Judge Hardcase's avatar
Judge Hardcase 9 months ago
I'm curious if El Salvador's Bitcoin Office "piggy bank" doesn't nearly represent all - or even most - of the BTC El Salvador has already acquired (presumably, mostly through their mining operation). After all, Bhutan has reportedly managed to mine way more than 6100 BTC over the past few years. What if Bukele's plan is to slowly transfer what could easily be 1000s of BTC proceeds from their past mining operations to their public address; and, continue to call it their "daily purchase" (making him a hero figure by appearing to defy the IMF; while in actuality, complying to their terms for the loan)? What if that's effectively all he's been doing all along anyway? Of course, this is only a hypothesis; but, I haven't seen the evidence that would falsify it. To the contrary, even Bukele's original announcement of the publicly disclosed "piggy bank" characterized it as only "a big chunk" of their holdings.

Replies (3)

Bhutan has been mining since 2019 & they have 200mw. They have ~13k bitcoin. ES started much later & smaller capacity. It's a good theory that it may not be recent purchases though. Unfortunately I don't think they will disclose as they are not directly responding to questions about purchases
this is one possibility the IMF will require them to dox all their addresses, so they'd know the truth but if they don't also Fox those addresses to the public then this would remain a possibility besides mining they have sold who knows how many 'freedom passports' for 1 million USD each in Bitcoin