Company sees Salvadoran Bitcoin smokescreen

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Salvadoran President Nayib Bukele’s $ 70.7 million bitcoin investment was down $ 3.4 million – around 5% – La Prensa Grafica shouted Tuesday (December 7th). As of Friday, it was still down $ 2.3 million.

Bitcoin volatility is nothing new, but if new investors are battered by fear, uncertainty, and doubt – FUD is the slightly derogatory term for crypto insiders – imagine being an investor who hasn’t chose to buy bitcoin.

Specifically, learn that “you” are buying an additional 150 BTC because the price has dropped 20% early in the morning of Saturday, December 4th.

With BTC dancing from around $ 47,500 to $ 49,800 and back in just eight hours on Friday morning, it’s easy enough to see why the citizens of the impoverished country are not rallying around their new’s three-month crypto adventure. leader, which started with protesters taking to the streets. .

But as anger and dismay builds and citizens follow the headlines by following the bouncing ball that is the value of bitcoin, a recent report from financial services firm EMFI Group asks if that hasn’t been the plan since. the beginning.

The London-based firm’s recent analysis, titled “Hiding Macro Trash Under the Bitcoin Mat,” postulates that Bukele’s goal was to use the uproar about what – even for poor El Salvador – a relatively small investment to hide a much more substantial deterioration. in public finances.

And really, if you think about it, what better way to hide a complex disaster than with a strong but simple problem?

Not that the rising and falling price of BTC is the only problem Salvadorans face with the bitcoin experience. Pork barrel promises notwithstanding as a 25-cent veterinary hospital in the “Bitcoin City” under construction, Salvadorans have not been able to get a public account of what the Bukele government is doing with the $ 200 million. of dollars allocated to the Legislative Assembly it dominates. for the implementation of the Bitcoin experience. Or how and to whom these contracts are awarded.

What they do know is that the Chivo wallets put in place by the government – and endowed with $ 30 to entice people to sign up – are gleefully accepted by scammers, who have impersonated them. at least 1000 citizens (and probably a lot more, because 1000 is just how many are screaming about it) to collect the bounty.

Attract investment

Yet Bukele’s bitcoin investment has sparked more than complaints.

Argentinian commercial bank Banco Hipotecario kicked off the first face-to-face session of its Bitcoin Bankathon on December 6. The event brings together a group of 40 virtual teams so far of designers, programmers, entrepreneurs and economists who have been working on projects since November 19 that have focused on topics such as building the next neobank, redesigning remittances, the fight against climate change, the empowerment of women and the empowerment of traders.

Celina Padilla, president of Banco Hipotecario, told Diario El Salvador that the project is the result of the country’s technological and financial transformation.

“We are betting on the new environment of new technologies and, in addition, we are enjoying the benefits that the new Bitcoin law” makes bitcoin legal, “she said.

The winners of four prizes totaling $ 150,000 in bitcoin will be chosen by a group of Salvadoran government agencies, including the central bank and the Ministry of Innovation.

Another company that is getting into bitcoin trading in El Salvador is MINED, a Peruvian company that will invest $ 1.3 million to set up bitcoin trading training courses that will result in the issuance of certificates identifying them. as qualified managers / brokers, reported Diario El Salvador.

Trading bitcoin and other cryptocurrencies quickly becomes an incredibly complex form of day trading once you get past basic buy and hold investments, and requires both a bit of capital and willpower and the ability to absorb large losses in the short term.

MINED’s one-year courses cost $ 100 per month in a country with an average per capita income of $ 3,650, according to Statista, and a poverty rate of 22.3 percent according to the World Bank.

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