[2022-11-27] El Salvador celebrates Black Friday, buys 100 BTC for 20% off

[waybesuricata]

Salvadoran President Nayib Bukele bought the dip again, investing more than $5 million into Bitcoin as the price dropped under $54,000 Friday.

In a Friday tweet, El Salvador's president said he had purchased 100 Bitcoin (BTC) following a global market sell-off in response to a new COVID-19 variant discovered in South Africa. According to data from Cointelegraph Markets Pro, since reaching an all-time price of $69,000 on Nov. 10, Bitcoin has fallen more than 20% to reach $54,343 at the time of publication, an 8% drop in less than 24 hours.

Bukele first announced El Salvador would be making a major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. He has tweeted each time that the government purchased coins during a price dip, with the country holding 1,120 BTC before the latest buy. With the addition of the 100 coins on Nov. 26, El Salvador holds BTC worth roughly $66.3 million at the time of publication.

Since first announcing legislation aimed at making Bitcoin legal tender in El Salvador in June, Bukele has proposed several initiatives in the country around adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.

Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs. The country's Popular Resistance and Rebellion Block as well as a group consisting of retirees, veterans, disability pensioners and other workers have also conducted demonstrations against the Bitcoin Law.

Source: https://cointelegraph.com/news/el-salvador-celebrates-black-friday-buys-100-btc-for-20-off

[Kakmakr]

A new strain of the virus is going to cause more lockdowns all over the world and economies are going to struggle...thus causing less people buying bitcoins.... so the price is supposed to go down during these times. He is hoping that investors will be buying more coins, because they might perceive Bitcoin as a "Store of Value" and a hedge against possible market collapse. 

Well, buying the dip is always a good idea ... but I doubt that $50 000+ is the real dip. The recovery in my opinion is going to push the Bitcoin price down to between $20 000 and $30 000 and that will be the real dip. 

[dansus021]

  i just replied same post but yeah buy the dip currently become trending right usually micro strategy announce bought lot of coin at discount price but right know a country announce this  but yes like the @Kakmakr says december and new variant of covid and lockdown usually bring bitcoin price to plumet bu i hope we see new ATH on january or the end of december

[sunsilk]

What I think about El Salvador is that they've planned it all along that whenever they see the dip, they're prepared and ready to buy those cheaper bitcoins.

And if this dip continues, I think that they've got something again and they're going to buy again whenever that happens. It's been a series of buys for them and it's always being followed by the crowd and news whenever they purchase bitcoins at dips.

[buwaytress]

Well, buying the dip is always a good idea ... but I doubt that $50 000+ is the real dip. The recovery in my opinion is going to push the Bitcoin price down to between $20 000 and $30 000 and that will be the real dip. 

Although this would also set the stage for a possible sub-20k dip and then we'd be witnessing history as Bitcoin's never gone down below an old ATH from a previous rally cycle after setting a new one. Not that it'd mean anything bad for the long term, just another point to make for those who believe the old Bitcoin cycles are actually over and that we could be entering a new, long, multi-year age of a slow burn bull without 85% drops (which, at current ATH would see a severe crash to 10k).

[Slow death]

A new strain of the virus is going to cause more lockdowns all over the world and economies are going to struggle...thus causing less people buying bitcoins.... so the price is supposed to go down during these times. He is hoping that investors will be buying more coins, because they might perceive Bitcoin as a "Store of Value" and a hedge against possible market collapse. 

Well, buying the dip is always a good idea ... but I doubt that $50 000+ is the real dip. The recovery in my opinion is going to push the Bitcoin price down to between $20 000 and $30 000 and that will be the real dip. 

in my opinion it is impossible for us to see the price drop to below $20,000 and even below $28000, the current scenario will not allow the price to drop too much, there may be some small price drops but it won't be anything serious.


he's taking people's money to buy bitcoin, which I wonder:

what does he intend to do with these bitcoins? what is the sales target? because he can't do hodl forever, so what is the target price and what does he intend to do after he sells?

I would be happy to some extent if he was taking money from his pocket to buy bitcoin, but he is taking people's money

[Yaunfitda]

^^ Well it's obvious that the President will have to sell their bitcoins at a premium price.

But as mentioned, we have a new virus strained that is much worst that the current one, and entering the month of December which is historically bullish for bitcoin, it might not be the case as people are going to be in the middle and undecided to buy bitcoin unless everything has settled down again which might take another quarter. So I would say maybe we should say goodbye to that 6 digits price we all looking for this December, just saying.

[stomachgrowls]

^^ Well it's obvious that the President will have to sell their bitcoins at a premium price.

But as mentioned, we have a new virus strained that is much worst that the current one, and entering the month of December which is historically bullish for bitcoin, it might not be the case as people are going to be in the middle and undecided to buy bitcoin unless everything has settled down again which might take another quarter. So I would say maybe we should say goodbye to that 6 digits price we all looking for this December, just saying.

Buy low Sell High!

We shouldnt cross out that their President wont really be making out some sell on the future which he do seems to be worth on doing so.Its not actually

surprising if they would really be tending to release those stashes on a particular time.It is just they  are really that wise on buybacks whenever they do
like to do so.

They do just know on how to play the game.It might looks out that they are on full support but its not surprising for that upcoming action.
So nothing surprise me.