Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
NEW: “🇸🇻 El Salvador will be able to pay off the IMF if #Bitcoin hits 💵 $100K, and never have to talk to them again.
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They’ll probably be the most attractive country in the world to go live, just because they embraced #Bitcoin ,” says billionaire Tim Draper.
I think most of El Salvador's success at the moment has been due to its adoption of Bitcoin. Big people have commented on the future of the country of El Salvador that is very good, because all debts can be paid with this bitcoin. At present around 40% is still profit from each bitcoin,
so more profit will be more patient if more profit is possible.
Details
They’ll probably be the most attractive country in the world to go live, just because they embraced #Bitcoin ,” says billionaire Tim Draper.
I think most of El Salvador's success at the moment has been due to its adoption of Bitcoin. Big people have commented on the future of the country of El Salvador that is very good, because all debts can be paid with this bitcoin. At present around 40% is still profit from each bitcoin,
so more profit will be more patient if more profit is possible.
El Salvador has less than 6k bitcoin which is less than $400million, and it's annual revenues are around $7 billion, so the amount of their BTC holdings is less than 6% of their annual revenues, so really the size of their BTC stash is pretty whimpy..
In recent times, I am thinking that in bitcoin it takes 10-12 years of annual revenues in order to get to fuck you status, whether we are talking about individuals, institutions or governments, so they have quite a ways to go.. and yeah, if they get bitcoin up to 1 year of their annual revenues, then if BTC did a 10x or a 12x, then they would be at fuck you status, except they need to measure value from the 200-WMA, and not from spot price, especially since they would not be selling all of their BTC and buying dollars with them. .. that would be a waste of time.
The 200-WMA moves up slowly, so El Salvador is barely in profits if we use the 200-WMA. .and also only around 3% of the size of their annual revenue invested in bitcoin, even after about 2.5 years buying, acquiring and holding bitcoin.