No One Else Has Access To El Salvador’s BTC Key, What if The Entire Country’s Wealth Just Disappears

El Salvador Bitcoins

Are El Salvador’s bitcoins at risk?

In their reaction to the planned 12.4 BTC purchase, a Reddit user, dnotel, wondered why the private keys of the country’s bitcoins are held by one individual.

Another Reddit user, Applestrudelite, wrote:

“Imagine Bukele accidentally pops a brain aneurysm pushing a rock solid turd and dies on the toilet, no one else has access to the key and an entire country’s wealth just disappears.”What Happens To El Salvador’s Bitcoins if President Bukele Loses Consciousness Suddenly?

From Buying in Hundreds To Tens

El Salvador went from buying thousands of bitcoins to buying two digits. This is the statement of CryptoWhale, a cryptocurrency newsletter subscription site that is active on Twitter. They made the statement on June 13 via a Twitter post.

It follows the announcement by the country’s finance minister, saying that the fall in the price of the digital currency does not pose a fiscal threat to the country’s economy. El Salvador has spent $105 million to acquire its Bitcoin stash. Eyes are on the country, which is the first to make Bitcoin a legal tender.

More Reactions from Observers

A recent announcement by the country’s government says that it plans to buy 12.4 bitcoins, a small amount compared to what the country has already bought. This latest plan to buy 2 digit value has been met by sarcastic comments on social media. With many critical of the lowered investment in Bitcoin.

In September, 2021, El Salvador bought 200 BTC. It added another 420 bitcoins the following month. 410 bitcoins were bought in January this year.

Is The Country Broke?

According to CryptoWhale, the country might be broke, which could be the reason for its lowered investment in Bitcoin despite being a champion for the cryptocurrency.

The Cryptowhale post says:

“El Salvador just announced they have “deployed capital to purchase another 12.4 bitcoins” They went from buying thousands, to buying double digits. Lmao! Tell me your country is bankrupt without telling me your country is bankrupt.”

El Salvador has not spoken extensively on the mode of custody of its bitcoins, even though rumors around it says that the President Bukele holds the private keys to the country’s Bitcoin stash.

 

 

 

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

Leave a Reply