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

[JayJuanGee]

The El Salvadoran president, Nayib Bukele just tweeted about the upcoming plan of buying bitcoin daily

https://twitter.com/nayibbukele/status/1593113857261965312?t=34fpxL5lJFctwpq5eUGp2g&s=09

We are buying one #Bitcoin    every day starting tomorrow.

I think this is DCA which is a good plan, but buying one bitcoin daily if not weekly may not be regarded as DCA but the price of bitcoin has falled significantly in a way that there may only be little drop in price which would be followed by a significant bull run. We do not know when the next bull run will start, which would take bitcoin to over $30000, but I believe we are getting closer to the period daily.

I see this as a good plan for people that wants to invest in bitcoin to invest now too because it would be profitable.

It sounds like a good idea for El Salvador to continue its BTC buying at a modest rate, which would be DCA to be buying every day, but it does have a buying on the dip sentiment to it too.  It's a pretty modest amount that they should be able to handle without any problem and seems to be somewhat symbolic in nature, too.. in order to communicate that this seems to be a good time to continue to buy BTC whether the BTC price goes up, down or sideways for a while from here.

[Ahli38]

The El Salvadoran president, Nayib Bukele just tweeted about the upcoming plan of buying bitcoin daily

https://twitter.com/nayibbukele/status/1593113857261965312?t=34fpxL5lJFctwpq5eUGp2g&s=09

We are buying one #Bitcoin    every day starting tomorrow.

I think this is DCA which is a good plan, but buying one bitcoin daily if not weekly may not be regarded as DCA but the price of bitcoin has falled significantly in a way that there may only be little drop in price which would be followed by a significant bull run. We do not know when the next bull run will start, which would take bitcoin to over $30000, but I believe we are getting closer to the period daily.

I see this as a good plan for people that wants to invest in bitcoin to invest now too because it would be profitable.

and it seems that it's not only Nayib bukele who will repay 1 bitcoin every day but we see that it turns out that even justin sun also replied to bukele's tweet and it seems that Justin sun will do the same thing, namely starting tomorrow they will start buying 1 bitcoin every day.

[DdmrDdmr]

<…>

I figure that he’s pretty convinced that either the prolonged downward trend will reverse soon, or that his past buying the dip type purchases were not really close to the intended bottom, so perhaps he considers making daily purchases will have less of a risk.

I still believe that, managing public funds as he is, the country’s citizens are entitled to some degree of transparency that is being constantly denied in terms of where the bitcoins are being stored, how, and exactly where every purchase is coming from in terms of budget (It can’t all be attributed to the initial Bitcoin Trust they created to give liquidity to the Chivo System).

[Maidak]

<…>

I figure that he’s pretty convinced that either the prolonged downward trend will reverse soon, or that his past buying the dip type purchases were not really close to the intended bottom, so perhaps he considers making daily purchases will have less of a risk.

In the event that you have enough confidence and decide that it is a long-term investment, then no matter what price you buy it at, it will never be risky, it is only risky unless you intend to trade short term. Because bitcoin is unpredictable and this change of strategy will allow him to approach more market bottoms, he will own more bitcoins than with the old strategy.
This strategy is like someone looking at bitcoin as a savings for the future, weekly or monthly they will take some money out and buy bitcoin at any price whenever they have the money.

[jokers10]

Good to hear about that. Mike is one of the bullish folks in the market and then he attained to make a FUD like that? He should do better than what he has said, he has already lost his credibility long time ago when he has given a lot of bullish predictions but none of them went right.

It seems that these leaders know each other and they're always in close contact to verify some information if it's real or not.

Well, there is a possibility that Mike would be sued for that misleading news that he has spread if Nayib would like to do so.

Anyone can make a mistake and I don't think Nayib Bukele will go to court with this case. The rumor itself was bad but trials based on a stupid mistake apologies for which have been made instantly could be worse for image. I think Salvadorian president understands that and we all will forget this ridiculous gossip very soon. And new narrative Nayib Bukele is starting with buying 1 BTC a day is a good replacement for this story.

[Wiwo]

I figure that he’s pretty convinced that either the prolonged downward trend will reverse soon, or that his past buying the dip type purchases were not close to the intended bottom, so perhaps he considers making daily purchases will have less of a risk.

