- El Salvador will continue buying 1 Bitcoin daily until it becomes unaffordable with fiat currencies
- President Bukele’s statement highlights commitment to cryptocurrency adoption
- Move demonstrates belief in Bitcoin’s long-term value and potential as a global currency alternative.
Even if bitcoin wasn’t just a pyramid scheme and all but right now there are 900 new bitcoins each day, after the next halfing around the corner it’s still 450/day. So each day there will be more new bitcoin then he would buy in 1 year. Even the easiest numbers don’t add up even if he is just a 40yr cryptobro Trump version.
Just to explain it to people who don’t understand how it works.
The point of the mining rewards is to make the Bitcoin supply infinite, while giving the price time to rise and Bitcoin to gain adoption. Once that 21m coins is created, no more can be created, so the price should stabilize and rise over time as less and less Bitcoin is around.
I know how bitcoin works. But this cap of 21m will be around 2100 or even later if the mining power stays the same as today. So nobody reading this post will be alive around that time. And the same for El Salvador. Should all the people alive right now suffer, cause in around 100 years a theory of a new way for money could succeed? (And no, I don’t think bitcoin will ever be more than money laundering and daytraiding craziness ending in more money for the people laundering)
Imagine your president being a 40yo cryptobro version of Trump. No wonder people are leaving
He’s winning against the gangs though - every Salvadorean I know supports him.
Talk to families of unjustified imprisoned people or to the people itself. His ‘fixing’ was done by basically imprisoning everyone, which just happened to be close to any suspect gang member. There where even cases where a mailman was imprisoned because he just happenend to deliver a parcel during a raid.
Yes, he fixed the gang problem for now. But at a high price – the loss of a fair justice system. He imprisoned 1.2 % of the total population in just 2 years.
I know that freedom vs security is a fine balance and once security suffers significantly, you are willing to give up quiet a lot of freedom. But since he just imprisoned everyone and their relatives, its only a temporary fix – unless he wants to imprison them for life.
I don’t think you understand how completely gangs had effectively taken over El Salvador until recently. Despite the obvious issues that you’ve pointed out, the situation is genuinely miles better than it was before for the vast majority of the population who were simply trying to live their lives.
