frens, today we're seeing a little bit of recovery after the bloodbath of a market dip over the past couple days. It's a nice dose of copium but honestly, I think it's a dead-cat bounce. We will see. I'm not here to do teechnical analysis or any of that nonsense though lol. I'm here to shout out my boi Mr. Bukele.
Nayib Bukele - President/Giga-Chad of El Salvador
My boi Nayib is the president of El Salvador that has been hell-bent on buying every single Bitcoin dip. He has amassed over 1500 BTC for the country's treasury and has sent out some legendary tweets about it. Most recently when the whole crypto market took a shit, he tweeted this absolute banger of a new profile pic you can see above. He appreciates the meme and is always dropping knowledge in his kinda-cringey tweets. I fuckin love this guy. Why can't the U.S. have a president like this? We just have this old sack o shit that doesn't even know where he's at most of the time yelling about nothing. Not that I have anything against him but damn... He's like 90. He would never know how to meme like ole Nayib.
He even called out the lazy plebs after getting some backlash about "wasting the country's money" buying magic internet money. He's so woke that he doesn't care if people think he's crazy for investing.
The country is down around $20 million since he started aping their money in but... He knows. He's Dollar Cost Averaging in the most chad way possible. The buys started at $46k and continued all the way up to $58k. Obviously in order to bring down the average cost basis, they need to keep buying. They will make so much money off this it's kinda obscene.
Also, speaking of a country being down.... The U.S. is down $30 TRILLION since Bitcoin was created. Obviously not related but if the U.S. had started buying BTC instead of printing money.... We might be in a better financial position.
In the midst of buying every dip, El Salvador has also been drafting bills for Bitcoin bonds among some other pretty cool bills. Check this article for more details.
The $1 billion bitcoin bonds were nicknamed “Volcano Bonds” because they were pitched as a way to fund Bukele’s Bitcoin City project, which begins with a cryptocurrency mining operation that would rely on geothermal power from the Conchagua volcano. Half of the issue would go to setting up the server farm infrastructure and buying the bitcoin mining computers, and the remaining $500 million would go to buying more bitcoins.
One other notable bill in the drafted packet includes citizenships for Bitcoiners. I'm not exactly sure what qualifies one as a "Bitcoiner" but it's cool that those will have a path to El Salvadorian citizenship. It's time for other countries to take note. The next to make Bitcoin legal tender is probably going to be Tonga. Small countries first, then larger countries. This is just the beginning of true adoption and I think it will speed up in the coming years. Hopefully the U.S. takes note sooner than later. Shout out my boi Nayib. Keep it up bro. Respect.
Thanks for reading! Much love.
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