El Salvador bought more BTCs

[Hypnosis00]

If El Salvador Pres. Bukele believes in Bitcoin so let it be, otherwise, if something bad will happen he will be the one to suffer the consequences of his action. Anyway, the question is how much Bitcoin was El Salvador bought in the dip? Is it worth Billions of dollars that can affect the countries financial situation if the long bearish period will ever happen again? according to some info El Salvador has only 700 Bitcoins in their holdings if it's true that's not big enough to create damage to their financial stability.  

El Salvador bought a large amount of bitcoin at $48k the market price should have gone up, but the bitcoin price was going down. Broadly speaking if he sells at the current figure then he incurs a huge loss. but as big as he is including the latest successful people in the following year. the current price correction has little effect on them, as they aim to adopt long term.

It was a wrong decision to make it sell but it was better to buy more rather than doing this. If El Salvador wanted to keep strong in regards to Bitcoin adoption, then must have to set up a huge fund for it and buy more Bitcoin during the dip. Honestly, they need to accumulate more Bitcoin and this adoption comes to reality otherwise it won't become sustaining.

[SoeNan89]

Elsavador has legalized the use of bitcoins and El Salvador has also bought its first 400 bitcoins. President Nayib Bukele said that "our broker will buy more as the deadline approaches".
The announcement managed to send bitcoin's price up one day before El Salvador officially adopted it as legal tender alongside the US dollar.

[kanayaTabitha]

It was an assertive and reckless president. He bought it for a reason. Many companies also bought Bitcoin in the $48000 region.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.

I don't think they are buying in lower price by planned because the purpose of buying bitcoin for their country are to legalize and making bitcoin transaction as their daily transaction instead of making investment in bitcoin.
The president is also have a plan to have El Salvador’s state-run geothermal utility use energy from the country’s volcanoes to mine bitcoin.
And also 48k price is not high price, it was 60k before that means the price is still cheap right now, even more cheaper if we see the current price.

[rodskee]

Would you Please create a Single Post about EL SALVADORS etc? that country already accepted and adopted bitcoin so in all opportunity and cases these kind of thing will come along the process so it is annoying to see each time there is a connection about El salvador's movement towards bitcoin.
Indeed that this is the most controversial occasion we are celebrating now here in crypto but we also knew that this is what it is.

[TherapOne]

...//...:

Hi,
Everything with El Salvador in relation to bitcoin, everything, is a path not traveled by anyone, although it may seem so in trivial actions, he is the President of an autonomous country, so until now there is no comparison.

So you cannot make unique analyzes so simplistic-traditional-standard, bitcoin in El Salvador is a matter of government, bitcoin is perhaps in a demagogic phase, bitcoin has its most political phase, in other words it is Beta adoption mode: The Savior, sorry, El Salvador.

he's not the President.. he's the Dictator 

[michellee]

It was an assertive and reckless president. He bought it for a reason. Many companies also bought Bitcoin in the $48000 region.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.

I don't think they are buying in lower price by planned because the purpose of buying bitcoin for their country are to legalize and making bitcoin transaction as their daily transaction instead of making investment in bitcoin.
The president is also have a plan to have El Salvador’s state-run geothermal utility use energy from the country’s volcanoes to mine bitcoin.
And also 48k price is not high price, it was 60k before that means the price is still cheap right now, even more cheaper if we see the current price.

El Salvador bought more bitcoin 2 days ago when bitcoin was around $42k-$44k, if I am not mistaken, that could be a discount after they bought bitcoin before. They can see a good opportunity to buy more bitcoin when the price is dropping to accumulate the bitcoin and hold it. Until now, they hold 700 BTC, which I believe they will buy more amount, especially when the price still stays at this current price. I hope the other countries can see what El Salvador did and followed them to buy bitcoin.

[Shenzou]

Apparently Bukele bought another "Dip" according to his last tweet, but there's something that I don't get in this move, let me explain.


How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.


I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:

1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).

2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.


Let me know your opinion about this.

Its not a matter of he knows or not, but bitcoin and crypto have been a hot topic that has been looming around many big companies and whether they are going to invest in it and use it as a payment method or not, not to mention that it has been gaining a lot of popularity among a lot of people, and that a lone is good enough to push the demand on it, and even though that it might not seem like it now and the price is going down, in the long run he might be making a huge decision that might pay off really well if things go the way he wants to.

[Sithara007]

Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.

If this $6.8 million purchase is the only transaction they are going to perform in the entire year, then it may be an insignificant amount. But that is not the case. If I am not wrong, the government has already made purchases 3-4 times during the last 2 weeks. And doing by this rate, the combined worth may easily be in hundreds of millions of USD by the end of this year. And for an impoverished country like El Salvador, these amounts can be quite considerable. From what I heard, their gold reserves amount to just $3 billion.

[Silberman]

Apparently Bukele bought another "Dip" according to his last tweet, but there's something that I don't get in this move, let me explain.


How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.


I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:

1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).

2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.


Let me know your opinion about this.

1. I don't think he is a fool. He is surrounded by people that knows how the market works. They advise him. I doubt buying bitcoin again was his own doing. He is aware of the risk and willing to take it. If all goes downhill, its going to hit their country hard. But they invested in few hundred bitcoins. So I don't think it will have a long term affect on their country.

2. Everyone knows that if one bull run ends, another one is going to start.

Agreed, is he taking a risk by doing this when no other country has declared bitcoin to be a legal tender? Yes, but it is a calculated risk, if he happens to fail then I do not think there are going to be huge economic consequences for the county as the amount of bitcoin that is being bought and the infrastructure is cheap as well, but his political image could be damaged beyond repair, however if this becomes a success then the benefits the country could receive are enormous and with this his image as a visionary leader will be enhanced dramatically.

[Kelvinid]

Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.

If this $6.8 million purchase is the only transaction they are going to perform in the entire year, then it may be an insignificant amount. But that is not the case. If I am not wrong, the government has already made purchases 3-4 times during the last 2 weeks. And doing by this rate, the combined worth may easily be in hundreds of millions of USD by the end of this year. And for an impoverished country like El Salvador, these amounts can be quite considerable. From what I heard, their gold reserves amount to just $3 billion.

if they consistently are doing that, they might one of the bagholders of Bitcoin at the end of this year. One of those whales who holds a million dollars worth of Bitcoin but with their economic capabilities, that seems so hard for them. Well, we never know their plans, they might keep it secret until we've heard the news about it.

But this it looks more interesting move from the government and they are pushing through wide crypto adoption.
https://www.cnbc.com/2021/09/07/crypto-news-el-salvador-buys-bitcoin-nft-market-boom-with-loot.html

[Desmong]

What right do you have to use such statement to illustrate his perspective? If he thinks $44k is a dip then that's fine cos we all does not know what will happen to the market next cos the market might surge high after the recent fall. He has market analysts and speculators that analyze the market for him and maybe the market might be dance to there music.