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

[Daltonik]

We should also not forget that El Salvador is a poor country, their president bought a risky investment near the all time high and he used taxpayers money to buy this risky investment. What would this make him appear in front of his constituents presently that bitcoin has dumped?
...

It is a question of enlightenment: if El Salvador's government wants to have high enough support despite low rates of bitcoin it should educate Salvadorians more and give them enough economical and crypto information. If Salvadorians will understand that it is not a problem that long term investments went down in short prospective they will still support their government despite low rates of bitcoin. If not... well, we all can guess what can be then.

As South American, my opinion is that the topic of education is a vicious circle when comes to countries with social problems. Education in general is an important weapon against poverty and manipulation, ignorance itself is something taken advantage of to manipulate the masses, we all know that.

One can call El Salvador a "poor" country and part of this problem is the lack of education and culture there are nations that have such a strong culture about work and education that allows its population to be reborn from the ashes, Japan is a good example.

The vicious circle starts when there is poverty that does not allow to get education and therefore there is a perpetuation of poverty. The president of Salvador (as any good president would) is trying to break this circle by attacking the poverty but he should also attack the ignorance at the same time, if possible, because we would encounter himself swimming against the stream otherwise. The vicious circles are quite hard to break at a personal level, ever harder at a nationwide level.

Education, and without it it is not possible to eliminate poverty, has never come from below, it is always declared and imposed from above, everything else, no matter how well it is organized, plays the role of enlightenment, and in any case, the "declaration on universal education" will include certain forms of propaganda, which is just interested in in maintaining the status quo, but not in the fight against poverty.

Even the President of El Salvador, who initiated the legalization of bitcoin in this situation, which you describe in the field of education, is also a kind of awareness-raising activity, which, however, pushes people who have the opportunity to own a digital asset to engage in self-education, which, it seems to me, always benefits both the person himself and society as a whole.

So speaking about the benefits of the act of legalization of bitcoin for the growth of its popularity, it should be borne in mind that it also benefits society as a whole, as it helps at least a little, but to improve the literacy of the population, which in the future may become a trigger in society's need for change.

[1713999904]

1713999904

[Xxmodded]

Appreciated what did by El Savador and make bitcoin as legal currency digital transaction in their country, but first time when bitcoin adopt by El Savador president price still expensive and what happen with El Savador assets bitcoin nowadays. Before adopting bitcoin as legal currency transaction and they invested on bitcoin need to make research about bitcoin negative and positive side, exactly El Savador try to be investor with bitcoin trough price still pump. I think they have spent much state budget for investing with bitcoin but nowadays when bitcoin drop drastically how much money loss, hope they have sold bitcoin trough have reach higher price and right now they can try to buy back when bitcoin still have lower price.

[romero121]

first time when bitcoin adopt by El Savador president price still expensive and what happen with El Savador assets bitcoin nowadays.

A hard decline have happened, but the government is very clear with the plans and the El Salvador President Nayib Bukele have mentioned with the positive and powerful facts of cryptocurrency. Don't go behind the charts, just enjoy bitcoin and have patience the recovery will happen.

Before adopting bitcoin as legal currency transaction and they invested on bitcoin need to make research about bitcoin negative and positive side.

A country won't directly get into adoption of bitcoin just because the president is interested. Though it is a small country it took its time and then only made it legal tender. So, they're well aware of the positive and negative part of cryptocurrency.

I think they have spent much state budget for investing with bitcoin but nowadays when bitcoin drop drastically how much money loss.

For this President indicated that the amount spend on bitcoin reserve of 2301BTC is not even 0.5 percentage of the country's budget. So, this isn't gonna affect them as the entire holding is still available and not sold.

[_act_]

Before adopting bitcoin as legal currency transaction and they invested on bitcoin need to make research about bitcoin negative and positive side, exactly El Savador try to be investor with bitcoin trough price still pump.

We do not know the plans they had before making the conclusion to buy bitcoin at the price they bought it. It would have been more profitable if they buy at low price though, but what if they have made the analyses and knew bitcoin will at one point fall but later rise. People should not just conclude that El Salvador do not make research before investing.

If bitcoin hit $100000 like in next two years, don't you think El Salvador will be an example that would show people that bitcoin is a safe haven if they hold for long.

I think they have spent much state budget for investing with bitcoin but nowadays when bitcoin drop drastically how much money loss, hope they have sold bitcoin trough have reach higher price and right now they can try to buy back when bitcoin still have lower price.

El Salvador has not sold any bitcoin they are holding.

