El Salvador has just bought it’s first 200 coins

[el kaka22]

This will be example to all other smaller nations, they could gather as much bitcoin as they can with the money they have, and eventually they will be leveraged against USD. Think about a nation that is very poor but having a better economical potential in the future than USA? Can you imagine El Salvador ever having a better economy then USA? Of course not, but this crypto deal could make it possible or at least close the gap, overall the difference will always be big, but per capital could get better for sure.

El Salvador doesn't have the cost of living USA has, it is cheaper, plus they do not have the same population number neither, combine those two facts together and they need a lot less money to be a rich nation whereas USA would need 100x more money just to pay the bills.

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[milewilda]

Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?

That is a possibility. They could just be stashing up quietly. Considering El Salvador is far from being a rich country, this publicity could at least encourage other countries along that economic level to start stockpiling themselves. "If they can, why can't we?"

Yes,we dont know behind the curtains because if we do consider out on how much that 200 coin is on the current price then its almost a million dollars but it had mentioned out that this isnt really
a rich country then the said act is considerable and a good move.This do really shows that they are indeed serious in regards to this one and for sure there would be some possible follow up
purchases of coins in near future and they might have just done some initial accumulate and the rest action will really be next in line.

[bL4nkcode]

Despite all the good news happened today, price goes down for a reason. I wonder if how long they will hodl and if they will announce once they sold their holdings.

Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too

[bryant.coleman]

Despite all the good news happened today, price goes down for a reason. I wonder if how long they will hodl and if they will announce once they sold their holdings.

Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too

There was no particular reason for the price drop today. Some of the whales decided to teach Nayib Bukele a lesson, and they spent a few hundred million USD in manipulating the markets. And trust me, this dip is not going to last for long. Within the next 2-3 days, prices will be back to 50K+ levels. And I didn't heard of any big negative reaction from El Salvador. For the Bitcoin enthusiasts, today was another normal day. And according to Bukele, El Salvador purchased a total of 550 BTC today. That is worth $25 million as per the current exchange rates.

[wxa7115]

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.

“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.

Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms

"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."

I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.

This is a huge step in the right direction for El Salvador, I do not know if it is the first country to actually buy bitcoin officially, but it think it is, and this could be the beginning of other countries doing the same as there is no way they are not going to be part of the market that has the biggest potential growth around the world.

However the purchase is small but that is fine, as long as they keep doing this then they may end up becoming one of the richest countries around the world as there is no doubt in my mind the price of bitcoin will keep increasing.

[Pulsar77]

Will 200 BTC be really enough for distributing $30 worth Bitcoins among all their citizens? Let's say that Bitcoin price is fixed at $50k. In this case, 200 BTC equal to $10m. According to the 2019 data, El Salvador's population is around 6.5 million. Let's say that they will all accept this offer and want to take the $30 worth Bitcoin. In that case, the amount needed will be around $190m. I know that the price will change all the time and most probably not all of the people would lean towards this offer. But this is a really interesting point for me. But I guess that they just wanted to give BTC to a certain number of people to draw their and the other people's attention also.

[wheelz1200]

Honestly pretty ground breaking if you think about it.  Even 5 years ago to think that a nation would have bitcoin on their books most would call you crazy.  I wonder if that is going to open the eyes of some other nations possibly looking to dip their toes in the water.  Could be good and could be bad.  They can spike or tank a market because they are playing with house money.

[The Sceptical Chymist]

It is a really huge amount of purchase which is worth around $10m for now. This is a good preparation before making Bitcoin their legal tender.

For an entire country??  That's a drop in the bucket even for a tiny country, which El Salvador isn't (though it isn't exactly huge).  They have a population of over 6 million people, so you do the math as to how much bitcoin that is to spread around and then maybe rethink your comment.  Now, if they go ahead with the $150 million purchase mentioned in the article, that'll be somewhat significant.

I mean I'm all for El Salvador moving in this direction, but the government making a purchase of 200BTC just seems odd to me.  It kind of makes me wonder how those coins are going to get distributed and how much corruption there is in the El Salvadorian government, if you know what I mean.

