Bitcoin City. El Salvador Bitcoin. Volcano Powered City.
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El Salvador spent about $200 million buying BTC at $52,000… 24 hours later the price fell to $43,000. President Bukele has since bought the dip purchasing 500 more BTC at an average price of just over 30 thousand.
They’re in deep…and down about 30%. This is big money in El Salvador.
Many want them to end this before it gets worse, but their goal is to be a futuristic, zero-emission, virtually tax-free Bitcoin paradise… Sounds perfect, right?
Basically a bunch of bros standing around showing each other NFTs while discussing the intrinsic value of their girlfriends. But I do have one question… How could the suffering Salvadoran economy fund such an ambitious project? 1 word…. Volcanoes.
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Great show, but, I think since nearly a third of their economy is in the form of remittances from the families in the US and elsewhere, it will positively impact the citizens. Of those remittances corrupt payment rails (local money gram and retail stores) charge nearly twenty five percent in fees. Thus removing this fees by lightning system increases the over all GDP between 5 to 10%. Another side business in El Salvador is robbing grandma as she leaves the payment center with her money. Just that aspect alone justifies using crypto money. Bukele is definitely David fighting Goliath. I can see Sam Bankman Fried dropping a billion in the volcano bond they need.
El Salvador should look into AnetaBTC
I think countries like this buying a worthless crypto currency like bitcoin is horrible and the reason no one should buy bitcoin. Everyone should buy Cardano. That's what El Salvador should have done
It would’ve made so much more sense if they went with a coin that has a low market cap and faster settlement at level one with no or low fees.
Road to 1 million, good luck Max. Nice vid really liked it.
Trickle down is something that is proven to work!! America is enjoying the effects of trickle down economics right now!!
Great information. Greatly appreciated, thank you
Your videos are the most informative in the crypto space, thank you.
Bitcoin city, brought to you by founders of Bitconnect… jk I hope it really works out
Hi Max! Would you consider doing a video on what I refer to as "utility crypto"? (Crypto that actually provides services, daps, etc.)
Imagine if they had used a real layer 1 like Hedera. Transactions can't fail Hedera and the fees are less than a penny and take seconds to finality.
What about the blockchain town in reno
will bankrupt massively
EL SALVADOR COULDN'T CET MUCH WORSE. There was zero hope before BITCOIN. The tourist are already helping the people. My friend traveled there last month and said, the people love Bitcoin, not all but most and you can still use America dollars. But, people are saving for the first time in HISTORY there and now they have a STABLE COIN PEGGED TO THE DOLLAR.. IT'S AMAZING
Thanks for the information
The biggest joke of this generation is the claim that big problems can be solved in the blink of an eye.
Trying to solve political problems with simple financial logic is like trying to solve a mathematical problem with grammar.
You don't change the world snapping your fingers. It takes time, effort, sacrifice, commitment and lots of will… Only time will tell if El Salvador's bet on Bitcoin was successful or not
1:46 the opposing groups are the other political parties that have lost their power against Nayib Bukele. Those were the corrupt governments that put El Salvador in those bad statistics. Today it’s El Salvador 4th month straight without crimes and murders due to violence!
Something tells me BTC notes are coming, what is it about average people and being forced to adapt that always ends up badly unless everything is taken care of for them. Not bashing, just telling the truth. Someone that doesn’t already know about all this stuff doesn’t have the interest or time to learn. Might as well create a BTC bank, issue notes and have a code to scan on the note that tells the blockchain how much value was transferred and to where. A bitcoin bank isn’t even a new concept although it’s long before we actually see any crypto banks out there for the average person.
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How much did you get pay to prepare this shit sandwich?
Uhhh yeah, not gonna work…
Great video! I’m Salvadorean and I can tell you that chivo wallet was and still is a failure, it was just created for citizens and businesses to accept Bitcoin which once received in their wallet the government technically buys it automatically from the user so the user receives USD instead of btc, however if you hold big amounts of BTC or USD in Chivo Wallet and you do some trading without fees which is one of the “perks” of this app, surprise surprise! Your account gets blocked and there is no office or place that can help you get it back. I’ve been waiting since Dec 2021 to get my account back with almost 1 BTC in it and their call center just tells you to keep waiting, because call center is just there to take complaints and not actually solve your problem🙄. I know people who were offered their account back after months with but without the gains from the No fee trading that they did in the app.
Japan is the first country to make bitcoin legal tender, not El Salvador. It's been legal tender in Japan since 2017.
I really hope it works out well for El Salvador, takes courage to be the first. They are building with NFT’s as well, the best looking one is Astro Babies NFT, looks like such a cool idea to help the country thrive 🤞🏻
If El Salvador is wrong, are we all wrong?
Thanks for the illuminating content Max!!!
El Salvador is the matyr for all the poor countries to follow suit if it is successful. Since the country doesn't have much at stake, being poor to start off, it's a high risk high reward gamble.
Would love to see a comparison for defi projects on eth vs bsc networks
ads every minute? w t f
Anyone betting on BTC should also be betting on El Salvadors success. If this experiment works the rest of the countries under the control of the US dollar will follow and BTC will become mainstream and create financial sovereignty for billions!
Always quality interesting content max
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Honestly, if Bitcoin starting working a little too well in El Salvador, I think they'd find themselves on the receiving end of a US-induced coup, as so many others have. Especially Latin American countries. They can't have countries becoming financially independent outside of the IMF World Banking Cartel's control. That's not how this game is played. If you have supposedly sovereign nations becoming truly sovereign, the next thing you know everyone will be wanting to do it.
I love the video max, thanks for the info and help✌️
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I can't wait until that happens and hope that other cryptos besides Bitcoin can also be available for use in this paradise. It would be great to be able to use USDT within the walls of the city and pay with it anywhere.
Did you hear about Satoshi Island already?
He’s a millennial. Of course he was being sarcastic. And he’s super tough on gangs. Zero murders in July. Pretty cool
lol 8:50, Rubini's revenge
Brics? Crash oil n gold…
This case crash bitcoin n cryptos……see the masters at work
Not Crypto City. Bitcoin City…. Very fucking different bud
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As you mentioned many countries stopped using it's own currency because of the inflation and volatility. Instead they use the USD. But that makes the country's economy dependents on the value of the DXY. That is very dangerous for those countries economy since USA will have full control of their economy and we can see that in many third world countries like Syria and Lebanon etc. I thought of El Salvador is taking it's freedom road in economy since they adopted BTC as a legal tender. However, could BTC be daily used with it has high volatility! I am sure they are facing tons of challenges. But when they will find a middle road they will be the roll model for the rest of the world. Why I am sure it is going to work? Because in Somalia which was much more behind in every aspect in the daily life; they succeeded in creating a way to pay with digital money few years. I would recommend checking out how the paying system works in Somalia.
Honestly we need more young leadership throughout the globe
XRPL might have a good 👍 Idea