Finestream
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January 28, 2022, 08:33:58 AM |
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Before Bukele started this investments about bitcoin, he must be knowledgeable enough that the crypto market evolves in two different cycles, bullish and bearish season. So meaning, El Salvador has prepared this battle already and losing this time will only be visible if they happen to sell their coins when the market value has started to decreased.
You are right, bro. Nayib Bukele isn't a stupid person who wants to invest in Bitcoin without proper knowledge. He is a president and put money in Bitcoin for his country purpose. He must prepare everything including may hire some people who are experienced in crypto investment to help him. So, it is very strange to doubt the capacity of president Nayib Bukele. Sure, they must know the cycle of bearish and bullish, that's why they still hold their Bitcoin and continue to buy more once the Bitcoin price was below $35k. In my understanding, they are quite confident that in the future Bitcoin price to soar more than the current ATH. Bukele is a very intelligent president, he knew very well what he was getting himself into, and he was clearly aware that if BTC went down he would have considerable losses, however he is a president who runs other types of businesses and has other money coming in with him. that the country can produce, before BTC they lived on remittances, so the number of BTC you have should not matter if you leave it in Hodl mode, in the same way when you bought it you made a profit and those profits allowed you to do many things favorable, so waiting a little longer having BTC is not something that hurts, on the contrary, he knows that he is amassing a great millionaire fortune for his nation. That's what I admire him because he really know what he is doing since for thinking about buying when the price dip is actually a work by experience guy so even if they are at downside right now for sure all laughs will be at them once bitcoin price recovers on this bear market condition. We know bitcoin is in bad shape right now and this is accumulation phase for other and good to hear that their president accumulate some on last few days since this could help them in future. The critics can say it all but El Salvador's President is still determined to buy more bitcoin despite of the bitcoin price crash. So for those who are thinking that he's panicking right now like most of the regular investors, well he's not. He is even buying at the dips believing that this is a wise strategy to make a fortune in the future. Here's the link.. https://qz.com/2117653/el-salvador-is-betting-its-economy-on-bitcoin/
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Wawa2013
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January 28, 2022, 11:39:42 AM |
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Nayib Bukele has a strategy on how he can take advantage of this crashing market situation by buying more bitcoins to add Bitcoin assets at the lowest price. Of course when the price starts to rise he will get some profit. This el salvador president will probably continue to buy bitcoin when the price drops and in time he will sell it at a higher price or a new ATH price above $100k. Of course that is the goal and a long-term investment.
Nayib Bukele is indeed an extraordinary president, I am quite amazed by all the policies he has taken, especially by legalizing Bitcoin as a legal tender is the boldest step taken by Bukele. If we look at the beginning of Nayib Bukele's life, he has started running the company since he was 18 years old. I can assure you that Nayib Bukele's decision was not careless. Because from a young age, Nayib Bukele is used to making important decisions, and solving problems well. Likewise, when the price of Bitcoin falls, it will not leave El Salvador in debt, because Nayib Bukele must have previously studied Bitcoin. When the Bitcoin price drops he already knows what steps to take, El Salvador will not sell Bitcoin when the price is low, and indeed from the very beginning El Salvador invested in Bitcoin for the long term. So instead of selling Bitcoin, El Salvador prefers to buy more Bitcoin. So when the Bitcoin price recovers and the Bitcoin price reaches new ATH, El Salvador can generate huge profits and help boost the economy in El Salvador. If El Salvador finally experiences an economic boom from investing in Bitcoin, other countries will surely follow suit to legalize Bitcoin and invest in Bitcoin too.
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TheNineClub
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January 28, 2022, 12:03:26 PM |
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El Salvador's debt has been steadily going up for a number of years. This is the issue with the crypto bubble, a bunch of people thinks that BTC (or crypto in general) is the only factor in saving or killing an economy, and that's just not how the economy works. It's never a single thing, and things such as BTC accumulation will not affect the overall debt projected in the oncoming years. And when BTC goes back up, you will see that El Salvador's debt will not change that much either. SO the short answer is NO, it's in debt because it has had economic turmoil for a number of years prior.
