Bitcoin as reserve

El Salvador has been the laughing stock of the international press, they have been warned by the International Monetary Fund, and Bloomberg has said that the experiment of El Salvador has failed.

But starting to use Bitcoin as reserve since 2021 has finally paid off for them. Today, the blockchain shows that El Salvador has over 550 million USD worth of Bitcoin in reserves. Which is 100 million dollars more than what they effectively paid for it! That is a return of 20 % in three years. And we all know the bull run has just begun.

Scare tactics

The scare tactics used by the IMF haven’t worked. In 2022 they warned El Salvador for their actions and even threatened with sanctions. But the president kept adding Bitcoin to the reserves as he was confident it was the right decision for his country to have a strategic reserve that wasn’t linked to other currencies or gold or silver. No bonds no nothing, just digits in a ledger. A blunt move that wasn’t liked by the IMF, nor the ECB or Federal Reserve. But today Nayib Bukele is laughing back at the haters.

Something tells me he will get a following by other countries quite soon!

Sincerely,

Pele23

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