"Bukele's Bet: Financial genius or economic meme?"
Hold on to your Bitcoins, because we're going to give a new twist to the story of El Salvador and its love affair with the most famous cryptocurrency since Iron Man fell in love with his suit in Marvel!
Three years ago, back in September 2021, President Nayib Bukele decided that his country was going to be cooler than Tony Montana himself and announced that they would embrace Bitcoin like it was an abandoned puppy. And not only that! El Salvador started buying BTC like it was a Black Friday sale, amassing a stash worthy of a dragon from "Game of Thrones."
Now that three years have passed, it's time to see if this investment was as smart as casting Keanu Reeves in "John Wick" or if it was more like giving Adam Sandler the lead role in, well, any Adam Sandler movie.
El Salvador started their Bitcoin adventure by buying 400 BTC, spending more money than on an all-you-can-eat pupusas. Since then, they have been accumulating like there is no tomorrow, reaching more than 5,800 BTC. That's more Bitcoin than the average influencer has followers in their first week on TikTok!
And here's the good part: according to the "Nayib Tracker" (which sounds like an app to stalk the president, but it's not), El Salvador is making more money with its bitcoins than a YouTuber with his unboxings. They are in the black by more than 34 million dollars, which means a 25.88% profit. Wow! Not even "The Wolf of Wall Street" could have done better.
But beware, President Bukele is not in the mood to sell his precious bitcoins. It is as if he had the one ring and did not want to let it go even if Gollum asked him to. For him, 1 BTC = 1 BTC, and he does not give a damn what the dollar says.
As for Bitcoin adoption in the country, Bukele says no one is forced to use it. It's like when your parents tell you that you don't have to eat your vegetables, but you know that if you don't, you'll be left without dessert. The country still uses dollars and bitcoins, as if they were Spotify and YouTube Music: you can use whichever you like best.
And to top it off, El Salvador has launched its own Bitcoin monitoring website, which is like the Instagram of cryptocurrencies. There you can see how much BTC the country has, just like looking at your crush's stories.
In short, El Salvador remains steadfast in its Bitcoin mission, like a meme that refuses to die. Will this be the best decision since someone invented latte? Or will it end up being a bigger fail than the movie "Cats"? Only time will tell, but for now, it seems that they are earning more than those who bought GameStop shares at the right time.
