this post was submitted on 18 Mar 2024
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267
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC 'Becomes Unaffordable' With Fiat Currencies, Says President Bukele – Featured Bitcoin News (news.bitcoin.com)
submitted 8 months ago by AnActOfCreation@programming.dev to c/technology@lemmy.world
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  • 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.
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[–] just_another_person@lemmy.world 59 points 8 months ago (2 children)

Quadrupling down at this point, right? I feel like this will not end well for him.

[–] Buffalox@lemmy.world 41 points 8 months ago* (last edited 8 months ago) (1 children)

He will be alright, the country not so much.

[–] just_another_person@lemmy.world 13 points 8 months ago

I have a hunch he is personally in charge of a large number of coins to guarantee his safety...or escape lol

[–] TwinTusks@bitforged.space 15 points 8 months ago (2 children)

Isn't current price of Bitcoin 71000usd?

[–] just_another_person@lemmy.world 31 points 8 months ago

Yes. It's absolutely insane, and this guy's history with it is doubly insane. Read up a bit and prepare to feel super duper sad for the people in that country.

[–] bamboo@lemmy.blahaj.zone 11 points 8 months ago (1 children)

Buy high, sell low

[–] Mubelotix@jlai.lu 3 points 8 months ago (1 children)

He started buying at 50k, continued at 20k and it's now 70k fyi

[–] bamboo@lemmy.blahaj.zone 0 points 8 months ago

Oh, so buy, buy lower, buy higher? That's the strategy? I guess someone's gotta be on the bottom of the pyramid.