And this:

The country is also building infrastructure to support a state-issued Bitcoin wallet, dubbed Chivo. The Chivo wallet will have its own ATM that allows citizens to withdraw cash 24 hours a day without paying commissions.

Yikes.  Any time a government starts offering its citizens a state-issued bitcoin wallet, they should run, run, run away from it as far as they can get and never look back.  If those ATMs they're supposedly installing all around the country allow withdrawals to private wallets, they should opt for that instead. 

[verita1]

The President of El Salvador Nayib Bukele bought the dips. Now his government is holding 550 bitcoin.

https://cointelegraph.com/news/el-salvador-buys-the-dip-as-bitcoin-price-flash-crashes-to-42-9k

Even Chivo Wallet users have some problems but it is not an impediment to be prepared for this new awakening that the Salvadoran nation has.
Take a look at the businesses that are sharing their "We accept bitcoin." 👇

https://twitter.com/chivowallet?s=09

It's so exciting, bitcoin has conquered its first nation.

[Oceat]

It seems like a good news yet the market recently just dumped by whales and it's a real manipulations to the market.

I wonder what would happen to this country if there's a bear run? I don't think they will have to dump it back again after seeing X price of BTC getting low on value compared to what price they bought it. Well, it seems that their government is quite interested in trading the market that they recently bought the dips.

This might bring the price back to $50k sooner or later.

[arallmuus]

Yikes.  Any time a government starts offering its citizens a state-issued bitcoin wallet, they should run, run, run away from it as far as they can get and never look back.  If those ATMs they're supposedly installing all around the country allow withdrawals to private wallets, they should opt for that instead.  

The ATMs that El Salvador will be using is Athena Bitcoin's ATM so it will support any other private wallets as well. As for the Chivo's wallet, I think its pretty handy to save some fees assuming that someone needs to send in bulk transaction regularly to other users that use Chivo as well. Yeah you can do that in your own private wallet but at some point, the fees could be pretty expensive.

Totally not a fan of this type of wallet but I think its a good baby step for bitcoin. We want it to be perfect where everyone have their own private wallet and stuff but I'd say its a pretty good start

[Hydrogen]

El Salvador's bitcoin adoption. Could open the door to broader support for internet infrastructure and mobile based payment systems. Both of which would be economy and job creation boosters. It could also encourage digital nomads and crypto whales to reside in the country. Bringing with them considerable capital and investment inside of el salvador's borders.

Could be a very good win/win scenario for el salvador. But I think people might already see how circumstances are becoming strange with some demographics there pushing an anti bitcoin stance. Is it normal for people to care that much about bitcoin or crypto adoption, that they would march through the streets carrying "anti bitcoin" signs and banners? I don't think its normal at all for people to be that much against something that has so little affect or bearing on their own lives.

[ultrloa]

El Salvador's bitcoin adoption. Could open the door to broader support for internet infrastructure and mobile based payment systems. Both of which would be economy and job creation boosters. It could also encourage digital nomads and crypto whales to reside in the country. Bringing with them considerable capital and investment inside of el salvador's borders.

Yes that's why by now many countries are looking at them monitoring how they are doing well with bitcoin so maybe in next few years this could open up new doors for certain countries to adopt bitcoin on their system since this really a great breakthrought to them since this could make the life of people easy since its digital and potential to earn more since the possibilities to earn huge is a bonus. Maybe other will say that volatility is dangerous for citizens but for sure they will used for it and they will enjoy the benefit of bitcoin on each movement of it.

[AndySt]

This will be example to all other smaller nations, they could gather as much bitcoin as they can with the money they have, and eventually they will be leveraged against USD. Think about a nation that is very poor but having a better economical potential in the future than USA? Can you imagine El Salvador ever having a better economy then USA? Of course not, but this crypto deal could make it possible or at least close the gap, overall the difference will always be big, but per capital could get better for sure.
El Salvador doesn't have the cost of living USA has, it is cheaper, plus they do not have the same population number neither, combine those two facts together and they need a lot less money to be a rich nation whereas USA would need 100x more money just to pay the bills.

