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In 2021 El Salvador become the first country to adopt Bitcoin as legal tender, they also spent ~$100 million of public money to buy Bitcoin as an investment. Since then, Bitcoin adoption has been negligible, their sovereign Bitcoin holdings have declined in value by ~50%, their bonds are trading for pennies on the dollar, and they are on the brink of an economic catastrophe. So what happened to El Salvador's Bitcoin gambit and why was it such a failure?
0:00 - 1:37 Intro
1:38 - 2:06 Moomoo sponsorship
2:07 - 3:13 Why adopt Bitcoin?
3:14 - 4:22 Bitcoin law
4:23 - 4:49 Bitcoin city
4:50 - 7:22 Bitcoin flop
7:23 - 9:29 Economic crisis
9:30 IMF Bailout
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All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please send me an email, wallstreetmillennial.com, and we can sort it out.
#Wallstreetmillennial #bitcoin #elsalvador
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In 2021 El Salvador become the first country to adopt Bitcoin as legal tender, they also spent ~$100 million of public money to buy Bitcoin as an investment. Since then, Bitcoin adoption has been negligible, their sovereign Bitcoin holdings have declined in value by ~50%, their bonds are trading for pennies on the dollar, and they are on the brink of an economic catastrophe. So what happened to El Salvador's Bitcoin gambit and why was it such a failure?
0:00 - 1:37 Intro
1:38 - 2:06 Moomoo sponsorship
2:07 - 3:13 Why adopt Bitcoin?
3:14 - 4:22 Bitcoin law
4:23 - 4:49 Bitcoin city
4:50 - 7:22 Bitcoin flop
7:23 - 9:29 Economic crisis
9:30 IMF Bailout
Email us: Wallstreetmillennial @gmail.com
Support us on Patreon: https://www.patreon.com/WallStreetMillennial?fan_landing=true
Check out our new podcast on Spotify: https://open.spotify.com/show/4UZL13dUPYW1s4XtvHcEwt?si=08579cc0424d4999&nd=1
All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please send me an email, wallstreetmillennial.com, and we can sort it out.
#Wallstreetmillennial #bitcoin #elsalvador
––––––––––––––––––––––––––––––
Buddha by Kontekst https://soundcloud.com/kontekstmusic
Creative Commons — Attribution-ShareAlike 3.0 Unported — CC BY-SA 3.0
Free Download / Stream: http://bit.ly/2Pe7mBN
Music promoted by Audio Library https://youtu.be/b6jK2t3lcRs
––––––––––––––––––––––––––––––
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El Salvador, if Wojak was a country. Buying the dip with credit cards.
You guys really enjoy kicking people when they're down
A country got " rekt "
Ya ya we know about El Salvador and their losses….. But what about the WSB loss porn dang nab it?
Diamond hands….until there is a military coup
He belongs on WallStreetBets, using debt to finance his losses so he doesn’t have to realise them gambling on it all going up. A true professional
The idea younger people are more tech savvy became obsolete when the smart phone was invented.
Lmaoooo what a fool
Dude buy gold
El Salvador about to look smart ASF in 10yrs.
I think the president should've approached bitcoin purely for speculation, as it's honestly being used currently. He should've also invested in mining
Imagine electing a cryptobro to run your country, he even comes with this backwards hat and all
Bitcoin is terrible. But I’m still not convinced by the notion that El Salvador would have been well off if they didn’t tap into Bitcoin – national currency stuff. I don’t think their own currency would do any better. I know I might be wrong 🙃
This just in El Salvador just bought the dip!
no, having the government's debt equal to the total amount of money spent in the country over a year is ridiculous for any government and any country of any size or consequence. Hes saying that because "modern" "economists" in the usa are telling congress to spend more money even though they don't have any
Of the dumb head the whole body suffers. By having a dumb government the whole country suffers.
The ultimate bro president
Country wide economic policy in 4 letters HODL…what could go wrong.
My countries 'Dear Leader' said on TV that "The budget will balance itself" so betting on dogecoin isn't the worst idea out there.
Why would they use bitcoin for its efficiency when bitcoin itself isn't efficient?
Another Sri Lanka is in making.
El Salvador GMI. All of the policy aspects are smart independent of the Bitcoin purchases. And those will recover.
I'm 54 and Even in the economic fluctuations, I'm so excited I've been earning $45,000 from my $10,000 investment every 10days.
I would love to see Bukele lose the keys. Not because I want to see the good people of El Salvador suffer, but to put an end to this rampant stupidity.
I wish I could buy a credit default swap on Salvadoran bonds…….
This is what happens when an autist/gangster sets fiscal policy
Bad timing…btc is NOT it.
A lot of the debt is from previous governments
As a Salvadoran it’s not that big of a deal. President Bukele locked up all the gang members and tourism is booming. He is investing heavily in infrastructure and I think that this could offset the losses from the BTC gamble
I'm still rooting for AL Salvador. Do Kwon is the one to blame lol