(1/5) I'm really concerned about this "buy $30 of #bitcoin" on 7th September idea for #ElSalvador. Sentiment is bang on, but the practical effects are likely to be the opposite intended. (thread 👇) @MatiGreenspan @mattysats @QE4Everyone
(2/5) Only the $30 voucher is issued from 7th, later converted to #bitcoin by citizens using the government app Chivo, which not everyone has yet. Increasing the price (if even achievable) will simply reduces the amount of #bitcoin each citizen gets as they gradually move over.
(3/5) Worse, since this is a form of coordinated "pump", it means those ES citizens not only get less #bitcoin, they are more likely to have to deal with a short term devaluation as the market resettles, slowing the adoption rate as those on the fence become "proven right"
(4/5) This will slow adoption. Much more logical to a) do it the other way round if you're going to do it ie sell b) do it a month or so later or c) (my preference) do nothing at all. #bitcoin will find it's own level anyway & the fundamentals are damn solid IMO
(5/5) We should be giving the people of #ElSalvador our support via education & encouragement, not via a market pump that will probably undermine the process. Tell me why I'm wrong below ...
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