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uneng
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January 28, 2022, 05:15:26 PM |
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It's undeniable El Salvador increases its debt regards the investment made in bitcoins when compared to the price it was bought if the cryptocurrency's price keeps falling. Although it's not a problem for now, as the investment was made aiming long term returns for the country's treasury. Only in some years or in a decade we will be able to conclude if that was a good step or not for El Salvador to have invested in bitcoin.
The point is that El Salvador faces a difficult economical situation for a long time already, currently with 84% of its GDP compromised with debt and I don't think bitcoin is going to be a magical tool which will solve all their financial problems suddenly. The government actually needs to attract foreigner investors and foreigner funds to their country in order to increase the GDP and decrease debt. It's not an easy task though. Tourism could be a decent source of income for the country, but the pandemic difficults it from happening. Moreover, there are so many countries and islands around which directly compete for the same kind of public in tourism sector.
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Sanitough
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January 28, 2022, 09:05:33 PM |
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El Salvador's debt has been steadily going up for a number of years. This is the issue with the crypto bubble, a bunch of people thinks that BTC (or crypto in general) is the only factor in saving or killing an economy, and that's just not how the economy works. It's never a single thing, and things such as BTC accumulation will not affect the overall debt projected in the oncoming years. And when BTC goes back up, you will see that El Salvador's debt will not change that much either. SO the short answer is NO, it's in debt because it has had economic turmoil for a number of years prior.
El Salvador has been in debt crisis already even before which made them to switch into bitcoin hoping that it could be the answer from their poor economic condition. And that's when they start buying 410 bitcoins at a higher price. Maybe this is the reason why most of the critics think that El Salvador is definitely in high debts right now since the price of bitcoin falls. But no, because they are not selling their coins at a lower value. They even buy more of it as their main plan is to hold bitcoin for long term so they can gain extreme profits from it in the future.
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coupable
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January 28, 2022, 09:28:53 PM |
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the media circulating, the impact of the decline in el salvador debt bonds swelled to become one of the worst performers, but strangely when crypto was destroyed, el salvador actually bought bitcoin, president tayib bukele dared to buy bitcoin, maybe tayib bukele believed that one day bitcoin would high again, and will make their economy better again.
All eyes are on them, especially those countries that are planning to do what they have done regarding bitcoins. In my opinion, they are doing exactly right buying in the dip and continue holding it until the price will recover again. since their debt has increased this year compared to last, I'm sure they considering other opportunities and ways to counter that problem and bitcoins will become one of their main solutions. Only El Salvador citizens who invested in bitcoin following the adoption will suffer from debt because of the bitcoin price drop. Likely most of them don't know about how things work in the bitcoin system. What i liked the most with El Salvador is that it adopted bitcoin over other altcoins like stable coins. It's a real investment for the future. However, the country has to continue developping a whole infrastructure for a popular adotion. It's not an easy step imo for a third world country like El Salvador .
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pinggoki
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January 31, 2022, 06:38:48 AM |
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I don't think so, it's a country and 400 bitcoin in my opinion isn't a lot of money that it can make a dent in their treasury to the point that they're going to resort to having debt or borrowing money to supplement what was left by buying those bitcoins, I mean bitcoin is probably just a small aspect of the money that El Salvador is being spent into so there's probably other things that have made their debt bigger but that doesn't mean that those bitcoin didn't play any role.
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stadus
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January 31, 2022, 07:35:00 AM |
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I don't think so, it's a country and 400 bitcoin in my opinion isn't a lot of money that it can make a dent in their treasury to the point that they're going to resort to having debt or borrowing money to supplement what was left by buying those bitcoins, I mean bitcoin is probably just a small aspect of the money that El Salvador is being spent into so there's probably other things that have made their debt bigger but that doesn't mean that those bitcoin didn't play any role.
