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.
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
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