But El Salvador has not sold bitcoin still means that they are not yet losing, remember 1 BTC = 1 BTC. From the news we have read recently, it is clear that El Salvador is not selling any bitcoin holding. If selling, not this time.

[348Judah]

I think they have spent much state budget for investing with bitcoin but nowadays when bitcoin drop drastically how much money loss, hope they have sold bitcoin trough have reach higher price and right now they can try to buy back when bitcoin still have lower price.

One thing that is common to bitcoiners is that they keep on buying even when it's going dip, that's the kind of mindset we have in, El-Savador interest on bitcoin isn't just as a currency but also as an investment which will yield in due time, they bought about 500btc earlier when the price goes down to $30k and yet that is never good enough to stop the buy now that it's as low as $20k, the more the buy the higher the tendencies to realize more when the price begin to pump up.

[gikere]

This doesn't age well. Is it just me or feel like they're going too fast and too forceful with all the transit and implementation the Bitcoin in El Salvador's economy. Not taking into account the bear market and high volatility from it pushes normal citizens to stay out. Only use it to the bare minimum to keep their fiat value stable.

[Vaskiy]

Following El Salvador, now we've got Morocco on the list. The Moroccan Central Bank is working on a framework for the cryptocurrency regulation and this bill is to be introduced soon according to the bank's governor.

The framework is developed in a way to work against the anti money laundering and terrorism financing. Morocco is one among the country that is said to adopt crypto in the past. Slowly more countries will take initiative with some better plans avoiding the mistake that the country that adopted cryptocurrency earlier. This way the adoption process and the legal framework will be flawless. Here Morocco have considered the balance of innovation and consumer protection as the key factor.

Morocco's Central Bank to Unveil Crypto Regulation Bill Soon

[DdmrDdmr]

El Salvador has received its first privately funded investments in the country that aim at mining Bitcoin. I’ve seen different articles pointing at a 200M $ investment, although the articles referenced (and Google translated) below seems to depict the plan better than other media that just focus on the above figure. The investors are seemingly a Swiss consortium, led by a local investor called Josué López.

The plan is to initially create a photovoltaic plant in the area of Chalatenango (first stone – so as to say – has already been laid), investing an initial 4M $ which should build-up to 15M $ eventually into a plant that should produce 6 Megawatts in the long run (though staring-off with a quarter of that). That plant should essentially power bitcoin mining operations.

The 200M $ figure thrown around here and there seems to be the global figure They're going to invest in energy driven projects, including other hydroelectric projects which I believe are not necessarily bitcoin mining driven, but rather energy driven per se.

See:
https://diarioelsalvador-com.translate.goog/construiran-primera-planta-solar-para-minar-bitcoin-en-el-pais/243550/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

https://www-criptonoticias-com.translate.goog/mineria/minaran-bitcoin-energia-solar-zona-norte-el-salvador/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

[Wiwo]

El Salvador 🇸🇻 Bitcoin adoption have been the topics of discussion in various quarters and some of the objections to the Bitcoin adoption are on the ground of citizens not having adequate knowledge and information about Bitcoin.
And inline with El Salvador government quest to educate it citizens, the first batch of the diploma certificate in Bitcoin study have successfully completed their study and been issued diploma certificates from the government's institutions.

https://webtimes.uk/38-high-school-students-in-el-salvador-earned-a-bitcoin-diploma/

[dataispower]

This doesn't age well. Is it just me or feel like they're going too fast and too forceful with all the transit and implementation the Bitcoin in El Salvador's economy. Not taking into account the bear market and high volatility from it pushes normal citizens to stay out. Only use it to the bare minimum to keep their fiat value stable.

despite that I have not digest and understand this nehru you pass as information towards your statement and your comment I know quite well that the market of cryptocurrency cannot be comparable to the value of a Fiat currency so therefore both of them have a different thing in common especially the way they are values runs. So the area of converting cryptocurrency or converting whatever to stable from what I understood the longer it stays and shorten it stays did not contribute or add any value to it since it is a stable if we experience a bearish market it will not reflect to it since you place it in stable.

[Smack That Ace]

El Salvador did not sell any of their bitcoins. And El Salvador announced today they just bought another 80 bitcoin at $19k.
It confirms that they had a well-thought-out plan before investing in bitcoin. Bitcoin price drop has never made them difficult but a huge opportunity for El Salvador.
I believe Nayib Bukele has been doing the right thing all along.





Good Luck

Duke

[romero121]

El Salvador did not sell any of their bitcoins. And El Salvador announced today they just bought another 80 bitcoin at $19k.
It confirms that they had a well-thought-out plan before investing in bitcoin. Bitcoin price drop has never made them difficult but a huge opportunity for El Salvador.
I believe Nayib Bukele has been doing the right thing all along.





