El Salvador celebrate 21st of December 21 with 21 Bitcoin

[Wiwo]

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

[titular]

As long as they can spend their earnings on important things the people care about (not $4,000,000 animal hospitals) I think they will do just fine.

They have done a great job of promoting bitcoin and showcasing the Lightning Network to the entire world.

[stompix]

This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

The actual number is 1241 BTC, they had 1220 prior to this.
21041 is the size in km2 of Salvador, you've made a total mess of the news.

As long as they can spend their earnings on important things the people care about (not $4,000,000 animal hospitals) I think they will do just fine.

I've always wondered how that hospital is going to be built from the profits of investing in BTC while no bitcoin will be actually sold.
And what profits when at least 200 coins were bought at $52k and 100 at $54k?
I'm starting to think that rather than buying the dip he is actually licking the tip lately.

[blatchcorn]

I've always wondered how that hospital is going to be built from the profits of investing in BTC while no bitcoin will be actually sold.
And what profits when at least 200 coins were bought at $52k and 100 at $54k?
I'm starting to think that rather than buying the dip he is actually licking the tip lately.

The 'world's coolest dictator' aka Nayib Bukele is behaving like a clown by purchasing BTC at its peak price. There will be very little profit on purchase of BTC at 52k or 54k. The only way Nayib Bukele BTC will made any difference is if BTC hits 100k$. But what if BTC falls from 50k value to some lower value and bears take over the market? Since its not Nayib personal investment so he wont care much.

[Sterbens]

As long as they can spend their earnings on important things the people care about (not $4,000,000 animal hospitals) I think they will do just fine.

I've always wondered how that hospital is going to be built from the profits of investing in BTC while no bitcoin will be actually sold.
And what profits when at least 200 coins were bought at $52k and 100 at $54k?
I'm starting to think that rather than buying the dip he is actually licking the tip lately.

Bukele always confirms his purchases on twitter, that's how he wants the world to know that he made purchases in Bitcoin. too flashy isn't really that great either. However openness should be more covered. Moreover, Bitcoin is the target of hackers. What I'm worried about is that El Salvador publicizes its Bitcoin holdings, the more it invites thieves to hack it. Isn't it possible. El Salvador adopted Bitcoin, well I know and we all know every corner of the news. But again, no selling will only hinder the pace of Bitcoin Price movement.
It doesn't matter at what price he buys, it's just that the impression is now like a place of ownership, no longer a place to show the effectiveness of Bitcoin payments.

[Tellek Garing]

Am not against the move to buy Bitcoin at the moment but why didn't El Salvador purchase the Bitcoin sometime around last week when the price of the coin was down, I believe the purpose of buying is to make profits, why wait till when the price rise to almost 50k before buying.

[teosanru]

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

I think El Salvador is becoming like an example for the rest of the world that how can you manage your economy by creating crypto currency a legal tender, many people even including me had argued that it's impossible to have bitcoin as a legal tender as you will always be under a chance of loss due to fall of value, but El Salvador have handled everything very intelligently and are hedging their positions very nicely.

[hatshepsut93]

I think El Salvador is becoming like an example for the rest of the world that how can you manage your economy by creating crypto currency a legal tender, many people even including me had argued that it's impossible to have bitcoin as a legal tender as you will always be under a chance of loss due to fall of value, but El Salvador have handled everything very intelligently and are hedging their positions very nicely.

How exactly are they hedging their positions nicely? I imagine if were to enter a 2 year long bear market now, Nayib Bukele would be seriously screwed politically, as he'll have a lot of explaining to do to angry citizens as the government sits on a loss with their big investment while their economy is doing very poorly. Plus he seem to have bad relations with the US and IMF, so who would bail him out in the worst scenario?

Bitcoin is quite likely to go above $100,000 at some point in the future, but will Bukele still be a president when it will happen?

