El Salvador Goes Crypto Cray Cray

“El Salvador just bought 200 new coins,” President Nayib Bukele tweeted on Monday night. “We now hold 400 #bitcoin”. Wow. This is both amazing and insane. Amazing because El Salvador is now treating BTC as a “fiat” currency. Insane because BTC is too volatile for such a poor country to use this way. Four weeks ago, BTC was trading at ~$29k. This morning it’s at ~$50k. Imagine if the U.S. dollar fluctuated that much over any given month.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit shellypalmer.com.



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