Good Luck

Duke

El Salvador President Nayib Bukele is quite strong and a hard believer of bitcoin. From his tweets and activities relative to bitcoin we can understand. Earlier he gave a small advice to the common people on the price decline of bitcoin as an opportunity to invest and never look upon the charts and get worried. With the present purchase of more 80BTC the reserve gets changed to 2381BTC

[salad daging]

El Salvador did not sell any of their bitcoins. And El Salvador announced today they just bought another 80 bitcoin at $19k.
It confirms that they had a well-thought-out plan before investing in bitcoin. Bitcoin price drop has never made them difficult but a huge opportunity for El Salvador.
I believe Nayib Bukele has been doing the right thing all along.


Good Luck
Duke

El Salvador President Nayib Bukele is quite strong and a hard believer of bitcoin. From his tweets and activities relative to bitcoin we can understand. Earlier he gave a small advice to the common people on the price decline of bitcoin as an opportunity to invest and never look upon the charts and get worried. With the present purchase of more 80BTC the reserve gets changed to 2381BTC

With the purchase of 80 Bitcoins the average value is $19,000 then the amount ($1,520,000) according to Wacher.guru.
President Nayib Bukele has consistently believed in bitcoin, so he is buying continuously at lower prices, what he has now is good hope for the future so I think he will continue to add bitcoins if prices are still low.
According to the German bank (Deutsche Bank) that the price of bitcoin will return to $28,000 by the end of 2022 it is possible that what President Nayib Bukele has during his buying low will see the expected payoff.

[Cryptmuster]

El Salvador President Nayib Bukele is quite strong and a hard believer of bitcoin. From his tweets and activities relative to bitcoin we can understand. Earlier he gave a small advice to the common people on the price decline of bitcoin as an opportunity to invest and never look upon the charts and get worried. With the present purchase of more 80BTC the reserve gets changed to 2381BTC

But his trend is rather strange, the lower the price of bitcoin, the fewer coins he buys. ) Perhaps there is not much free money now, as one would like, because crisis came, but on the other hand, perhaps he simply does not buy much because he is waiting for a further fall in prices. After all, when the market grows you expect growth, and when it falls, you expect a further fall, such a psychology.

[Bobrox]

Looks El Salvador President Nayib Bukele  as diamond hands because he can waiting with bitcoin price until nowadays, we know how many time he spent money for investing in bitcoin trough still on higher price, if keep true with holding bitcoin assets until nowadays we can't expected with how much losing until right now. Ever bough bitcoin when price still up above $40,000 before several months ago he spent and invested on bitcoin still have price above $30,000. But depending with twitter El Salvador President Nayib Bukele he try to invested again 80 bitcoin on $19,000 right now any one have details about how much bitcoin invests by El Salvador President Nayib Bukele ?

[DdmrDdmr]

<…> any one have details about how much bitcoin invests by El Salvador President Nayib Bukele ?

So far, the aggregate should be 2.381 BTCs. I’ve checked a bunch of bitcoin treasury sites, and none of them are up-to-date for the country, but my count coincides with that of local media, so I’m pretty confident it’s the figure resulting from the aggregate of all their past purchases.

The do have a government based transparency website, which would be a great place to have this information, taking into account that every purchase is tweeted, and that Salvadorians would likely like to have the detail easily accessible in an official site, as opposed to having people needing to track twitter tolls.

[DU18]

<…> any one have details about how much bitcoin invests by El Salvador President Nayib Bukele ?

So far, the aggregate should be 2.381 BTCs. I’ve checked a bunch of bitcoin treasury sites, and none of them are up-to-date for the country, but my count coincides with that of local media, so I’m pretty confident it’s the figure resulting from the aggregate of all their past purchases.

The do have a government based transparency website, which would be a great place to have this information, taking into account that every purchase is tweeted, and that Salvadorians would likely like to have the detail easily accessible in an official site, as opposed to having people needing to track twitter tolls.

President Nayib Bukele still has a strong belief in bitcoin so far and it is precisely when the price crash hit crypto that he has again added to his digital foreign exchange liquidity by buying as much as 80 BTC, so currently the estimated total assets owned by El Salvador are around $103.9 million.
Although now many are worried about bankruptcy in the country of El Salvador, but it seems that President Nayib Bukele still believes in his principles and desires in turning El Salvador into a country that fully adopts Bitcoin financial, I agree that El Salvador should create a website or special authority that does hold the authority to make data transparency and value of bitcoin or other crypto assets owned by El Salvador, so that their people can access and see firsthand the value of assets owned by their government.

