El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[tyz]

el salvador buying the dip is the best news at the end of this year, Nayib has become a very strong president because he has thoughts that really aim to build and advance the country. "El Salvador buying the dip as a fxck other country"

What I'm wondering is: can anyone actually prove if the bitcoin are really being bought? Is there an address that can be attributed without doubt to the El-Savladorian government? I mean, the government can say a lot, but to really build trust, it should be publicly available.

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[Reatim]

long ago the country of El Salvador had intended to adopt bitcoin and applied it widely to the people of the country where they had created several bitcoin ATMs for transactions in that country. It would be great if there were countries that adopted bitcoin publicly and We hope that with the adoption of these developing countries it can increase the price of bitcoin on the global stock market again, the decline in the current bitcoin price

really ? long Ago? lol where did you get that History?  looks like from ancient books 

Yes El Salvador is the very first country that adopt Bitcoin as legal tender ,  but there are many country that considering this also though not implementing as of now.

El Salvador  must be proud of what their country is standing now as Bitcoin country .

[oHnK]

long ago the country of El Salvador had intended to adopt bitcoin and applied it widely to the people of the country where they had created several bitcoin ATMs for transactions in that country. It would be great if there were countries that adopted bitcoin publicly and We hope that with the adoption of these developing countries it can increase the price of bitcoin on the global stock market again, the decline in the current bitcoin price

really ? long Ago? lol where did you get that History?  looks like from ancient books 

Yes El Salvador is the very first country that adopt Bitcoin as legal tender ,  but there are many country that considering this also though not implementing as of now.

El Salvador  must be proud of what their country is standing now as Bitcoin country .

Yes, whatever we read usually doesn't necessarily show good results, especially if the news or the basis of the conversation doesn't use good and correct indicators.  It would be nice if he was to link the source of the reference info because it relates to sensitive issues and other things the establishment of the BTC City project was only there first.

[noormcs5]

maybe this is a very good thing with the adoption of bitcoin from the country of El Salvador where they openly want to adopt bitcoin en masse for their country and of course this would be a very good thing because it could potentially increase the price of bitcoin back to stability in the market global stocks considering that currently bitcoin really needs recognition or adoption from developing countries for bitcoin's survival in the long term so this can be positive if the adoption is actually realized

I was hoping that that after El Salvador  we may see such news of bitcoin being legal in other countries also, but no one after the El Salvador took this initiative.
There could be number of reasons for this and mainly because they would like to see the outcome after making bitcoin a legal tender.

[DdmrDdmr]

Well, yet another "buy the dip" type purchase from El Salvador’s government, announced by Bukele, for 150 BTCs (at 48.670$, so currently at a loss on the books). Justin Sun matched the sum in a two-stage purchase, all providing Twitter updated feeds in a conversation between the two.

Not very keen myself on this type of Twitter conversations, as it does seems somewhat distant to that of the masses, and more in line with spoiled kid’s playground domains.

See: https://twitter.com/nayibbukele/status/1467000621354135555

[Daltonik]

Well, yet another "buy the dip" type purchase from El Salvador’s government, announced by Bukele, for 150 BTCs (at 48.670$, so currently at a loss on the books). Justin Sun matched the sum in a two-stage purchase, all providing Twitter updated feeds in a conversation between the two.

Not very keen myself on this type of Twitter conversations, as it does seems somewhat distant to that of the masses, and more in line with spoiled kid’s playground domains.

See: https://twitter.com/nayibbukele/status/1467000621354135555

In response to Salvador's purchase of 150 BTC's, Justin Sun followed his example and bought 100 BTC's, to which Nayib Bukele says that he lacks another 50 BTC's to match and he does it and buys another 50 BTC well, in the end, a draw turns out.

[Daltonik]

According to ecologist (winner of The Goldman Environmental Prize) Ricardo Navarro, the use of geothermal volcanic energy for bitcoin mining will cost more than burning oil.
"The use of geothermal energy is still expensive, otherwise we would have done it a long time ago. As a result of the President's initiative, we will simply buy more oil. Steam and groundwater are required to generate geothermal energy, while the country is experiencing a shortage of water resources," said Ricardo Navarro, El Salvador's leading ecologist.
https://www.telegraph.co.uk/world-news/2021/12/06/el-salvadors-plan-power-bitcoin-volcano-will-end-environmental/

It is a strange statement if the geothermal station is already working and, as we have seen, mining equipment is already being installed on it.   

[JohnBitCo]

maybe this is a very good thing with the adoption of bitcoin from the country of El Salvador where they openly want to adopt bitcoin en masse for their country and of course this would be a very good thing because it could potentially increase the price of bitcoin back to stability in the market global stocks considering that currently bitcoin really needs recognition or adoption from developing countries for bitcoin's survival in the long term so this can be positive if the adoption is actually realized

El Salvador has taken this initiative and they should be appreciated for this. This is not a small step to make bitcoin a legal tender while the rest of the world or in most of the world governments are trying to stop the spread and usage of bitcoin and cryptocurrencies.
They may face new challenges and difficulties but eventually, their economy will be strengthened.

