El Salvador's Bitcoin Play Is Really Working Out #funfact

Everyone told El Salvador not to make Bitcoin legal tender. It turns out they were wrong.

[oyungogdfrust]

El Salvador be like: Lets go gambling!

[LenaBaneana]

"they were right all along" is a fascinating way to put this. They were wrong, now they're right, next year they could be wrong again. thats the nature of bitcoin.

[enderboyme]

El Salvador was like "if you are on the bottom, you can only go up. LET'S GO GAMBLING!"

[ezioauditore]

El Salvador: "Did you know that 99% of gamblers Quit before they win it big?"

[cebokhumalo]

Bukele really has a unique way of dealing with El Salvador's problems and issues.

It's actually hard not to give him credit, regardless of its controversy. I am interested to see how the rest of his term goes

[froinky]

A speculative asset as legal tender is still really bad idea. If it crashes so does your economy and you have no control of the money supply.

[henriquebecker]

Here in Latin America even a coin as unstable as Bitcoin is sure to be more valuable than the national coin.

[The-Chair]

No one:
El Salvador constantly making the most risky plays and always coming out with the slim good outcome:

[thefollowingisatest]

President gambles with national Treasury and narrowly avoids having knees broken

[jamess]

This is like saying a gambling addict was right to liquidate his life savings, because he hit an all-in on black. A highly speculative asset with no functional purpose, shocker, spiked in price purely off the back of speculation. That makes him a lucky gambler not an economic genius

[phasorthunder]

The problem is that these gains mean nothing for El Salvador until they sell some of the bitcoin. It's merely theoritical gains until they sell some of it. As such, it's not currently benefiting them at all as long as they merely hold it and keep buying.

[frokghug]

The problem isn’t that it isn’t valuable.. the problem is that for the ENTIRETY of Bitcoin’s existence it has dramatically fluctuated up and down in value. Imagine having a currency that randomly halves or doubles its value.

Edited to add: I don’t mean to discredit or insult their strategy, because who knows what the future will look like, but I just don’t think that it’s the “win” it’s presented as, *right now* .

[GareleSieg]

Hit $200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in few months back in 2024

[randomabcabc]

The problem with a Cryptocurrency is that it effectively is not a currency. It's treated as an asset.

[scotandiamapping]

Yeah but how are average people doing economically thanks to this? Just because the government got rich off of this doesn't mean normal people are now better off

Edit: Ok the consensus in the replies seems to be somewhere between "It'snot changed anything" and "Yeah it's gonna be better". Thanks, was just curious

[adl]

Problem is : A COUNTRY ISN'T A COMPANY

[haoguo]

He was lucky, not because he was right. If he’s smart, it’s time to sell.

[SuperTelfah]

Well this didn’t age well, they just reverted it

[pyotrberia]

The function of money is to facilitate economic transactions, not to make the government a profit from speculation.

[WolfofSid]

I feel like playing with virtual money will always end up going south eventually.

Edit: Love getting hit by a ton of um actually in the comments, just because I don't understand something doesn't mean everyone needs to butt in in obnoxious ways