[JayJuanGee]

El Salvador President Nayib Bukele is quite strong and a hard believer of bitcoin. From his tweets and activities relative to bitcoin we can understand. Earlier he gave a small advice to the common people on the price decline of bitcoin as an opportunity to invest and never look upon the charts and get worried. With the present purchase of more 80BTC the reserve gets changed to 2381BTC

But his trend is rather strange, the lower the price of bitcoin, the fewer coins he buys. ) Perhaps there is not much free money now, as one would like, because crisis came, but on the other hand, perhaps he simply does not buy much because he is waiting for a further fall in prices. After all, when the market grows you expect growth, and when it falls, you expect a further fall, such a psychology.

It seems to me that the phenomena of buying less as the BTC price goes down exists in a lot of goods/assets.  It seems to be some kind of variation of the wealth-effect.. in which people buy more as a good/asset goes up and less as it goes down.

And, surely I doubt that the "wealth-effect" is merely psychological, because the HODLer does actually have more money as the price goes up.. and does actually have less money as the price goes down.

I did the something similar in bitcoin in 2014/2015 as the BTC price went down through 2014, I kept buying on the way down, but not only did I run out of money, at some point, I started to run out of confidence too regarding how long any bounce is going to take (or if it will even happen)... a gruelling effect (mentally and financially as the price is going down).  

One thing is to just HODL without selling on the way down (so that is an accomplishment - so long as the price goes back up at some point soon enough before you die or get reckt), and then another thing is to take that whole practice to another level in terms of buying on the way down - even if the amount bought is less - when no bounce comes, there is an ever pestering sound "why did you buy now?", and "why not wait for lower prices?" and "do you think that there is going to be a bounce, crazy?".  

One redeeming aspect for anyone having ongoing and incoming cashflow (which seems to be the case with El Salvador - coming also from BTC-related activities in the country) is that the ongoing buying (even at low prices) ends up serving as a kind of reluctant and worrisome form of DCA (that can also be characterized as buying on dip.. but buying on dip with less enthusiasm as compared with buying on dips when the BTC price is higher.. and regular UPpity bounces).  If the incoming cashflow dries up, that's another question (would likely cause more reluctance to continue to buy).

Edited to fix some wording and make some ideas more clear

[Smack That Ace]

<…> any one have details about how much bitcoin invests by El Salvador President Nayib Bukele ?

So far, the aggregate should be 2.381 BTCs. I’ve checked a bunch of bitcoin treasury sites, and none of them are up-to-date for the country, but my count coincides with that of local media, so I’m pretty confident it’s the figure resulting from the aggregate of all their past purchases.

The do have a government based transparency website, which would be a great place to have this information, taking into account that every purchase is tweeted, and that Salvadorians would likely like to have the detail easily accessible in an official site, as opposed to having people needing to track twitter tolls.

2381 BTC is the total that El Salvador has bought since it announced its investment in Bitcoin, according to data compiled by Bitcoin Magazine.
Along with creating a domino effect for Bitcoin mass adoption globally, El Salvador is leading the way in the race to accumulate Bitcoin.
Nayib Bukele is the man with the hardest diamond hand in the world.
 

El Salvador is winning the global race to accumulate #bitcoin
https://www.facebook.com/BitcoinMagazine/photos/a.298887303499347/5319562864765074

And here are the details of El Salvador's Bitcoin purchases from 2021 to the present.
By adding more 80 BTC at $19K, now they #Hodl ~2381 BTC at an average price of ~$45,000 per Bitcoin.


Good Luck

Duke

[Bobrox]

So far, the aggregate should be 2.381 BTCs. I’ve checked a bunch of bitcoin treasury sites, and none of them are up-to-date for the country, but my count coincides with that of local media, so I’m pretty confident it’s the figure resulting from the aggregate of all their past purchases.

The do have a government based transparency website, which would be a great place to have this information, taking into account that every purchase is tweeted, and that Salvadorians would likely like to have the detail easily accessible in an official site, as opposed to having people needing to track twitter tolls.

I think need transparency about how many bitcoin have been invested by El Salvador President Nayib Bukele to make public know about how many their assets have been invest in bitcoin, but less strategy because he keep become long term holding with bitcoin although how optimist with bitcoin will reach higher price, not good chance keep hold and El Savador not getting profit in short term. Maybe if try selling bitcoin trough still higher price above $40,000 right now they can invested much money again in bitcoin, but not good ideas what did by El Salvador President Nayib Bukele keep hold for long term and waiting until make new all time high again.