Well, El Salvador was already in debt before they start adopting bitcoin. In fact, Bukele plans to add 410 more bitcoin which costs around $15 million while bitcoin is cheaper because he really believes that bitcoin could make them a fortune in the long run. However, there's still no proof that El Salvador is losing right now because as far as i know, they are buying bitcoin for long term hodling, so most likely Bukele is not that fool enough to sell bitcoin while there is dips.
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Baofeng
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January 31, 2022, 10:30:35 AM |
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I don't think so, it's a country and 400 bitcoin in my opinion isn't a lot of money that it can make a dent in their treasury to the point that they're going to resort to having debt or borrowing money to supplement what was left by buying those bitcoins, I mean bitcoin is probably just a small aspect of the money that El Salvador is being spent into so there's probably other things that have made their debt bigger but that doesn't mean that those bitcoin didn't play any role.
At the current price, it's more or less $15 million, so yes it's not a lot of money. If they invested like billions so that could be questionable and maybe they could really be affected by the price drop. We all know that it is a huge gamble for El Salvador's president, but it's a calculated risk. The rewards might not be seen today, but it could be the returns in the next bull run could be huge dividends and that is the time that we can say that his experiment has succeeded.
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Oneandpure
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January 31, 2022, 12:24:04 PM |
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Nayib Bukele El Savador president is most wonderful think for the future how he try to adopt bitcoin and altcoin as legal transaction payment, right now he always give and take several assets from his country to buy back bitcoin as investment assets on the future. I think most wonderful investment beside looking for with many real project and not really hard looking for investor come to his country make an investment. With bitcoin holding he can earn profit when bitcoin price pump and actually he always active buy back bitcoin when have lower price.
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Gasty4
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January 31, 2022, 02:15:08 PM |
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I don't think they're in debt over the decrease in price if Bitcoin drop. My main fear is not wanting to see investors or those that have bought Bitcoin panic sell. Since they're not long term holders of bitcoin, they might not be able to hold down for longer time. Advice:While educating and advocating about Bitcoin do well to tell them about demerits if it, this will see them brace up when a situation like this turns up.
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goldkingcoiner
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January 31, 2022, 02:35:20 PM Last edit: January 31, 2022, 03:11:56 PM by goldkingcoiner |
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There are a few things that need to be considered. First of all, unless these Bitcoins were bought with fiat that was considered debt, then yes, that debt hole has now grown. If not, then its just an investment that has absolutely no conditions upon it as to needing to be paid back.
Furthermore, we are ignoring the mining activities which may even out the loss from the dip.
And finally, when it comes to businesses, I think the loss can be written off as business expenses (Although I am not sure on this one). So everything evens out at the end.
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Gamerholic
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January 31, 2022, 03:09:45 PM |
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I would not speak so categorically about "debts" because after the purchase there was no sale and in fact this country did not record its "loss". Therefore, I think we will just wait for the moment this year when bitcoin is once again about growth and can update its historical maximum - then articles and opinions about this will change exactly 180 degrees. Everyone will say how far-sighted and smart this politician is who went on such a bold experiment, even despite the shouts from the International Monetary Fund! (For which he - special respect!)
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Slow death
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February 07, 2022, 08:47:47 AM |
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I think the point of it all boils down to this:
- did the president of el salvador take government money to buy bitcoin? if yes, did he ask for authorization from parliament or does the law allow him to buy bitcoin without having to ask for authorization from parliament?
- the president of EL salvador bought bitcoin when the price was cheap, with some exceptions where he bought it at a high price but overall he is said to have made a good choice, but it will also depend on whether he has not used the money the government will need so soon
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e_abrams
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February 07, 2022, 02:39:09 PM |
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The price is once again pumping, so even if they had problems because of the sudden depreciation, they may ease or disappear soon enough. I agree, Bukele does not strike me as dumb either - he had them buy even more Bitcoin when the price dropped and once it rallies again they will be in an even better position than before.
