Prolly nothing... https://www.forbesindia.com/article...-host-44-countries-to-discuss-bitcoin/76377/1 El Salvador to host 44 countries to discuss Bitcoin The country also bought the most recent dip, buying about 500 bitcoins By Shashank Bhardwaj Image: Shutterstock Eight months after El Salvador became the first country to make bitcoin an official currency, its president has invited 44 other countries to discuss bitcoin's "rollout and benefits". The meeting will take place in Guatemala on Monday, May 17, where officials from Africa, Asia, and Latin America will discuss financial inclusion and the digital economy. President Nayib Bukele took to Twitter to announce the conference. “Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country”, reads his tweet. Given the hostile sentiments of central banks and international financial institutions about cryptocurrency, Bukele's decision to host an international bitcoin conference with government representatives from around the world assumes much significance. El Salvador has been debating which currency to use for the past two decades. In 2001, the country traded its currency for the US dollar, giving up control over monetary policy. As a result, many Salvadorans rely on remittances from relatives abroad to supplement their income. However, since it became the first government to make the cryptocurrency legal tender in 2021, El Salvador has been at the forefront of Bitcoin use. Not only that, but the country's president has been buying the dip at every opportunity in order to boost the country's Bitcoin holdings. El Salvador's pro-Bitcoin policies have significantly benefited the country's tourism industry, as foreign investors rushed to the country in huge numbers. Authorities are also interested in gathering more data in order to develop new methods for incorporating Bitcoin into their economy and expansion plans. El Salvador bought the dip in the latest BTC bear market and added 500 BTC to the government's coffers, raising its total BTC holdings to 2,301, or roughly $71 million at current market rates.
Come on John, so far the El Salvador experience has been a bust. The idiot dictator has been buying the dips, still being down with his people's money. Tourists spots are not using BTC because the service is shitty and the price is volatile. Time to call this a FAILURE.
Pekelo, it's not a failure in El Salvador The thing with acquiring btc on a regular basis is that you buy some at the high, you buy some at the low What's important with El Salvador and all these countries is that they are trying to break from the IMF and USD monetary policy Countries like Peru and Sri Lanka and Argentina and Lebanon and Turkey are fighting many battles but they have an invisible enemy The one enemy they do not see is when the US prints trillions of $ and ships our most successful export product which is inflation to the rest of the world being the USD is a global reserve currency We may be witnessing history in the making when all these countries are able to bring themselves out of poverty cycle that the IMF and WEF have imprisoned them for a very long time It's a long shot, but I pray that they succeed
By switching to BTC they would have the same problems as countries that joined the Euro: They can then no longer stimulate their economies by devaluing (inflating) their currencies. Countries like Italy and Greece have been in a very bad place since joining the Eurozone, and only the ECB stepping in to buy gov bonds rescued Italy, whereas Greece literally collapsed financially at one point before that lesson was learnt.
You're correct and that is the point They will no longer have to rely on IMF or ECB or other centralized banking cartels The ability to print fiat currencies with support from the world powers is reserved for very powerful countries The countries that adopt Bitcoin will now be part of the decentralized open monetary network Their success will be built upon the hard work and perseverance of everyone involved in this Bitcoin project As more and more countries adopt Bitcoin and more and more corporations adopt Bitcoin and more and more global citizens adopt Bitcoin, the odds of success increase even more ----------------- Biggest Australian bank, Biggest German banks, biggest Canadian Exchange, biggest Brazilian bank, Goldman Sachs, JP Morgan, Fidelity, PayPal, Visa, Mastercard, Mercado Libre, Blackrock, and on and on all their efforts will contribute to the success
On top of this, I would say the more this happens, the less power and influence the countries that continue to print will have. For decades, the US was able to print with impunity. Once the rest of the world moves on to a harder form of money, it becomes much more difficult to convince the rest of the world that your money printing game is the only game in town. Everyone thought for years that the USD was finished, but it was rightfully pointed out that it was in fact the best option out of all the shitty choices. When you're stuck having to pick between fiat currencies that all central banks print like crazy, there really is no good choice, be it USD, CAD, Euro, Yen, etc. But if out on nowhere, mass adoption for an unprintable store of value enters the stage, the dominance of these fiat currencies can change very quickly.
How many professional traders are there in the El Salvador government? Are there any professional traders in the whole of El Salvador? Is it zero?!?! _____________________