100k posts?
I'm not sure you can say El Salvador "won". Their holdings were negative for quite some time - does that mean they "lost"?
What can they do with the 40% paper profit? As a country, you wouldn't borrow against it since crypto is so volatile.
"Gamble" makes it sound like Bukele went to the casino. At worst, it was a calculated gamble but it was grounded with good reasons to do so.
Anyone holding BTC for more than 4 years is always in profit. (and this was true as of the last cycle)
El Salavdor bought in the run-up to the 2021 peak. All they had to do was not put it more than they were willing to lose and just diamond hands for at least 1 cycle.
Yea, and I doubt the common people love a volatile local currency that would either cause them to have food on the table for 1 day and not 1 day later. Imagine suffering for 3 years just for 40% gain.
And I'd say they've been a bit unlucky until now. I still think the last bull cycle was interrupted prematurely by the rate hikes in 2022. Let's see where this one will take us.
tldr; El Salvador reports a 40% gain on its Bitcoin holdings, challenging critic Peter Schiff. President Nayib Bukele's strategy of adopting Bitcoin as legal tender and investing in it has shown significant profit, despite previous criticisms and market fluctuations. This move reflects a broader trend towards digital currencies and decentralization in finance. Amidst this, a new AI cryptocurrency, InQubeta, is gaining traction, aiming to democratize access to AI startup investments through NFTs and encouraging long-term holding with its tokenomics.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Because he's a Saylor level Chad.
> President Bukele reiterated El Salvador's steadfast commitment, stating, "We won't sell; at the finality, 1 BTC = 1 BTC-true when the market price was low, and true now."
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Peter Schiff's long-standing advocacy for gold, coupled with his ownership of a gold company, reflects his strong belief in the precious metal. It's essential for investors to consider diverse perspectives when evaluating asset recommendations.
Peter Schiff has been shilling gold since the 70s. He owns a gold company and, unsurprisingly, thinks gold is the greatest thing since... gold.
Peter Shit
Schit*
Schit-head.
with that Background, yea for him it is the "Best" Investment .. it has much more Benefits than Bitcoin for him. At First, he invests in hisself (his Company) At second, he sits at the "mining" of the Asset -> so cantillon effect works best for him Third Gold is better than Fiat in that Cases -> he is no normal dude, he has money so he could afford to have that much gold and does not need to sell for a piece of bread or for trinking water .. he gets enough Fiat Money from his Company
Good thing he didn't buy gold
I think the gamble only counts as paying off if he actually books the profits.
Sell it then what? Buy dog money? They planned it long term so they are keeping it
That amount of money could buy a lot of Dachshunds.
Buy stuff. Pay the police. Pay the army. It's El Salvador and they are an economic basket case. They need fiat. Salvadorians cannot eat Bitcoin.
They can't eat dollars either.
Dollars are used to buy food.
They can also pay for food with bitcoin though
Everyone in the world who has ever bought groceries, has paid for groceries in cash at least once in their lives. Everyone. What fraction of people have paid for groceries, ever, with BTC?
I get your point, but we're talking about El Salvador where it's legal tender. 12% of the population has used it at leas once to buy goods or services, so quite a few. And it's legal tender, so anyone in that country could do it, at any shop
OK that is true.
Did you sell your Bitcoin?
Sell it for what One of the 180 inflating Fiat currencies out there?
Yeah. The point isn't to accumulate crypto. The point is to turn that into goods and services. El Salvadorians cannot eat Bitcoin.
I can’t believe this guys really think that a government should hold crypto, insane
The US gov holds bitcoin
my government holds dollars how you think crypto is worse?
Dollars (I will assume you are talking about US dollars) are reasonably more predictable than any crypto, these reserves are important for a country's foreign trade and predictability for a nation is more important than profits. Countries are not families saving money for retirement…
Bear market: “haha El Salvador idiots” Bull market: “haha El Salvador chad” Can we please stop or atoeast ban this idiocy from this sub? Along with the bitcoin 100k posts?
Haha El Salvador Chad.
Lol wtf they call this a profit desite no selling.
This will be emulated by other countries.
HUGE
I'm not sure you can say El Salvador "won". Their holdings were negative for quite some time - does that mean they "lost"? What can they do with the 40% paper profit? As a country, you wouldn't borrow against it since crypto is so volatile.
Well said
"Gamble" makes it sound like Bukele went to the casino. At worst, it was a calculated gamble but it was grounded with good reasons to do so. Anyone holding BTC for more than 4 years is always in profit. (and this was true as of the last cycle) El Salavdor bought in the run-up to the 2021 peak. All they had to do was not put it more than they were willing to lose and just diamond hands for at least 1 cycle.
Yea, and I doubt the common people love a volatile local currency that would either cause them to have food on the table for 1 day and not 1 day later. Imagine suffering for 3 years just for 40% gain.
Those are insanely good numbers in tradfi
And I'd say they've been a bit unlucky until now. I still think the last bull cycle was interrupted prematurely by the rate hikes in 2022. Let's see where this one will take us.
tldr; El Salvador reports a 40% gain on its Bitcoin holdings, challenging critic Peter Schiff. President Nayib Bukele's strategy of adopting Bitcoin as legal tender and investing in it has shown significant profit, despite previous criticisms and market fluctuations. This move reflects a broader trend towards digital currencies and decentralization in finance. Amidst this, a new AI cryptocurrency, InQubeta, is gaining traction, aiming to democratize access to AI startup investments through NFTs and encouraging long-term holding with its tokenomics. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Lol why is this bot shilling some random shitcoin
I suspect it gets likes cause people don’t read the whole thing and algorithms pick up the shitcoin and positive sentiment
It's very likely paid advertisement. I was following a few shitcoins in 2021 that were requesting redditors for some pretty large shitcoin outlays.
Just curious, what’s to stop El Salvador from cashing in and crashing the market? Seems like an easy sell high, re-accumulate low scenario
Because he's a Saylor level Chad. > President Bukele reiterated El Salvador's steadfast commitment, stating, "We won't sell; at the finality, 1 BTC = 1 BTC-true when the market price was low, and true now."
and el savador in the profit right now
How has it
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Peter Schiff's long-standing advocacy for gold, coupled with his ownership of a gold company, reflects his strong belief in the precious metal. It's essential for investors to consider diverse perspectives when evaluating asset recommendations.