No one in El Salvador is going to bet only on bitcoin and abandon the US dollar, so talking about the use of bitcoin against the US dollar by a small country is not only useless, but also looks a bit like disinformation. Exactly the same things can be said about some segments of the population who, without fully understanding the essence of the issue, protested against bitcoin. Bitcoin and its entire infrastructure, despite its history of appearance, in its current state is completely unsuitable for adoption by any country as the only state currency. However, now, using the example of El Salvador, we will be able to observe some individual aspects and consequences of such a hypothetical adoption and what pitfalls may be present in this case.

[Sithara007]

Will 200 BTC be really enough for distributing $30 worth Bitcoins among all their citizens? Let's say that Bitcoin price is fixed at $50k. In this case, 200 BTC equal to $10m. According to the 2019 data, El Salvador's population is around 6.5 million. Let's say that they will all accept this offer and want to take the $30 worth Bitcoin. In that case, the amount needed will be around $190m. I know that the price will change all the time and most probably not all of the people would lean towards this offer. But this is a really interesting point for me. But I guess that they just wanted to give BTC to a certain number of people to draw their and the other people's attention also.

There are many things that need to be considered. First of all, the $30 airdrop is only available for those who download the wallet app and do the KYC (which includes facial recognition as well). El Salvador has a population of 6.5 million, but I don't expect a lot many to go for this. And secondly, from what I heard it is the wallet company which is providing the airdrop. The El Salvador government is not spending any of their funds. The purchases made by the government of El Salvador will go towards the Forex reserves.

[peter0425]

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.

“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.

this amount is not enough if they are going to give all their people
30$ each to spend and try bitcoin.

i think they need more than 900 million dollars worth of bitcoin estimated to be 18,000 Bitcoin must be prepared for this event?
How lucky people in El Salvador as their government is welcoming bitcoin with open arms when we in our different countries  loves to have like this.

[awik p]

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.

“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.

this amount is not enough if they are going to give all their people
30$ each to spend and try bitcoin.

i think they need more than 900 million dollars worth of bitcoin estimated to be 18,000 Bitcoin must be prepared for this event?
How lucky people in El Salvador as their government is welcoming bitcoin with open arms when we in our different countries  loves to have like this.

I think it is a stimulus from the Salvadoran government to accelerate the introduction of bitcoin to its citizens. Even though it spent a lot of money at the beginning, I think it should be done, because the people of course try to access the gifts given in the end, hopefully they will get used to using them, because I'm sure not all residents will easily access them.

[xypos]

Excellent news.

I think that this will be a growing trend going into the future. Governments will eventually find a use for decentralized cryptocurrencies and will be forced to adopt them whether they like it or not.

There is huge potential for these cryptocurrencies to serve as reserve assets that are much better than something like gold or silver. El Salvador is the leader in this space regardless of what the World Bank suggests

[alpamar99]

you could say el salvador is one of the most aggressive countries in adopting bitcoin, and a few days ago their president announced that he had bought another 350 bitcoins and this is certainly very fantastic.
To date, there are two legal tenders in El Salvador, namely the US dollar and bitcoin. Bukele announced that his country would use bitcoin as legal tender in June 2021.

The law that stipulates bitcoin as legal tender stipulates that all economic agents must accept cryptocurrencies as a means of payment.

I think this is what is called a true adoption of bitcoin

[KaliLinux]

El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.

“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.

Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms

"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."

I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.

Very bullish news but the market says otherwise. The market hit 52K then drop fro 46K in just an hour. This big step for El Salvador will not just improve their country but could potentially change it for a better. I could see that many investor would take advantage with this and possibly foreign investors would come. It will change your country forever and potentially change lives as well. A big step for Cryptocurrency era indeed.

Yeah, I believe we can guess why that is. I know that there have been some organizations that have been against this move about El Salvador making Bitcoin a legal tender and might want to see that fail, so no surprise that of all days, this drastic dip happened on El Salvador's Bitcoins Day. However, I believe that the President also took advantage of that too  by posting on Twitter that the nation bought the dip in bitcoin as the cryptocurrency plunged. I believe that Bitcoin adoption is here to stay In El Salvador regardless of all the hassle the country might face in the process and no doubt that is a very courageous move by President.