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Jan 30, 2022 3 min read

El Salvador's Bitcoin President Jokes About Working at MacDonald's

Wiser! Essay: When the price of Bitcoin went on the slide, El Salvador's President Nayib Bukuele tweeted jokes about his next job...at MacDonalds.


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As Bitcoin's Price Drops, President Nayib Bukuele Makes Joke with Twitter Profile Pic

BackStory:  The self-proclaimed CEO of the poorest nation in Central America has made a big bet on Bitcoin.

Having made the cryptocurrency legal tender in El Salvador last September, Nayib Bukele has continued to use some of the nation's reserves to buy up Bitcoin. However, as the price continues to trend down, El Presidente is taking plenty of flak.

Meanwhile, the International Monetary Fund has renewed its pressure on Bukele to untether Bitcoin from the El Salvador economy. The IMF has cited "potential risks to financial stability and consumer protection" as its primary conern. The country’s use of Bitcoin could also make it difficult for it to get a loan from the IMF, according to Bloomberg.

TalkingPoint:  As Bukele has shown before, he's taking all this attention in his stride. Even revelling in it!

In the latest "IDGAF", Bukele changed his Twitter profile to a meme of him working for MacDonalds. And running a Twitter poll before spending $15 million to buy 410 more Bitcoins.

The point is; "is he a reckless fool or a brave leader?" Only time will tell of course, but IMHO, he's making a good bet. I'm on the side that believes Bitcoin is enduring. Where I think Bukele has got it wrong is to promote Bitcoin as a currency (although I understand why he's done that as a way to escape the ties to the US Dollar). Bitcoin isn't the future of money, but it does have a role to play as a store of value. In the long run, Bukele way/will find himself sitting on a big pot of Bitcoin gold.

Source: The Verge

w/Further Reading

Michael Saylor Has Bet The MicroStrategy House on Bitcoin
Wiser! Essay: Michael Saylor has bet the MicroStrategy house on Bitcoin. The software company he leads now owns more Bitcoin than any other Corporation in the world.
The Intoxicating Power of NFT Status is Fuelling a $40bn FOMO
Wiser! #64 (Premium): NFT prices are being fuelled by Status and Scarcity. It’s more than just speculating for a huge pay day, NFTs are about bragging rights. And access to a closed community. Sprinkle a limited supply and, voila, you have a $40 billion market!
DeFi, DApps & DAOs: Where the magic happens in Web3
Wiser! #52 (Premium): Part 2 of the Web3 Series looks at the role of nascent decentralised technologies defining the next iteration of the Internet economy.



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