Why El Salvador Will Be Expensive to Build the Cryptocurrency Ma
There was so much talk in the financial markets yesterday that El Salvador became the first country in the world to recognize cryptocurrency (bitcoin) as a legal tender. The hero of the occasion (bitcoin) soared above 50K on this occasion, and it would seem that he is the return of a bright future.
But this is a typical attempt at wishful thinking. We will not even write that El Salvador is an imperceptible drop in the sea of the world economy. Or about the enthusiasm with which the news that El Salvador bought 400 (four hundred, Karl, not 400 thousand, but just four hundred) bitcoins was accelerated. Once again: the whole country bought crypts for 20 million (not billion) dollars and this is presented as a breakthrough and a transition to a qualitatively new level of being.
So, this is not the main mistake of the markets. And the fact that they project the actions of El Salvador (by the way, according to CNBC polls, 70% of the country's residents are shocked by such actions of the authorities and are frankly bewildered what kind of lawlessness is happening, and they say that they did not subscribe to this and are extremely negative about the idea of recognition bitcoin legal tender) to other countries. Crypto-optimists decided that other countries of the world would follow El Salvador and now we will live, because the ice has broken, gentlemen.
In this regard, we want to give just one example of how this kind of delusion ends. A few years ago, a similar thing happened in the cannabis market, after Canada legalized marijuana. Everyone decided that this was a bifurcation point and the cannabis market would literally explode. As a result, shares of companies such as Canopy Growth and Aurora Cannabis have risen in price on average 20 times in less than a year (2000% if anything). Doesn't it look like anything? So this is the end of this story (at least for today). When it became clear that this was not a bifurcation point, Aurora Cannabis shares fell from 150 to 7. That is, more than 20 times.
But this is a typical attempt at wishful thinking. We will not even write that El Salvador is an imperceptible drop in the sea of the world economy. Or about the enthusiasm with which the news that El Salvador bought 400 (four hundred, Karl, not 400 thousand, but just four hundred) bitcoins was accelerated. Once again: the whole country bought crypts for 20 million (not billion) dollars and this is presented as a breakthrough and a transition to a qualitatively new level of being.
So, this is not the main mistake of the markets. And the fact that they project the actions of El Salvador (by the way, according to CNBC polls, 70% of the country's residents are shocked by such actions of the authorities and are frankly bewildered what kind of lawlessness is happening, and they say that they did not subscribe to this and are extremely negative about the idea of recognition bitcoin legal tender) to other countries. Crypto-optimists decided that other countries of the world would follow El Salvador and now we will live, because the ice has broken, gentlemen.
In this regard, we want to give just one example of how this kind of delusion ends. A few years ago, a similar thing happened in the cannabis market, after Canada legalized marijuana. Everyone decided that this was a bifurcation point and the cannabis market would literally explode. As a result, shares of companies such as Canopy Growth and Aurora Cannabis have risen in price on average 20 times in less than a year (2000% if anything). Doesn't it look like anything? So this is the end of this story (at least for today). When it became clear that this was not a bifurcation point, Aurora Cannabis shares fell from 150 to 7. That is, more than 20 times.
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