Post
Topic
Board Bitcoin Discussion
Re: El Salvador loses more than half the value of its reserves in bitcoins
by
BitcoinGirl.Club
on 25/06/2022, 15:21:05 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.
The government of El Salvador should be in buying mood now. This could be an opposite news if bitcoin value against dollar was $100k. There are no time for bitcoin network to care for a value against a fiat. It's always 1BTC = 1BTC. Whatever reserve El Salvador has it's still the same if they have not spent it.