Post by SLT Research | Commonstock | El Salvador's Bitcoin Purchases.

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El Salvador's Bitcoin Purchases.

President Nayib Bukele is apparently buying the dip during the crypto meltdown.

However, $BTC.X reserves keep decreasing. El Salvador has an $800 million bond maturing in January 2023 and recent rating agencies downgrades mean the issue is considered at risk of defaulting.

BanklessDAO@banklessdao June 14

Bitcoiners were so excited to have a sovereign country adopt Bitcoin as currency... what if that country defaults because of Bitcoin? Other countries are watching closely 👀

Josh Kohn-Lindquist

@joryko June 14

This is going to be fascinating to watch. 🍿

Outside of my lane of competence, but I'm curious to see what the trickle-down effects will be across the market as it faces this crypto sell-off.

Dissecting the Markets

@dissectmarkets June 14

I do hope that the country of El Salvador doesn't go bankrupt. Even if I find the country's $BTC.X purchases to be ridiculous (and comparable to $MSTR), it would be sad to see all the progress they've made being wiped out because of their leaders' recklessness.

BanklessDAO@banklessdao June 14

@dissectmarkets Agree, it's never fun to see catastrophic. Never rooting for the misfortune of others, even if we disagree with their decisions.

Uday

@uplusk June 14

Their BTC bond would have been a good short right from day zero

Joey Hirendernath@joeyhirendernath June 15

I would have to agree with Josh 🍿 This is a really interesting time to see what happens but this is mainly because I don’t have any skin in the game. Will be a great case study

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