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El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment (ticotimes.net)
submitted 2 weeks ago by ooli2@lemm.ee to c/worldnews@lemmy.ml
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[-] jagged_circle@feddit.nl 10 points 2 weeks ago* (last edited 2 weeks ago)

The government, she assured, will continue buying bitcoin and having reserves in this cryptocurrency. According to the National Bitcoin Office, El Salvador has 6,050 bitcoins worth $634.8 million. “President Bukele continues buying bitcoin, we have a Bitcoin Office, we have the Bitcoin Law, bitcoin can be used in El Salvador.

They're going to have the US by the balls like Saudi Arabia when bitcoin crosses $1mm/coin

[-] bennieandthez@lemmygrad.ml 2 points 2 weeks ago

how do you even liquidate that?

[-] jagged_circle@feddit.nl 1 points 2 weeks ago

You mean if its worth hundreds of millions or trillions?

[-] bennieandthez@lemmygrad.ml 2 points 2 weeks ago* (last edited 2 weeks ago)

Yes, even a relatively small quantity like 100k?

[-] jagged_circle@feddit.nl 1 points 2 weeks ago

That's easy. Ive sold that much. Just do it on an exchange. Get over a million and you do it OTC.

[-] bennieandthez@lemmygrad.ml 1 points 2 weeks ago

What is OTC?

[-] jagged_circle@feddit.nl 1 points 2 weeks ago

Over the counter. Big exchanges offer this. Basically p2p with escrow.

Its done off exchange (though usually the same price). To prevent the trade from changing the market.

this post was submitted on 04 Feb 2025
521 points (98.0% liked)

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