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 a business advisor and technology consultant. He helps Fortune 500 companies with digital transformation, media and marketing. Named LinkedIn's Top Voice in Technology, he is the host of the Shelly Palmer #strategyhacker livestream and co-host of Techstream with Shelly Palmer & Seth Everett. He covers tech and business for Good Day New York, writes a weekly column for Adweek, is a regular commentator on CNN and CNBC, and writes a popular daily business blog. Follow @shellypalmer or visit shellypalmer.com

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