The President of El Salvador made it clear in no uncertain terms that he'd be aping hard into Bitcoin. He then doubled down on it by making the country a safe haven for Bitcoin investors.
I can't remember the exact figure but I know that on Twitter, he discussed how the country bought a fat stack of Bitcoin that I can only imagine will rival the holding of microstrategy.
Now I'm not sure how it works for countries being cash rich and how it works for their debt profile but I can only imagine its looking good.
As long as Bitcoin still remains the underlying volatility of cryptocurrencies, it might not be the best collateral for borrowing but at the same time, El Salvador are in a better position, for sure.
I know El Salvador made multiple Bitcoin purchases of a few hundred a pop and their collection should be in the thousands, meaning they statistically should be balls deep in profit. I cannot lie, this decision may go down as the biggest coup in any country's history since the royal family fucked off with those blood diamonds on the crown.
Bitcoin is slowly edging towards the gold standard and with so many more institutional investors dipping their toes in the market, it is only a matter of time before the volatility will be considered a feature and not an adverse quality.