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Gamerholic
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February 07, 2022, 03:36:38 PM |
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So the rate has changed over the past 5-7 days has grown quite a lot. Thus, it can be stated that El Salvador has either already left its unprofitable status or has already entered the green zone of profitability. This was obvious to everyone who has been following bitcoin and the market for more than a year (like me). So I think by the end of the year, colleagues of the President of El Salvador from Latin America and other regions of the world will think about how to partially or completely adopt his experience. It is especially sweet to see how the World Monetary Fund is indignant about this. So - the guys there are doing everything very well! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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TribalBob
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February 07, 2022, 04:10:35 PM |
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I think there is no debt, where I believe they have taken profit at yesterday's highest price, besides the value of the bitcoin they have has not decreased, only the value in fiat has decreased.
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Henrobakkara
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February 16, 2022, 12:49:16 PM |
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the media circulating, the impact of the decline in el salvador debt bonds swelled to become one of the worst performers, but strangely when crypto was destroyed, el salvador actually bought bitcoin, president tayib bukele dared to buy bitcoin, maybe tayib bukele believed that one day bitcoin would high again, and will make their economy better again.
All eyes are on them, especially those countries that are planning to do what they have done regarding bitcoins. In my opinion, they are doing exactly right buying in the dip and continue holding it until the price will recover again. since their debt has increased this year compared to last, I'm sure they considering other opportunities and ways to counter that problem and bitcoins will become one of their main solutions. Only El Salvador citizens who invested in bitcoin following the adoption will suffer from debt because of the bitcoin price drop. Likely most of them don't know about how things work in the bitcoin system. What i liked the most with El Salvador is that it adopted bitcoin over other altcoins like stable coins. It's a real investment for the future. However, the country has to continue developping a whole infrastructure for a popular adotion. It's not an easy step imo for a third world country like El Salvador . The same reason you like their decision is the same reason the El Salvadorian government chose Bitcoin over stable coins because they are stable. They needed something that will at least propel the country forward in terms of financial gains which is to be the outcome of an investment. the country has been in that financial problem and adopting stable coins wouldn't have made any impact except for Bitcoin Investment which will definitely make an impact on the economy if they keep on other infrastructural development around it.
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Slow death
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February 16, 2022, 12:57:37 PM |
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Nayib Bukele El Savador president is most wonderful think for the future how he try to adopt bitcoin and altcoin as legal transaction payment, right now he always give and take several assets from his country to buy back bitcoin as investment assets on the future. I think most wonderful investment beside looking for with many real project and not really hard looking for investor come to his country make an investment. With bitcoin holding he can earn profit when bitcoin price pump and actually he always active buy back bitcoin when have lower price.
talking about this subject I still forget to ask: Can anyone tell me how many exchanges moved to El Salvador after the president of El Salvador passed these laws that benefit bitcoin? how many bitcoin related casinos have el salvador license? it would be great if we have this data
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KennyR
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February 16, 2022, 02:35:40 PM |
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Nayib Bukele El Savador president is most wonderful think for the future how he try to adopt bitcoin and altcoin as legal transaction payment, right now he always give and take several assets from his country to buy back bitcoin as investment assets on the future. I think most wonderful investment beside looking for with many real project and not really hard looking for investor come to his country make an investment. With bitcoin holding he can earn profit when bitcoin price pump and actually he always active buy back bitcoin when have lower price.
talking about this subject I still forget to ask: Can anyone tell me how many exchanges moved to El Salvador after the president of El Salvador passed these laws that benefit bitcoin? how many bitcoin related casinos have el salvador license? it would be great if we have this data There is no clear data on this subject about exchanges and Casinos that moved to El Salvador. El Salvador have planned for bitcoin city. Maybe after the completion of the Bitcoin City project we can expect more exchanges and casinos move their base. Also El Salvador have announced more subsidiary and ease of business which will surely attract more new businesses into the country.
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