I still believe that managing public funds as he is, the country’s citizens are entitled to some degree of transparency that is being constantly denied in terms of where the bitcoins are being stored, how, and exactly where every purchase is coming from in terms of budget (It can’t all be attributed to the initial Bitcoin Trust they created to give liquidity to the Chivo System).

You are right, the management of the funds and were the money El Salvador president intends to use in purchasing the entire El Salvador Bitcoins holdings should be made public so that the citizens can hold them accountable when and if anything goes wrong. El Salvador is a country and not a personal business that there will not be data and current state of things as regards to the Bitcoin president have purchased since the adoption of Bitcoin as a legal tender over a year ago. The lack of public data and information as regards El Salvador Bitcoin adoption and holdings has limited a lot of research from other cryptocurrency communities who are constantly following the El Salvador Bitcoin adoption and development since over a year ago, that is why we have limited data and information at our disposal to analyze or established a good discussion on Bitcoin adoption and it impacts on the economic developments of countries around the world and all eyes are on El Salvador since El Salvador is the first country to adopt Bitcoin as a legal tender.
That being said the bad side of this is that we can't tell if the El Salvador Bitcoin holdings are held on a private wallet owned and controlled by an individual who could be the president, or there is an official wallet since El Salvador already have government-approved KYC Chivo wallets, The lack of transparency in all this due to lack of information and data for public consumption has led to speculations and attacks from the president political opponents who may champion a campaign against the decision of the president to adopt Bitcoin since the government purchase is at a loss ever since their first Bitcoin purchase and the economic implication of
Of this on the citizens.

[Jatiluhung]

It sounds like a good idea for El Salvador to continue its BTC buying at a modest rate, which would be DCA to be buying every day, but it does have a buying on the dip sentiment to it too.  It's a pretty modest amount that they should be able to handle without any problem and seems to be somewhat symbolic in nature, too.. in order to communicate that this seems to be a good time to continue to buy BTC whether the BTC price goes up, down or sideways for a while from here.

I'm quite happy with the President of El salvador's plan to start buying 1 bitcoin per day starting tomorrow. i think it's better. because From the actions taken by Nayib bukele, I am quite sure that there will be a slight positive impact on the current market conditions which are shrouded in fear due to the tragedy that occurred at FTX. I even liked the tweet from Nayib bukele who commented on the FTX tragedy.
Nayib bukele on 14 november said in his tweet

"FTX is the opposite of #Bitcoin

#Bitcoin ’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…

…bailouts and wealth reassignments.

Some understand it, some not yet.

We’re still early.

🌎/21m ". Sourch : tweet Nayib Bukele

[Zanab247]

We should all be travelling to 'El Salvador' next week to celebrate this amazing news.

Yes, I will definitely be there to celebrate El Salvador parliament that made Bitcoin legal for their people to feel the impact of decentralized currency in the country. I guess, El Salvador president that legalized Bitcoin in the land of El Salvador must be an educated person that understood what decentralized currency can do to a country economy or world economy if they can make it legal . This celebration will bring so many good things to the people of El Salvador because their government has done what other governments cannot do to their people, because El Salvador president knew that be the first country to make Bitcoin legal will bring so much honour to the country, which the country of El Salvador is enjoying today.

[JayJuanGee]

<…>

I figure that he’s pretty convinced that either the prolonged downward trend will reverse soon, or that his past buying the dip type purchases were not really close to the intended bottom, so perhaps he considers making daily purchases will have less of a risk.

In the event that you have enough confidence and decide that it is a long-term investment, then no matter what price you buy it at, it will never be risky, it is only risky unless you intend to trade short term. Because bitcoin is unpredictable and this change of strategy will allow him to approach more market bottoms, he will own more bitcoins than with the old strategy.
This strategy is like someone looking at bitcoin as a savings for the future, weekly or monthly they will take some money out and buy bitcoin at any price whenever they have the money.

You are making decent points about short term versus long term, but you are phrasing your points weirdly in terms of suggesting that the belief of not having risk is enough in order to make something less risky.. and there just seems to be problems with that way of thinking because there needs to ultimately be value in the underlying asset, rather than just your confidence or the confidence of others that the asset has value..

Let's say if we take bitcoin versus that shitcoin ethereum, and the mere fact that there are a bunch of ethtards that believe that ethereum has long term value is not going to help it when it comes crashing down.. whether that takes 3 months or it might not crash for 50 years.. but the thing is built on a house of cards.. so there needs to ultimately be value. not just confidence in the value.