[Artemis3]

I think El Salvador is becoming like an example for the rest of the world that how can you manage your economy by creating crypto currency a legal tender, many people even including me had argued that it's impossible to have bitcoin as a legal tender as you will always be under a chance of loss due to fall of value, but El Salvador have handled everything very intelligently and are hedging their positions very nicely.

There is no "loss" unless you sell or buy something with it. The way you deal with money that doesn't lose value over time, is to hold your buys of unnecesary things when its "down". Simply that, save more when its down.

A few online games let you experiment this kind of economy (if the devs are not intervening like some govs do), what people do is save until they can purchase things, since there is no danger of their purchasing power plummeting overnight, which is what makes people go desperate getting loans in the first place.

So turn around your mindset, and go from the debt economy to the savings economy. Read authors from the Austrian school of economy, there lies the answer of how the world will work with this kind of money, everyone else is afraid of from their decades of dogma because they need inflation to force people get in loans, yadda yadda. Bubbles and crashes distorted markets that act on falsehoods.

Thanks to bitcoin, this current dominating trend will slowly end, and El Salvador is paving the way, so kudos to them, they deserve to reap the profits from taking this bold action others, better informed, were too afraid to do...

[AmoreJaz]

Am not against the move to buy Bitcoin at the moment but why didn't El Salvador purchase the Bitcoin sometime around last week when the price of the coin was down, I believe the purpose of buying is to make profits, why wait till when the price rise to almost 50k before buying.

as stated from the title thread, this is to celebrate the 21st day of this month for the year 2021, so if they bought last week, the idea was not served. but, it doesn't mean they can't get profit from it. unless they will sell it at a loss. they can very well get their profits later on. remember, btc will not stop at 49k level. they are one of the strong believers of bitcoin, this is why they keep on buying their BTC stash.

[Upgrade00]

I imagine if were to enter a 2 year long bear market now, Nayib Bukele would be seriously screwed politically, as he'll have a lot of explaining to do to angry citizens as the government sits on a loss with their big investment while their economy is doing very poorly. Plus he seem to have bad relations with the US and IMF, so who would bail him out in the worst scenario?

Bitcoin is quite likely to go above $100,000 at some point in the future, but will Bukele still be a president when it will happen?

There is a big possibility that any draw back in the nations' bitcoin agenda could affect the president politically, but he seems to be going all in with it as well as the proposed plan to build a bitcoin city; If that works and investors actually purchase their bitcoin bonds, they would satisfy the citizens irrespective of the market condition and also position the nation should bitcoin become more pivotal in global finance. The best of politicians (for the people) are those who do not try to play politics.

I do not follow the El Salvador news closely and a lot of the interest could just be PR, but it could benefit the bitcoin network and the citizens particularly.

[blockman]

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

I'm surprised that they've already had 21,041 bitcoins acquired based on what you've said but thanks to stompix for having the actual number of how many bitcoins they've got already.
Well, what I just like about him is that he's part of the bitcoin community and likes having bitcoin for his country. Other than that, there's the personal matter of why people don't like him

[Hamphser]

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

They do have funds to allocate on buying then just let them be and its just a little bit odd that they are attaching days on several events which arent really that relevant anymore but well its their decision to make though and its good to see that they had really been trusting up Bitcoin that much.

Thing here is that they are fully aware on things in terms of risk and as they accepted it as a legal tender then it wont be surprising that they are making out these steps.

They are accumulating gradually and i wont be surprised if they would really be getting more gains as we do go further.

[cabron]

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

I'm surprised that they've already had 21,041 bitcoins acquired based on what you've said but thanks to stompix for having the actual number of how many bitcoins they've got already.
Well, what I just like about him is that he's part of the bitcoin community and likes having bitcoin for his country. Other than that, there's the personal matter of why people don't like him

The actual number is 1241 BTC, they had 1220 prior to this.
21041 is the size in km2 of Salvador, you've made a total mess of the news.

