As Bitcoin And Other Cryptocurrencies Crash, Losses Could Happen To Stock Markets And Real-World Economies

Contrary to popular belief, Nayib Bukele is not completely off the mark.

The young, handsome and hipster president of El Salvador – who sports a short beard and walks around in backward-facing baseball caps – has come under heavy criticism from global monetary authorities and has raised concerns. eyebrows even among its neighbors.

As the first country in the world to legitimize bitcoin after adopting it as legal tender last September, El Salvador’s timing was, to put it mildly, unfortunate.


This was compounded by Mr Bukele, sometimes described as the “coolest dictator in the world”, and his decision to not only buy a large amount of digital currency last year, but to continue to throw the finances of the nation impoverished even as the price fell. .

But his plan to build a bitcoin city, shaped like a coin and with the coin’s emblem scalloped in the central plaza, was not without foresight.

Salvadoran President Nayib Bukele decided to buy a big pile of bitcoins last year.(PA: Salvador Melendez)

Located under a volcano, the city was to be powered by geothermal energy and become a “haven of freedom from a world of tyranny”.

Instead, the plans – which were engulfed in a firestorm as digital currencies crashed and El Salvador’s $100m bet was more than halved – have become emblematic of the fast-paced fantasy that underpins the crypto world.

It is a shock of reality likely to have much wider and more serious repercussions on the global economy than many realize.

Millions of mostly unsophisticated investors have been tricked into pouring billions of dollars into what mostly appears to be a hoax, overseen in many cases by anonymous, some criminal, entities in a totally unregulated environment.

It was a breathtaking sight to behold.

This is not to say that the technology behind digital currencies is without merit. Not all digital currencies are fake either. But many are and exist with no underlying purpose other than to scam innocent bystanders out of their money.

Of the over 19,000 cryptocurrencies in existence, a handful offer any type of purpose, utility, or business plan. And meanwhile, bitcoin continues to dig a hole in the heart of Antarctica.

Brave new world or slave of the past?

The irony is breathtaking.

Bitcoin, supposedly founded by the mythical Satoshi Nakamoto, or someone who goes by that alias, was designed to make traditional currencies redundant, to create a bold new world free from government and central bank control.

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As Bitcoin And Other Cryptocurrencies Crash, Losses Could Happen To Stock Markets And Real-World Economies

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