Quote:
Originally Posted by Monkey Throttle
Out of curiosity, and I’m asking this question for all the non-believers… and I’m asking for real….What is the benchmark you would use to eventually determine that Bitcoin is not a tulip bulb, magic seed or a piece of paper cut into 15 parts?
Is the benchmark worldwide adoption? Wall St.? Main St.? $100,000 BTC? $500,000 BTC?
Who or what would trigger your reframe of Bitcoin as a worthless money scam to a legitimate asset? What would make you rethink it?
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Quote:
Originally Posted by tom2021
How is El Salvador doing after adopting BTC as their currency?
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Quote:
Originally Posted by Monkey Throttle
"El Salvador's #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time...
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023"
"At the time of writing, El Salvador *(Gov't)* has purchased 2,770 BTC in total at an average price of $42,436.22 per coin for a portfolio cost of $117.5 million, according to the “Nayib Bukele Portfolio Tracker,” which follows the changes in El Salvador’s Bitcoin stash.
It was running an overall profit of $4.16 million — up 3.54% — as recently as Dec. 9, when BTC was selling for about $44,000. Bukele’s first bulk BTC purchase was made on Sept. 6, 2021; his last was on Nov. 18, 2022, s"
So, as of Dec 3, 2022 they were up 3.5%. at BTC = $42,436.
Today BTC is at $47000. El Salvador has 2770BTC.
Back of envelop math, $47,000 subtract $42,436 = $4564 increase per BTC multiplied by 2770btc... They are up another $12,642,280.
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I may not have understood the questions, I'd like to think I did though.
No coin will be legitimate in my mind until it is a full fledged currency. As I said earlier, that equates to a private citizen being able to walk into any store and buy everyday goods with it.
Now lets just say that is the case in El Salvador (I don't believe it is right now), but for S&G I'll play along. So 4 months ago when Mr. El bought milk for his family it cost 0.00007BTC (lets call it $2.50 equivalent, made up number). He has 0.000100BTC total.
Now today he went to buy milk again. It still costs 0.00007BTC but this time the US dollar equivalence is $3.75.
And here we sit in the US bitching constantly about inflation.
You do understand this, correct?