SLT Research's avatar
$17.1m follower assets
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's avatar
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 ๐Ÿ‘€
Josh Kohn-Lindquist's avatar
This is going to be fascinating to watch. ๐Ÿฟ

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's avatar
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's avatar
@dissectmarkets Agree, it's never fun to see catastrophic. Never rooting for the misfortune of others, even if we disagree with their decisions.
Uday's avatar
Their BTC bond would have been a good short right from day zero
Joey Hirendernath's avatar
I would have to agree with Josh ๐Ÿฟ This is a really interesting time to see what happens but this is mainly because I donโ€™t have any skin in the game. Will be a great case study