The El Salvador need to buy more Bitcoin that will worth more since they are the first impression when we talk about countries that are supporting and allowing their citizens to use Bitcoin as legal tender. This is a good move for the El Salvador people because this is going to make the country more richer by the time the price hit $150k.
~snip~
Buy more with what money? Their government borrows money from the IMF and others to ensure the survival of the state, and you expect them to buy more than 1 BTC per day, which is over $3 million per month. Even today they start buying ten times more (300 BTC per month), it's not an investment that can save them considering the debt they are in.~snip~
What El Salvador failed to do was to buy a lot more BTC from 2021 and in the years after that, so if today instead of 6000+ BTC they had 60 000 BTC, that would be a slightly different story.
It's not without challenges, is it? The IMF wants you to be poor and loyal to them for loans
Who knows that Bukele didn't do that? We only know what Nayib Bukele lets us know
Whatever the IMF concerns, Nayib Bukele has his own master plan & remains steadfast. Ignoring the pressure of the IMF Bukele has continued their daily Bitcoin purchases. Till now Nayib Bukele has been able to grab approx 6,111 BTC officially for his people. We will never know how much they actually stored unofficially
Since the IMF wants to intervene and is trying to force them to stop buying Bitcoin and stop mining activities in the public sector.
So it is time for Nayib Bukele to focus his future strategies on creating regulatory environment that encourages private sector involvement & responsible adoption.