The lack of risk in bitcoin does not have to do with having higher levels of confidence, but the fact that in the long run that it is actually built on a solid foundation in which it has a lot of robustness to sustain itself through a large number of attacks that could last several years or even decades, but there needs to be some actual performance within a timeline that would be acceptable to the person/entity that is doing the investing and that it has great likelihood to perform well in the long run.. whether that is 4-10 years or if it might take longer.  So the confidence about the likeliness to perform well does not necessarily cause bitcoin to perform well but instead it ultimately needs to end up performing well (or not going to zero, close to zero or overall losing a lot of value) in order to not be risky.

[livingfree]

Good to hear about that. Mike is one of the bullish folks in the market and then he attained to make a FUD like that? He should do better than what he has said, he has already lost his credibility long time ago when he has given a lot of bullish predictions but none of them went right.

It seems that these leaders know each other and they're always in close contact to verify some information if it's real or not.

Well, there is a possibility that Mike would be sued for that misleading news that he has spread if Nayib would like to do so.

Anyone can make a mistake and I don't think Nayib Bukele will go to court with this case. The rumor itself was bad but trials based on a stupid mistake apologies for which have been made instantly could be worse for image. I think Salvadorian president understands that and we all will forget this ridiculous gossip very soon. And new narrative Nayib Bukele is starting with buying 1 BTC a day is a good replacement for this story.

Yeah, he's most likely won't.

He'll just ignore that thing as he's a president that has a lot of things to do and with his recent announcement through his twitter account. That's another surprising move from him.

While I've seen a lot of people mocking him and his style of investing because he's the president, here he goes proving that he truly believes on bitcoin and its future.

[Hamphser]

It sounds like a good idea for El Salvador to continue its BTC buying at a modest rate, which would be DCA to be buying every day, but it does have a buying on the dip sentiment to it too.  It's a pretty modest amount that they should be able to handle without any problem and seems to be somewhat symbolic in nature, too.. in order to communicate that this seems to be a good time to continue to buy BTC whether the BTC price goes up, down or sideways for a while from here.

I'm quite happy with the President of El salvador's plan to start buying 1 bitcoin per day starting tomorrow. i think it's better. because From the actions taken by Nayib bukele, I am quite sure that there will be a slight positive impact on the current market conditions which are shrouded in fear due to the tragedy that occurred at FTX. I even liked the tweet from Nayib bukele who commented on the FTX tragedy.
Nayib bukele on 14 november said in his tweet

"FTX is the opposite of #Bitcoin

#Bitcoin ’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…

…bailouts and wealth reassignments.

Some understand it, some not yet.

We’re still early.

🌎/21m ". Sourch : tweet Nayib Bukele

Thanks for the share up.

If we do really look up into those words then you could really actually able to feel and see out the positivity of Bukele towards Bitcoin, although there are some people who
do really see him as an idiot on making up these kind of actions considering that he's a president and he had been  investing the money which isnt his.
Being optimistic isnt bad but he should really always consider out on the risk involved since we cant really able to know on whats the future lies ahead towards Bitcoin but
this man do really look forward on longer aspect.It wont really be that surprising that it would be having lots of positive and negative impressions and thoughts towards this action.
Speaking about 1btc/day purchase then i could say that this man really trust up btc.Well its not that bad but always mind off about the risk.

[JayJuanGee]

It sounds like a good idea for El Salvador to continue its BTC buying at a modest rate, which would be DCA to be buying every day, but it does have a buying on the dip sentiment to it too.  It's a pretty modest amount that they should be able to handle without any problem and seems to be somewhat symbolic in nature, too.. in order to communicate that this seems to be a good time to continue to buy BTC whether the BTC price goes up, down or sideways for a while from here.

I'm quite happy with the President of El salvador's plan to start buying 1 bitcoin per day starting tomorrow. i think it's better. because From the actions taken by Nayib bukele, I am quite sure that there will be a slight positive impact on the current market conditions which are shrouded in fear due to the tragedy that occurred at FTX. I even liked the tweet from Nayib bukele who commented on the FTX tragedy.
Nayib bukele on 14 november said in his tweet

"FTX is the opposite of #Bitcoin

#Bitcoin ’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…

…bailouts and wealth reassignments.

Some understand it, some not yet.

We’re still early.

