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58 sats \ 5 replies \ @DiedOnTitan 15 Mar \ parent \ on: Nayib Bukele Publishes El Salvador’s Bitcoin Address - 5,689 BTC worth $400M+ bitcoin
El Salvador is a tiny nation. ~ $22 Billion GDP. This is about the same as Lincoln Nebraska.
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22 sats \ 1 reply \ @tomlaies 15 Mar
There are like mid-sized companies with 80 employees that are valued at 100m. Owning 4 of those is El Salvadors stack. Or like 100 downtown houses. Or 50 coastal mansions. Even for a small & poor country of 6.5m inhabitants - that's a small stack.
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21 sats \ 0 replies \ @DiedOnTitan 15 Mar
To El Salvador's credit, they were the first to make Bitcoin legal tender. And now, we see they are the first nation to make their nation's wallet ID public. Kudos to Bukele for these notable achievements.
El Salvador is making Bitcoin history, regardless of the size of their stack.
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1 sat \ 2 replies \ @doofus 15 Mar
How much would the US have to buy to match El Salvador’s Bitcoin/GDP ratio
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0 sats \ 1 reply \ @DiedOnTitan 15 Mar
I'll bite....El Salvador has a GDP of 22 billion usd and they have 5,689.68 bitcoin. The GDP to Bitcoin ratio for El Salvador can be calculated as follows: GDP / Bitcoin = USD/BTC 22,000,000,000 USD / 5689.68 BTC = Approximately 3,865,533.19 USD/BTC
El Salvador has approximately 3.86 million USD worth of their GDP for every Bitcoin they possess.
If you want to achieve the same ratio for the US, where the current GDP is estimated to be approximately 21.43 trillion USD (or 21,430,000,000,000 USD), the formula would be as follow:
Bitcoin = GDP / (USD/BTC)
Bitcoin = 21,430,000,000,000 USD / 3,865,533.19 USD/BTC = 5,543,866.51
The calculation suggests that for the US to have the same ratio of GDP to Bitcoin holdings as El Salvador, the US would need to have approximately 5,543,867 Bitcoin.
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0 sats \ 0 replies \ @doofus 15 Mar
Nice. Thanks for doing the math.
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