The president of El Salvador just bout 420 BTC!

[Slow death]

Dude has already bought a few times when bitcoin dipped in price a bit, and publicly announced it on Twitter just like this instance. Don't tell me we're going to create a separate topic after every purchase lmao.

I also asked myself the same question, in a few months we'll see another topic saying that he bought more bitcoin.


 so far I'm wondering what his objective is and what is the target price he intends to sell and what will he do with the money because the money is from the people and I don't think he tells the people what his objective is with every bitcoin purchase he makes

[ene1980]

~
I guess only Bukele knows where did he get the funds to buy bitcoin, or maybe he used to bought bitcoin with his own pocket when it was still very cheap and now he's reaping the fruit of his investment. Because we all know even before bitcoin's adoption in El Salvador, Bukele is already a bitcoin enthusiast and this is the reason why he pushed through a bill to accept bitcoin as a legal tender because he knows a lot about crypto and its potentials than any other Salvadorian citizen.

I was not aware that they have a young president, i thought someone old is ruling the country and Nayib Bukele is just 40 years old and no wonder he implemented these radical changes. Even i was thinking why would anyone take these initiatives but i was not aware he was young in politics. Not sure about his investment though, may be he was holding when the price was low or made money through any alts and reinvesting it and made news headlines  .

[Mahanton]

Dude has already bought a few times when bitcoin dipped in price a bit, and publicly announced it on Twitter just like this instance. Don't tell me we're going to create a separate topic after every purchase lmao.

I also asked myself the same question, in a few months we'll see another topic saying that he bought more bitcoin.


 so far I'm wondering what his objective is and what is the target price he intends to sell and what will he do with the money because the money is from the people and I don't think he tells the people what his objective is with every bitcoin purchase he makes

Just too dumb that he would treat up the money he had spent out on buying those coins was his own or personal where on the time he do make out profits then he would get those profits on.

Well, we cant really remove that kind of probability but since everything could really be seen on chain on how much had been taken off as a profit then he could anytime be sued out.

It just looks like their president is really  that obsessed with Bitcoin but i wont say its bad but he should really know about the risk behind.

[ultrloa]

By buying so much BTC then they are sure that the magic will happen for the future, and they are a country that is currently using BTC as a legitimate means of payment so what they are doing now is all well planned even though the risk they receive is very large but in this case the agreement of certain parties has been agreed then Nayib Bukele does not want to waste this opportunity for the benefit of his country, This is all done for the benefit of the country and prosperity in the future.

There's no magic here since eventhough how promising bitcoin in  terms of profitability for holding it for so many years still we have a huge risk that we might don't get the target price we set for future and sometimes a huge dumps will came and that can affect their economy but I'm sure he know on what he is doing since for sure he have experience advisers on his side and have a proper planning on what actions they need to do once the market collapsed on certain times.

[xSkylarx]

By buying so much BTC then they are sure that the magic will happen for the future, and they are a country that is currently using BTC as a legitimate means of payment so what they are doing now is all well planned even though the risk they receive is very large but in this case the agreement of certain parties has been agreed then Nayib Bukele does not want to waste this opportunity for the benefit of his country, This is all done for the benefit of the country and prosperity in the future.

There's no magic here since eventhough how promising bitcoin in  terms of profitability for holding it for so many years still we have a huge risk that we might don't get the target price we set for future and sometimes a huge dumps will came and that can affect their economy but I'm sure he know on what he is doing since for sure he have experience advisers on his side and have a proper planning on what actions they need to do once the market collapsed on certain times.

I don't think they're just buying it for the sake of holding it; I believe it's to help their economy cycle since they legalized bitcoin, and I believe they'll offer it as a payment method just to get people to try it, or they're planning something big. Though, in terms of holding it, there is still a lot of risk because we don't know what will happen, but we should be prepared for losses as well as wins because there are times when it is dump. However, risking is the best option because you will know whether or not you will win.

[DdmrDdmr]

Their BTC purchases are, as far as I’m aware, made through their 150M $ Trust, and not from any other budgeting source. They are there to provide for the BTC to USD and vice-versa conversion within the Chivo System, and not as a separate budget to buy and hodl.

I’ve just come across a Salvadorian online newspaper that tries to put a number to their (unrealized) “benefits” made through these purchases:

See (Google Translated): https://www-contrapunto-com-sv.translate.goog/btc-76-millones-en-excedentes-supera-3-millones-capacitados/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=nui

The net summary from the above table places the bookkeeping numbers with a 7.6M $ unrealized benefit as of 31/10/2021. Considering those, the Government seems to be drawing USD from the Trust, and using it to pay for a pet clinic, and just recently announced, 20 schools for the country, all while the bookkeeping balance meets the minimum of 150M $. We can see the accounting risk here right ?

Note: Actually reading to get the context goes a long way; much further than shooting blanks.

[Kasabus]

By buying so much BTC then they are sure that the magic will happen for the future, and they are a country that is currently using BTC as a legitimate means of payment so what they are doing now is all well planned even though the risk they receive is very large but in this case the agreement of certain parties has been agreed then Nayib Bukele does not want to waste this opportunity for the benefit of his country, This is all done for the benefit of the country and prosperity in the future.

There's no magic here since eventhough how promising bitcoin in  terms of profitability for holding it for so many years still we have a huge risk that we might don't get the target price we set for future and sometimes a huge dumps will came and that can affect their economy but I'm sure he know on what he is doing since for sure he have experience advisers on his side and have a proper planning on what actions they need to do once the market collapsed on certain times.

I don't think they're just buying it for the sake of holding it; I believe it's to help their economy cycle since they legalized bitcoin, and I believe they'll offer it as a payment method just to get people to try it, or they're planning something big. Though, in terms of holding it, there is still a lot of risk because we don't know what will happen, but we should be prepared for losses as well as wins because there are times when it is dump. However, risking is the best option because you will know whether or not you will win.

Buying a lot of bitcoin could only mean a huge expense from the government's money so i really think that this has been well planned by the country's leaders. The risks is really big because the market's volatility could possibly create a huge drop of bitcoin price and they might end up losing their money in an instant.

However, if this big decision will possibly work in the near future, then it will also create a big progress in the country that will also benefit all its citizens. Although this is something to be fear of because of its win-lose scenario, but knowing bitcoin it will always end up into a a huge success.