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@ mike
2025-03-11 19:37:37
Saw this post from nostr:nprofile1qy2hwumn8ghj7etyv4hzumn0wd68ytnvv9hxgqgdwaehxw309ahx7uewd3hkcqpqt8uhwv9ezlswf09u6efsnklww6l3m9pnnmzeqftvqdl4pl0mlv2qew37q8 after a jokey post about NOSTR CEO candidates.
What I find strange is that the author spends several paragraphs trying to justify how much they know, who they are and why they know what they are talking about.
They then spend the next few paragraphs explaining how little Bitcoiners know and how uninformed Bitcoiners are and how Bitcoiners are just influencers without experience.
They then go on to explain several extremely obvious things which even a six year old would understand as though it is scared.
They then go on to explain nothing.
A weird article filled with meta data denying space to any real knowledge or understanding.
So let me give a very simple and quick explanation that explains all the things the author clearly fails to understand.
1. Bitcoin was never really used as a currency in El Salvador, nostr:nprofile1qyghwumn8ghj7mn0wd68ytnhd9hx2tcpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsqg8c6ssjffewmzvfvfr6myf0glwhdtrtdnw3plsh3a0qft8745x55gpvx32y explored this in his recent visit to El Salvador
2. The Bitcoin reserve is just that, it is not meant to be spent.
3. The IMF loan is to provide infrastructure services that will enable the country to continue growing to a self sustaining level.
4. The IMF loan is going to be used to mine the $3T of gold:
https://www.mining.com/el-salvador-sitting-on-3-trillion-worth-of-unmined-gold-president-says/
This will pay back the IMF loan and create true wealth within the country.
Some of that wealth will then be used to buy or mine more Bitcoin.
Bitcoin won't be used seriously as a currency anywhere until the price settles.
My estimate is this will happen in 5 years, possibly 9 when Bitcoin reaches a price of either $6M a coin (non debt backed) or around $20M a coin if debt backed.
I wrote about that here:
https://habla.news/u/mhardcastle@nostrplebs.com/1732297906156
Nobody wants to spend money that is constantly appreciating in value, so everybody will spend fiat until the fiat is worthless and will then switch to Bitcoin once the price achieves parity with global wealth (and possibly debt).
El Salvador use Bitcoin as a tool, it is an incredible tool, but not as important as building a country.
If another tool, like an IMF loan and a huge gold seem are more useful, you will switch to that.
Bitcoin is important, but not as important as a country or its people or society. It is just a tool.
nostr:nevent1qvzqqqqqqypzqk0ewuctj9lquj7te4jnp8d7ua4lrk2r88k9jqjkcqml2r7lh7c5qqs22uctt7ln2ytrm5cgayxy2twzjdpxud0guadgwe0nu2tu0vqg00sh3u8ud