El Salvador bought more BTCs

[crwth]

It depends on their goal and what they think is the purpose of them buying BTC. It's not like they didn't study it and just decided to buy it. For sure, they have a long-term plan for their investments, and with cryptocurrencies, many countries flourish as well. Imagine having cryptocurrency be legal to you and be used in day-to-day transactions and other countries seeing it. I think it would attract more people to buy and use it as currency.

[Lordshiva]

It depends on their goal and what they think is the purpose of them buying BTC. It's not like they didn't study it and just decided to buy it. For sure, they have a long-term plan for their investments, and with cryptocurrencies, many countries flourish as well. Imagine having cryptocurrency be legal to you and be used in day-to-day transactions and other countries seeing it. I think it would attract more people to buy and use it as currency.

Absolutely they have a long term plan, they are not buying bitcoin for fun there must have been whole meeting and planning from their whole ministry.
One think i can say they are doing the good thing and it will show effects only in betterment of the country.

[matjas]

It looks like bitcoin is slowly getting accepted in El Salvador. Already 1,6 million people are using official BTC wallet Chivo, which is almost 25 % of whole population. Of course, there are many who oppose crypto which usually happens to every new law or proposition.

[davis196]

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.

Big upward move?The Bitcoin price went from 44K to 52K and then dropped back to 45K USD.
Such 10-20% price movements cannot be called "big upward move",when we are talking about a really volatile asset like Bitcoin.
I read the news that the government of El Salvador bought a small amount of BTC,so it's not a big deal.
I don't think that El Salvador is one of the poorest countries in the world.
I also think that you are definitely trying to FUD with your post.
There's a possibility of a 29K USD BTC price,but there's also a possibility of an 50-60K USD Bitcoin price.
Nobody knows where the market will be heading at the end of the year,but historically Bitcoin had always been bullish at the end of the year(with a few small exceptions).

[ethereumhunter]

They have their own plan by buying bitcoin at the dip, although we know that the price can down for more. At least, he can use his time to buy more bitcoin at a low price. Maybe he will buy more if the price is down deeper. He knows something that we do not know, so he shows it on his social media. He knows that bitcoin can come back to the highest price so he decides to buy more bitcoin until that time to increase.

[zanezane]

That's a good move considering that the prices are going down, they're practically buying at a discount price but not a lot of their citizens seem to appreciate this but I think it's a temporary thing because when the prices are going up, they would get the biggest profits.

[DdmrDdmr]

Today, @Bukele seems to be playing around with his bio on Twitter, and even if some speculate to his account being hacked, it seems more likely that he’s mocking some that oppose him and accuse him of being a dictator. A couple of changes made today on his bio (translated):

"Dictator of El Salvador":
https://web.archive.org/web/20210921035447/https://twitter.com/nayibbukele

"The coolest dictator of the whole wide world":
https://web.archive.org/web/20210921083404/https://twitter.com/nayibbukele
 
He should be more aware of how everybody has eyes on how bitcoin is being deployed in the country, and the image being projected and messages he may be providing are subject to scrutiny. Playing around with the twitter bio to mock part of his detractors may not be the wisest move, especially when all eyes are placed on what’s going on over there.

Bu the way, they now claim 1.6 million Chivo users, and on the rise. They’re going to have to buy more soon to back the (virtual) BTCs claimed in the Chivo System …

[jossiel]

His tweet says that they've got now 700 bitcoins in total and that's around $30M if price is @ $43k.

"Dictator of El Salvador":

Yeah, I saw that too when I've checked. He seems to be proud of it putting that on his bio.

[leea-1334]

It depends on their goal and what they think is the purpose of them buying BTC. It's not like they didn't study it and just decided to buy it. For sure, they have a long-term plan for their investments, and with cryptocurrencies, many countries flourish as well. Imagine having cryptocurrency be legal to you and be used in day-to-day transactions and other countries seeing it. I think it would attract more people to buy and use it as currency.

Nobody questions governments when they buy random stock overseas or invest in high risk mutual funds that are sold to them from private companies or even other governments.

People should be happy their government is diversifying and investing into something that cannot be manipulated like stocks or funds and is resistant to wars and other disasters.

[Geeenz]

I Don't think so he is a fool. I really believe he is surrounded by people who  know what the market works. I do believe he know what is good.. People should be happy because their government know what's good for their country.

[TribalBob]

one risky decision if buying bitcoins just to chase fomo in the headlines, with 6.5 million $ should be used for real economy that can support economic progress better than buying speculative bitcoin like this,

[masterrex]

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.  

[(o)(o)ilikeboobs(o)(o)]

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.

[Ararbermas]

That's a good move considering that the prices are going down, they're practically buying at a discount price but not a lot of their citizens seem to appreciate this but I think it's a temporary thing because when the prices are going up, they would get the biggest profits.

probably that's the point of buying bitcoin at the dip.. I dont know why there's still some people who don't appreciate what others doing, in fact it's a contribution as well for quick recovery of bitcoin. I mean any amount is good at least when it rose up again there's still a return.. And its a big opportunity for El Salvador since he used it as a legal tender in his own country, like you said a discount which is true. Lol

[Dhaniii]

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.

[cvan]

Honestly, picking up Bitcoin regardless of the price makes sense. After all there’s only 21 million of them. The price will continue to go up and he’s a smart man for picking up for (and diversifying)

[Pulsar77]

By the way, $44k is not a dip level anymore. Because the price went down to even $40k. And we never know what the dip price will be at the end of all this. I think that we can see levels below $40k again soon if this price correction continues. While I was waiting for a bull market to start, something completely opposite happened and we don't know what will happen in the coming days.

[Imran232]

According to some sources i heard El Salvador president is holding right now 700+ BTC. Just think he entered again why because he know it is again a time where his countries Against poletical party is always humiliating him. When bitcoin price down after officially legalize bitcoin in El Salvador. El Salvador losses a huge money. And that poletical party humiliate him a lot. His was quite and he us still quite and grab btc so that when bitcoin price up then he can show all of them who criticism him. And i think El Salvador president doing a great job. And he appreciate all people of his country to take entry from this point. Which is great.

[ninkdwi]

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.

it seems that constant reporting and as if it is a big thing is the source because it is true that in comparison, this is a very small thing and is nothing.
but on the other hand this will be better and more profitable on the one hand, considering that if things like this continue to be exaggerated indirectly people will tend to think that their decisions are really successful and indeed it will directly make the prestige of elsavador nor bitcoin would be good. and frankly it's better done than nothing.

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.

I doubt if there is such a thing but it would be more possible if he really doesn't understand and uses his position as head of state to provide policies and decisions, apart from that I don't think there is anything other than the power of factor.

[stadus]

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.

That sounds right, they are holding bitcoin and now they are participating in the speculative game. They would ring a bell to the people as they are a country, but their holdings is not huge enough to be one of the whales that could result in significant market movement everytime they buy.