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 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?
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.
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.
