[azekai]

"Not to blindly defend Bitcoin, but it seems like a tropical storm would inflict just as much, if not more, financial loss than this decision."

I know you are just theorizing here, but c'mon. By embracing Bitcoin they did as much damage to their nation as if a hurricane had hit? That seems like an incredibly poor choice for the people who are ostensibly in charge of keeping their nation safe and stable.

[jiriknesl]

In comparison with the hurricane, Bitcoin is going to fix itself (or at least it always did). And projected -$63M damage can be +$200M very easily. I think that the linked article will not age well. Practicly no article of this kind since the Bitcoin creation did.

[mike00632]

"very easily"

[BitwiseFool]

I was trying to put the loss in perspective, namely that this loss, while bad, is still an amount that El Salvador will be able to reasonably recover from. Not that I sensed there was doom and gloom about the situation, but this isn't the kind of large loss that will financially bog down El Salvador for the next decade or more.

[xur17]

I wonder how much of this was a marketing play by El Salvador. As a result of making Bitcoin a National Currency, they've had their name in the news quite a few times, they've had more tourists than normal (cryptocurrency enthusiasts visiting, etc), and they've likely had increased investment in their country.

[upsidesinclude]

There is no loss on an asset until it is sold.

They have not realized a loss other than for accounting, which may benefit their debt positions.

Bitcoin is responding exactly like it has in the past, it also represents a better ~one year return than most investments. Now is a time to buy additional amounts as $13k-20k is the anticipated low range during the next 'slump' year

[cbsks]

Tropical Storm Amanda caused $200m of damage, so presumably a hurricane would cost even more.