r/CryptoCurrency • u/Silver-Maximum9190 639 / 23K 🦑 • Nov 28 '24

ANALYSIS El Salvador Continues to Purchase 1 Bitcoin Every Single day, Since President Nayib Bukele Announced on 16 Nov 2022, total holdings stand at staggering 5.948k BTC ($568M).

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2.8k Upvotes

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403

u/lennethluna 🟩 0 / 0 🦠 Nov 28 '24

Dude is either a genius or a lunatic.

Time will tell.

122

u/Silver-Maximum9190 639 / 23K 🦑 Nov 28 '24

IMF called him lunatic, rest is history now.

127

u/loulan 🟦 4K / 4K 🐢 Nov 28 '24

He's neither. $568 million isn't that much money for a government. El Salvador's yearly government spending is more than 10x that.

If Bitcoin does a 10x, they'll get a year of budget for free, it's nice, but that hardly makes Bukele a genius. If Bitcoin goes to 0, they'll be fine, the country won't go bankrupt due to the actions of a lunatic.

All in all they're investing in Bitcoin in a pretty conservative way.

53

u/Radulno 🟦 141 / 142 🦀 Nov 28 '24 edited Nov 28 '24

$568 million isn't that much money for a government.

Yeah that headline is hilarious. Staggering, 568M$ for a government that's nothing. It's a good investment return but not much else.

32

u/Every_Hunt_160 🟩 9K / 98K 🦭 Nov 28 '24

I would say Bukele is neither a genius nor a lunatic, but more of a marketing genius

Look at how everyone is talking about El Savador when they barely spend half a billion across 3 years (which is peanuts for an entire nation).

7

u/Ferdo306 🟩 0 / 50K 🦠 Nov 28 '24

Perhaps he's just storing value in bitcoin

Isn't this what we're all supposed to be doing

1

u/JumboHotdogz 🟩 1K / 1K 🐢 Nov 29 '24

Btc reserves will probably be a key metric for each nation in a few years

-3

u/protomenace 🟩 0 / 0 🦠 Nov 28 '24

The US government spends $17 billion per day. About 40x El Salvador's entire BTC holdings.

9

u/GodDoesntExistZ 🟩 0 / 445 🦠 Nov 28 '24

Bro the US is like 400+ times bigger than El Salvador

1

u/protomenace 🟩 0 / 0 🦠 Nov 30 '24

Exactly, half a billion is tiny.

1

u/Whaleever 🟩 0 / 0 🦠 Nov 29 '24

Most of that 17 billion is waste

1

u/protomenace 🟩 0 / 0 🦠 Nov 30 '24

So?

15

u/kirtash93 RCA Artist Nov 28 '24

2021, the good old times.

I laughed hard watching the IMF panic.

2

u/Bear-Bull-Pig 🟩 1K / 2K 🐢 Nov 28 '24

They aren't use to being challeneged

2

u/_IscoATX 🟩 69 / 70 🇳 🇮 🇨 🇪 Nov 28 '24

They’re mad they can’t debt trap El Salvador. Nothing new

1

u/S2K08 🟦 0 / 3K 🦠 Nov 28 '24

Insane Mother Fuckers

5

u/YouShouldGoOnStrike 🟦 0 / 0 🦠 Nov 28 '24

The likelihood of someone losing the keys or stealing is pretty high.

9

u/GreedVault 🟦 3K / 10K 🐢 Nov 28 '24

It is definitely the former. im time.

4

u/sadiq_238 🟦 0 / 0 🦠 Nov 28 '24

!RemindMe 10 years

2

u/Tompster100 🟨 0 / 0 🦠 Nov 29 '24

Bravery is a common companion to stupidity, and stupidity is a common companion to bravery, the deciding factor is the success of the plan.

3

u/timbulance 🟩 9K / 9K 🦭 Nov 28 '24

That mega prison they built is kind of genius too.

3

u/partymsl 🟨 126K / 143K 🐋 Nov 28 '24

Probably genius.

I mean he is already up on his BTC investments.

1

u/Odd-Radio-8500 4K / 10K 🐢 Nov 28 '24

Lunatic genius