Post
Topic
Board Bitcoin Discussion
Re: El Salvador loses more than half the value of its reserves in bitcoins
by
eaLiTy
on 19/06/2022, 20:27:23 UTC
$50 million is really a small sum for any country, even as small as El Salvador. If they had 10% or higher of their foreign currency in Bitcoin, this would be a problem. I'm actually surprised that despite all the Bitcoin maximalism rhetoric, El Salvador didn't go as much all in on Bitcoin as Microstrategy did.
We need to understand that El Salvador invested over $100 million in BTCitcoin and the public demonstration and rallies against them was a global news for a while, he is investing public funds in a highly volatile market and that is problem his opposition have about him with his investment and now his entire valuation is half of that which is not a great sign as he wont be the president till he next rally.