Nayib Bukele Is Loved By Citizens, Despite Country’s Bitcoin Investment Loss

Could this be one of the worst times to be an El Salvadoran President? Or rather to be the President that proposed the country to use Bitcoin as a legal tender. It’s been over 1 year since the country adopted bitcoin as a legal tender and their bitcoin investment has been sinking since. Sadly, but it’s true, the President started investing at what we can currently call the wrong time, it’s called the wrong time because, Bitcoin was still close to the all time high as at then, Bitcoin is struggling to sustain $20k right now, but El Salvador bought around $50k, that is more than half of their bitcoin investment down.
90E9B2D0F66743DF99A26F7660F6782E.jpeg
source
What a time for the IMF to laugh at the country, because they warned the president about his action. I won’t say the president did anything wrong by making Bitcoin a legal tender and I won’t say he did the right thing, because of bitcoin had continued its pump and gotten to $100k, we won’t be saying this, but instead we will be praising the president of El Salvador for making bitcoin a legal tender. So in this case I will say, the end shall justify the means. At least we can say that his actions brought more bitcoin exposure to the world and possibly to the citizens of El Salvador.

Although there have been some speculations that despite the country adopting bitcoin as a legal tender, not all the citizens use bitcoin or have adopted it, I guess it’s a slow progress. But looking at a blog I read today, I heard that people still love the president because they said he made a greater impact on their economy compared to the previous president. I’m very sure that this might come as a great shock to you or surprise, at least for me, I was shocked. Because, if I can recall, last year was filled with a lot of citizens protest on how they hated the bitcoin idea and how the president is a tyrant, so how come a survey was done and 80% liked him?

Imagine if the country started buying bitcoin during the bear run like now, well no one ever knew when the bear run would start. The country is quite small and I don’t know how rich the country is, but in my opinion having over $100 million investment(now $43 Million) as a country is quite small, compared to microstrategy that has over $2 Billion worth of bitcoin investment. Imagine how the world will react if president Nayib Bukele starts buying more bitcoin now it’s in the current $20k support.

Posted Using LeoFinance Beta



0
0
0.000
1 comments