“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.
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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 AI strategy, implementation and governance, as well as technology, media and marketing. Named one of LinkedIn’s Top Voices in Technology, he is a bestselling author, covers tech and business for Fox 5’s Good Day New York, is a regular commentator on CNN, and writes the popular daily business blog Think About This. Follow @shellypalmer or visit shellypalmer.com.