Nayib Bukele Publishes El Salvador’s Bitcoin Address - 5,689 BTC worth $400M+ \ stacker news ~bitcoin

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When you're more impressed by a number in the thousands of BTC than a number in the hundreds of millions of USD

621 sats \ 3 replies \ @Jonathan_Adly 15 Mar

Bitcoin making a government coffers transparent. That alone will fix a million things. Imagine if the pentagon budget is fully auditable by just running some software.

64 sats \ 1 reply \ @kr OP 15 Mar

hope this sets a new precedent for transparency!

0 sats \ 0 replies \ @go 15 Mar

😆

0 sats \ 0 replies \ @1GLENCoop 15 Mar freebie

* open-source software

150 sats \ 3 replies \ @jp305 15 Mar

Why a single wallet though?

30 sats \ 2 replies \ @kr OP 15 Mar

i’m not sure, i guess we’ll learn a lot from the example they set.

there aren’t many countries or large companies taking full custody of their coins at that scale for El Salvador to mirror.

over time, i think the “playbook” for how to store nation-state levels of wealth will be written, iterated, and improved upon.

90 sats \ 1 reply \ @jp305 15 Mar

It seems to be a multi-sig wallet address so at least there is some sort of additional protection. I would also imagine some sort of timelock protection set.

21 sats \ 0 replies \ @quark 15 Mar

We will see. Does Bukele go often in boat trips? Lol I'm sure they know what they are doing and set an example.

70 sats \ 1 reply \ @Undisciplined 15 Mar freebie

Any idea what their security situation is like for that wallet?

Edit: never mind, I just saw their post about it

0 sats \ 0 replies \ @gmd 15 Mar

so what is it ...cold card or ledger? :P

69 sats \ 0 replies \ @Bell_curve 15 Mar

Also cold storage

183 sats \ 0 replies \ @Cowboy 15 Mar freebie

😀 Jun 12 2021 by @koob

El Salvador Bitcoin legal tender @sn 👉#1

112 sats \ 3 replies \ @Cowboy 15 Mar

Since publishing their address 90 minutes ago, El Salvador have already received an additional 673,418 sats in random donations across 25 transactions.

https://m.stacker.news/20895

2 sats \ 2 replies \ @OT 15 Mar

I just saw that.

Are you sure they're donations?

1 sat \ 1 reply \ @Cowboy 15 Mar

It's onchain, Probably people sending randomly

2 sats \ 0 replies \ @OT 15 Mar

One was 30BTC

Why would they donate that much?

101 sats \ 6 replies \ @tomlaies 15 Mar

That actually surprises me on the low end. Tiny stack for a nation state.

58 sats \ 5 replies \ @DiedOnTitan 15 Mar

El Salvador is a tiny nation. ~ $22 Billion GDP. This is about the same as Lincoln Nebraska.

22 sats \ 1 reply \ @tomlaies 15 Mar

There are like mid-sized companies with 80 employees that are valued at 100m. Owning 4 of those is El Salvadors stack. Or like 100 downtown houses. Or 50 coastal mansions. Even for a small & poor country of 6.5m inhabitants - that's a small stack.

21 sats \ 0 replies \ @DiedOnTitan 15 Mar

To El Salvador's credit, they were the first to make Bitcoin legal tender. And now, we see they are the first nation to make their nation's wallet ID public. Kudos to Bukele for these notable achievements.

El Salvador is making Bitcoin history, regardless of the size of their stack.

1 sat \ 2 replies \ @doofus 15 Mar

How much would the US have to buy to match El Salvador’s Bitcoin/GDP ratio

0 sats \ 1 reply \ @DiedOnTitan 15 Mar

I'll bite....El Salvador has a GDP of 22 billion usd and they have 5,689.68 bitcoin. The GDP to Bitcoin ratio for El Salvador can be calculated as follows: GDP / Bitcoin = USD/BTC 22,000,000,000 USD / 5689.68 BTC = Approximately 3,865,533.19 USD/BTC

El Salvador has approximately 3.86 million USD worth of their GDP for every Bitcoin they possess.

If you want to achieve the same ratio for the US, where the current GDP is estimated to be approximately 21.43 trillion USD (or 21,430,000,000,000 USD), the formula would be as follow:

Bitcoin = GDP / (USD/BTC)

Bitcoin = 21,430,000,000,000 USD / 3,865,533.19 USD/BTC = 5,543,866.51

The calculation suggests that for the US to have the same ratio of GDP to Bitcoin holdings as El Salvador, the US would need to have approximately 5,543,867 Bitcoin.

0 sats \ 0 replies \ @doofus 15 Mar

Nice. Thanks for doing the math.

55 sats \ 1 reply \ @0xbitcoiner 15 Mar

That's how it's done. These whales aren't afraid to show their wallets, because they're showing the world that it's safe to store value on tbitcoin timechain.

0 sats \ 0 replies \ @jakoyoh629 15 Mar

This

10 sats \ 2 replies \ @arrivederci 15 Mar

Kim Dotcom shilling for BCH (and shitting on BTC) under Bukele's tweet

Was a bit surprised to see. Didn't realise he was a Roger Ver adherent. (But actually, now I think of it, I seem to have a very vague memory, from back in the 2017 days.)

66 sats \ 0 replies \ @DiedOnTitan 15 Mar

Fortunately I missed this. Muted/blocked this low-life windbag years ago.

21 sats \ 0 replies \ @tomlaies 15 Mar

I don't believe Dotcom actually holds any of the opinions he claims to have. He just likes to be provocative. Like a toddler that just learned the word "no". He's such a pathetic loser, just ignore his shitcoin shillings, nobody takes him serious anyway.

0 sats \ 0 replies \ @lloyddunne 16 Mar

wen sPaM aTtAcK?

0 sats \ 0 replies \ @siggy47 15 Mar

Maybe this will finally prod the US into consenting to a gold audit of Fort Knox. I won't hold my breath.

0 sats \ 0 replies \ @siggy47 15 Mar

I have to admit I wasn't taking his word for it when he talked about El Salvador's bitcoin. This does enhance his credibility.

0 sats \ 0 replies \ @jakoyoh629 15 Mar

There is no substitute for transparency.

0 sats \ 0 replies \ @ch0k1 15 Mar

Line a boss 😎

0 sats \ 0 replies \ @oraltosun 15 Mar

Is this the budget of the state?

0 sats \ 0 replies \ @DarthCoin 15 Mar

Friendly reminder:

https://i.postimg.cc/XqjKHdcp/Darth-sovereign-logo.gif

If that country do not mine BTC and start paying the state employees in BTC, then there's NO ADOPTION.

I really don't know why people get excited by this crap news that Bukele show an address. It means NOTHING. The real news will ne when Bukele will start PAYING employees with BTC.

0 sats \ 0 replies \ @BitcoinIsTheFuture 15 Mar

Way to lead the way! What will the history books write about this one!

Next!

0 sats \ 0 replies \ @022541be34 15 Mar freebie

Just imagine owning that much coin, it'd be worth infinity dollars

0 sats \ 0 replies \ @Natalia 15 Mar freebie

quite a bad practice tho - putting such big amount in one address? I hope they at least use a multisig for it.

0 sats \ 0 replies \ @SaToSHiWoMaN 15 Mar outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.

0 sats \ 0 replies \ @fyessica911 15 Mar freebie

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