🌎/21m ". Sourch : tweet Nayib Bukele

Thanks for the share up.

If we do really look up into those words then you could really actually able to feel and see out the positivity of Bukele towards Bitcoin, although there are some people who
do really see him as an idiot on making up these kind of actions considering that he's a president and he had been  investing the money which isnt his.

Politicians are elected exactly to make decisions about how to invest resources that are public which includes but is not limited to how to spend money in the public coffers, so by definition politicians, such as Bukele, are given discretion regarding those kinds of resource allocation decisions (and they likely already know quite clearly that the money is not "his"), and Bukele has decided to buy bitcoin with some of that public money.  That clearly and unambiguously within the realm of his discretion.

Being optimistic isnt bad but he should really always consider out on the risk involved since we cant really able to know on whats the future lies ahead towards Bitcoin but
this man do really look forward on longer aspect.It wont really be that surprising that it would be having lots of positive and negative impressions and thoughts towards this action.
Speaking about 1btc/day purchase then i could say that this man really trust up btc.Well its not that bad but always mind off about the risk.

Do you speculate that Bukele has not already considered both the cost and benefits of adding 1 more BTC per day to El Salvador's BTC stash?  No one is going to know the future, but ONLY make calculations based on a variety of probabilities about what might happen in the future, so it seems to me that Bukele has likely already made such calculations that account for costs and benefits of buying bitcoin with El Salvador's money, including accounting for risks, too.

So, you seem to be putting on airs of supposed superior knowledge and lecturing towards Bukele about the obvious Hamphser... as if you might have some kind of a better way of assessing whether, what and how much to do something, such as whether or not to buy one BTC per day from here on out or to take some other better action(s) with the Salvadorean resources that will be used to make those 1 BTC per day purchases?

[tadamichi]

It sounds like a good idea for El Salvador to continue its BTC buying at a modest rate, which would be DCA to be buying every day, but it does have a buying on the dip sentiment to it too.  It's a pretty modest amount that they should be able to handle without any problem and seems to be somewhat symbolic in nature, too.. in order to communicate that this seems to be a good time to continue to buy BTC whether the BTC price goes up, down or sideways for a while from here.

It’s a pretty smart move symbolism wise, as just buying the dips alway brought out the critics portraying it like bukele is some crazy gambler. Buying everyday takes the fuss out and will make it harder to defame him.

Well its not that bad but always mind off about the risk.

What is the risk and future of an El Salvador staying reliant on the dollar forever? What is the risk of El Salvador not trying to fix their country? The risk of El Salvador not trying to win for once, far outweighs any losses they could make from the little Bitcoin they purchased so far.

[n0ne]

El Salvador have made history with its decision to become the first country to make bitcoin legal tender. The decision to buy Bitcoin everyday isn't a big thing considering its adoption and its regular buying at dips.

The present move to buy Bitcoin on daily basis makes the government ease out spending on bitcoin purchase and waiting for opportunity to buy at the bottom. Now unlike the market El Salvador is able to buy bitcoin at the best price when we calculate the average.

Even now more critics on the decision gets rolled out, but they never putforth the statement one bitcoin today is the same as tomorrow. So, even at loss the country is able to withstand it without selling and just holding it.

[stomachgrowls]

El Salvador have made history with its decision to become the first country to make bitcoin legal tender. The decision to buy Bitcoin everyday isn't a big thing considering its adoption and its regular buying at dips.

The present move to buy Bitcoin on daily basis makes the government ease out spending on bitcoin purchase and waiting for opportunity to buy at the bottom. Now unlike the market El Salvador is able to buy bitcoin at the best price when we calculate the average.

Even now more critics on the decision gets rolled out, but they never putforth the statement one bitcoin today is the same as tomorrow. So, even at loss the country is able to withstand it without selling and just holding it.

One thing that they would be assuring into their minds that they arent losing something if they arent selling.Even if they are on negatives but still those arent realized yet which means that they arent losing.

Critics are normal yet these kind of decision isnt something that you could really be able to see on a country do really make such step or decision specially on making it as a legal tender.

Now they have decided on buying out 1 btc per day which its really something a step which do shows on how optimistic Bukele is towards Bitcoin.

[yudi09]

El Salvador have made history with its decision to become the first country to make bitcoin legal tender. The decision to buy Bitcoin everyday isn't a big thing considering its adoption and its regular buying at dips.

