- El Salvador President Nayib Bukele and legendary crypto entrepreneur Justin Sun are now buying one Bitcoin per day regardless of market conditions.
dollar cost avg
great strategy (if you believe the value will go up someday)
El Salvador Bitcoin strategy update:
Two years after El Salvador approved bitcoin as legal tender, only 1% of received remittances are in bitcoin and many people don’t use it.
www.marketplace.org
El Salvador has lost $40m since the experiment started in 2021 but is 2 yrs enough of a time frame to judge if it's working?
Also, it's President is requiring bitcoin education in schools beginning next year to gain faster acceptance by the populace.
Now with Bitcoin being mandatory for businesses to accept and solar powered internet wifi towers are being implemented in even remote villages without electricity, people are slowly starting to use it.
Before the Bitcoin law, 70% of the populace didn't have bank accts. In a catch 22, banks didn't think it was profitable to open branches in villages.
Now people in villages have the Bitcoin wallet app and effectively have a bank account.
One negative I thought of is being spun as a positive:
I thought The citizens won't use it as a currency but rather see it as digital gold and hoard it.
The spin is that the savings rates are up.
My thinking is that the populace is gambling with$they can't afford to lose by hoarding