[Daltonik]

Salvadoran President Nayib Bukele responded to criticism from stockbroker Peter Schiff, and compared the country's gold reserves to investing in bitcoins. Nayib Bukele said his country has 44,106 ounces of gold in its reserves worth $79 million, which has fallen in price by 0.37% over the past year.If El Salvador had sold its gold and bought bitcoins last year, these bitcoins would now be worth $125 million.

[Daltonik]

It has only been a month and a half since the announcement of the initiative to build a clinic for animals Chivo Pets, which should be built with funds received from the use of bitcoin in El Salvador using the chivo wallet. And now the real fruits of using bitcoin are already visible, which will eventually begin to benefit those who need it, and therefore the whole community.

[SmokerFace]

Indeed good news and a great step were taken by the government. It's something which was waiting for a long time. However, it's not late now.
However it's still incomplete and the legislation bill must be submitted to Congress for its approval and make this a part of the legislated process, to implement it in the country.

[romero121]

Now I'm expecting some tweets about the mining infrastructure that is being getting developed on El Salvador. President of El Salvador have made a good tweet about the gold/bitcoin market that is making a difference. Making it a legal tender has benefited till date, very beginning itself president faced hard criticism. Now this isn't a big thing. Probably in the future this tweet will be remembered.

[tyz]

Does anyone actually know if the Bitcoin purchased by El Salvador are insured somehow? Someone in the government must ultimately have control over the private keys. Probably several via multi-sig. But what happens if the government is voted out, or all the people who know the keys are killed (attack or assassination), or if corrupt people know these keys? Or if there is a coup d'état? All not so unrealistic in a country in Central or South America.

[DdmrDdmr]

<…>

Theoretically, those bitcoins come from the 150M $ Trust that was established to support the Chivo Ecosystem. I haven’t read anything to differ from this statement, although each purchase they’ve made tends to ignore referencing the origin of the used funds. The Trust is managed (1) by the BANDESAL, the Banc of Development of El Salvador.

A couple of months ago, I read an article (2) stating that the said bank denied claims to let people know how the bank was managing the purchases bitcoins, including the addresses and where they were purchased from. All this under an alleged banking secrecy. I haven’t read anything that alters this position for a more appealing transparency act. I figure that the exact details of how exactly the bitcoins are being custodied will fall under the same secrecy veil ...

(1)   https://www-asamblea-gob-sv.translate.goog/node/11510?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es
(2)   https://www-efe-com.translate.goog/efe/espana/economia/el-banco-estatal-de-salvador-niega-informacion-sobre-operaciones-con-bitcoin/10003-4654951?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es

[Daltonik]

Well, unlike the closed information about the bitcoin fund of El Salvador, everything regarding the issue of future bitcoin bonds, the developer of the Mou says that everything from the software to the design of the bond will be open. It's interesting to see what happens in the end.

https://finance.yahoo.com/news/behind-scenes-el-salvador-bitcoin-192739561.html?fr=sycsrp_catchall

[DdmrDdmr]

On this occasion, the purchase made by El Salvador/@Bukele is more modest than on prior occasions, and it lacks the buy the dip narrative, moving on to a more magic number emotionally driven one:

See https://twitter.com/nayibbukele/status/1473508767664906247

The above amounts to 21 BTCs (give or take some Sats), and the intent was to make the purchase at 21:21:21 on the 21/12/21, playing along with the 21 number in the rounded figure of El Salvador’s 21000 km2 surface (21 041 km2 really).

Maybe someone can derive some additional info from the receipt, which is not similar to any I’ve seen around.

[Artemis3]

If this country keeps this as State policy, it will become the wealthiest of its region, Dubai 2.0 or something

This was an unique chance in history to do so, others can copy but the first gets the most benefits, just like those who trusted Bitcoin in the early years did.

[wavessurfing]

On this occasion, the purchase made by El Salvador/@Bukele is more modest than on prior occasions, and it lacks the buy the dip narrative, moving on to a more magic number emotionally driven one:

See https://twitter.com/nayibbukele/status/1473508767664906247

The above amounts to 21 BTCs (give or take some Sats), and the intent was to make the purchase at 21:21:21 on the 21/12/21, playing along with the 21 number in the rounded figure of El Salvador’s 21000 km2 surface (21 041 km2 really).

Maybe someone can derive some additional info from the receipt, which is not similar to any I’ve seen around.

what is their total BTC stash now ?

[DdmrDdmr]

<...> what is their total BTC stash now ?

According to https://bitcointreasuries.net/, 1241 BTCs. There are other treasury tracking pages I've seen that lack the latest +21 BTC update.

I’ve tried to find a site that keeps track of the details (at least date of purchase and number of BTCs on that date) to get an overview on the underlying purchases, but I’ve come out empty handed so far. We could track it here and backtrack the purchases, but I’d rather find a site that already does that.

[Daltonik]

The Bitcoin Fund of El Salvador is as closed as the chivo wallet, however, at least fifty cases of fraud have already been reported of the loss of bitcoins from the wallets of chiva users in the amount of more than $96,000, so opacity leads to the possibility of abuse.

After all, people there mostly have, as they say, not so large amounts in bitcoins, and the average loss is $1925, and I think this is a significant amount for the citizens of El Salvador.