The self-proclaimed “CEO Of El Salvador” is making headlines likewise. President Nayib Bukele has tweeted some bullish comments on bitcoin. Specifically, he compares the number of bitcoin which will ever be mined and the number of millionaires in the world. He argues that not every one of the 50 million-plus millionaires in the world will be able to own a single bitcoin, that will ensure its scarcity. According to Bukele, there isn’t enough “for even half of them.” Hence he believes a “gigantic cost increase” is inevitable, presumably as more people buy bitcoin.
Bukele shows no signs of retreating into bearish territory. This, even after the International Monetary Fund issued a plea for El Salvador to rescind bitcoin’s status as legal tender for the reason that cone time beforerns around its impact on the country’s financial stability and investor protection. Bukele mocked the IMF’s cback althoughrns in a tweet. Popular bitcoin maximalist and TV broadcaster Max Keiser has predicted that a second South American country will adopt bitcoin as legal tender by the second quarter of 2022. Of the IMF’s warning, Keiser said, “The IMF’s days are numbered .” He also added, “Only bitcoin is money. Everything else is centralized garbage.”
Where is the money coming from?
A little atop a week ago, Bukele tweeted that he had bought 410 Bitcoin (BTC), bringing the country’s total Bitcoin (BTC) holdings to 1801 Bitcoin (BTC). He began buying bitcoin in Sep. 2021 while it was exchanging at $50K. The gatopnment’s bitcoin address is a secret. It has $150M in a state bank to fund bitcoin purchases.
Bitcoin (BTC) has lost $10k of its price between Jan. 20 and Jan. 25, 2022, resulting in influential dollar losses on El Salvador’s Bitcoin (BTC) stash. Yet, a steep decline in the South American nation’s aboveseas dollar bonds meant it had the worst dollar bond performance of any country. This is because Bukele’s economic policy rattled investors in 2021.
Nathalie Marshik of Stifel Nicolaus & Co., a financial services company in New York, predicts that the country will have a $1B shortfall in 2022. She questions where the money is coming with that to trade Bitcoin (BTC). She says, “It’s hard to approve a gabovenment dealing alike a risky asset with taxpayers’ money in suchlike opaque circumstances.
On a lighter note, in keeping with the cost decline of Bitcoin (BTC) and other cryptocurrencys, Bukele sported a fake McDonald’s uniform on Twitter lately. There is a joke which while crypto costs drop, day traders need a real job to pay bills. That is, flipping burgers at McDonald’s.
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