The above by says stompix, they only have 1241 BTC.

Still, this is a good initiative for a country to have funds like BTC for it couldn't be frozen because of thier political situation where IMF is closely watching them. This could just be an assurance for the country not to go hungry unlike what happened to Afghanistan where the government's money was frozen and all people are now suffering due to it.

This is a president of a country surely he does know something is happening in the world like USSR is preparing for war.

[jrrsparkles]

Its good for both the country and also for the bitcoin and probably a good news in the crypto media but not really anything great. El Salvador is trying to push the cryptocurrencies to this world or they are trying to attract more crypto holders into their country?

[Darker45]

The 'world's coolest dictator' aka Nayib Bukele is behaving like a clown by purchasing BTC at its peak price. There will be very little profit on purchase of BTC at 52k or 54k. The only way Nayib Bukele BTC will made any difference is if BTC hits 100k$. But what if BTC falls from 50k value to some lower value and bears take over the market? Since its not Nayib personal investment so he wont care much.

Has Nayib Bukele been "behaving like a clown by purchasing Bitcoin at its peak price?" The president didn't purchase Bitcoin at its peak price.

It seems a lot are cheering for Nayib and his country when they adopted Bitcoin as a legal tender, purchased during the dip, made profit from it, responded with resistance to the IMF and the US in an unfriendly tone, made use of volcanic energy to mine Bitcoin, and so on. But since the price has fallen down, criticisms are now hurled at him.

I haven't been a fan of El Salvador risking the people's money on something that is volatile. But the failure of El Salvador in its Bitcoin ventures is probably going to be interpreted by critics as the failure of Bitcoin. I hope El Salvador succeeds.

[BIN-BIN]

El Salvador president does not have a good financial advisor that truly understands the working of the cryptocurrency market and that is the reason he always purchases Bitcoin at pick price, what have they been doing in the last week when the price was around 40k or above why waiting until it reaches 50k before buying each time. Anyways it is a good move but for a long time base.

[btc78]

As buying Bitcoin have become a wayy the El Salvador government celebrate different days, the latest was the buying of 21 Bitcoin at the price of $49,000 which dollars equivalent is $1,036,000 just to celebrate the last 21st day of the year 21.
This have brought the country total Bitcoin holding to 21,041 Bitcoins this moves have set El Salvador an hedge over other counterparts.

Congratulations to the EL Salvadorian , they are the luckiest human alive , imagine how supportive their government towards bitcoin while many of us still struggling to have a small part of bitcoin because countries are prohibiting them to accumulate?
this is really a cause for celebration for the whole crypto market.
this is the start of a bigger beginning for the whole Bitcoin commity as well to the altcoin(as this will bring more adoption?
EL Salvador is making things possible because they are the one who will benefits from this.

[coinism]

El Salvador president does not have a good financial advisor that truly understands the working of the cryptocurrency market and that is the reason he always purchases Bitcoin at pick price, what have they been doing in the last week when the price was around 40k or above why waiting until it reaches 50k before buying each time. Anyways it is a good move but for a long time base.

I am very much sure he is using public money to buy these bitcoin. The GDP of El Salvador is 24 billion USD and GDP growth rate was -8.5% in 2020 according to world bank (source). With such economic indicators I don't think its a good move to add bitcoin in national portfolio by using public money. If there president is doing this with his own money then its non of our business.

[pooya87]

I've always wondered how that hospital is going to be built from the profits of investing in BTC while no bitcoin will be actually sold.

I believe they are going to sell $1 billion bitcoin backed bonds without actually selling any bitcoin!

And what profits when at least 200 coins were bought at $52k and 100 at $54k?
I'm starting to think that rather than buying the dip he is actually licking the tip lately.

Has anyone gathered all the prices they made their purchases to see if the result is profit or loss? For example 150BTC was bought at $48,670.
$52k-$54k is hardly the tip though, when price went to $70k and is currently at $48k-$49k.