Even now more critics on the decision gets rolled out, but they never putforth the statement one bitcoin today is the same as tomorrow. So, even at loss the country is able to withstand it without selling and just holding it.

We must fully support the decision made by Nayib Bukele for the legal tender, even though there are many who silently reject his ideas and ideas.

The present move to buy Bitcoin on daily basis makes the government ease out spending on bitcoin purchase and waiting for opportunity to buy at the bottom. Now unlike the market El Salvador is able to buy bitcoin at the best price when we calculate the average.

If on July 1, 2022 Nayib Bukele said El Salvador had added 80 Bitcoins at a price of $19,000, then since the second week of November the price of Bitcoin is at a price below $19,000 we can guess that El Salvador can add another Bitcoin collection.

https://twitter.com/nayibbukele/status/1542672286490271744

[RAppleby]

El Salvador is buying bitcoin every day right now, this is the post I just saw,. El Salvador has attached great importance to Bitcoin since it became a legal currency, although many places are not optimistic about Bitcoin and think El Salvador is stupid. But El Salvador's approach is enough to show people their persistence. Their current accumulation, when the bull market comes, it will be a big explosion. Looking forward to that day.

[wmaurik]

If on July 1, 2022 Nayib Bukele said El Salvador had added 80 Bitcoins at a price of $19,000, then since the second week of November the price of Bitcoin is at a price below $19,000 we can guess that El Salvador can add another Bitcoin collection.

https://twitter.com/nayibbukele/status/1542672286490271744

And that has happened where Nayib Bukele himself also said in his tweet yesterday although he did not mention the amount, but in general El Salvador will buy Bitcoin again starting from yesterday. I am even very impressed with the attitude of El Salvador who continues to buy Bitcoin when the price is cheap without thinking about any conditions that are happening at this time.



Besides, I think that the country of El-Salvador will have better progress also in the field of tourism, because Nayib Bukele himself also said that in his tweet after @lonelyplanet.

[Doan9269]

The present move to buy Bitcoin on daily basis makes the government ease out spending on bitcoin purchase and waiting for opportunity to buy at the bottom. Now unlike the market El Salvador is able to buy bitcoin at the best price when we calculate the average.

Many people don't really understand what it's meant from buying the dip, this could ever bebthe best decision made by the president because now that we are on dip already with bitcoin price, whenever a new purchase is made will always yield it own little profit since we have been on this same dip @ $16k wjen the price jump to $21k , now consider when you buy the dip as the said price and it surges eventually within a day to that extent as well, that could be a reasonable realization on profits, this also is an indication that at whatever level the bitcoin price is, they could buy and still earn from the dip it has purchased from, till they got to continuously progress to when we begin to experience a new ATH which will also launch them into realising from their past investment purchases made.

[JayJuanGee]

If on July 1, 2022 Nayib Bukele said El Salvador had added 80 Bitcoins at a price of $19,000, then since the second week of November the price of Bitcoin is at a price below $19,000 we can guess that El Salvador can add another Bitcoin collection.

https://twitter.com/nayibbukele/status/1542672286490271744

And that has happened where Nayib Bukele himself also said in his tweet yesterday although he did not mention the amount, but in general El Salvador will buy Bitcoin again starting from yesterday. I am even very impressed with the attitude of El Salvador who continues to buy Bitcoin when the price is cheap without thinking about any conditions that are happening at this time.

Besides, I think that the country of El-Salvador will have better progress also in the field of tourism, because Nayib Bukele himself also said that in his tweet after @lonelyplanet.

I think that there would be a great way to gamify the whole process of El Salvador's daily buys of BTC that would allow for buying more than 1 BTC, and then accounting for El Salvador's average cost per BTC. 

Accordingly, in such a gamification step, El Salvador could authorize up to their average cost per BTC to daily for their daily BTC buys, and then we would hopefully through time see that their average cost per BTC would come down, approach 1 and maybe even get below 1 at some point. 

So for example if their current average cost per BTC is $43k, then they could authorize $43k to buy BTC today and at today's price of $16,700 they would end up buying 2.5748503 BTC for today's buy, and so that purchase would slightly bring down their average cost per BTC for their BTC purchase on the next day would end up being less, and hopefully with the passage of time, the BTC price will also rise in order that both their average cost per BTC and the actual cost per BTC meet......