El Salvador Purchase More Bitcoin At $19,000 Each

[tomahawk9]

Doesn't the US dollar still co exist there?

Yes but who cares, right ? El Salvador gotta start making noise with their PR machine along side the media to turn people's attention away from the risk of default on sovereign default nexy tear. "Thank you for buying cheap" says Bukele as he keeps gambling people's money, and there are people who cheer for him lol Grim

[ethereumhunter]

I think it was a bold and risky step taken by Nayib but also positive news for bitcoin because it could change the price movement for bitcoin. Or maybe he has already profited from bitcoins before so he has enough money to buy bitcoins back at a low price. But nevertheless, he is loyal in giving his support to bitcoin at a time when the bitcoin price is falling as it is now and it really takes a lot of guts as many rumors say that El Salvador is on the verge of crashing too. But hopefully it's wrong.

[edgycorner]

El salvador is going to default soon on their sovereign debt and this is what their leader thinks of doing lol
BTW, nobody in El Salvador uses bitcoin https://www.youtube.com/watch?v=ig3UN1GYmY8
He's just embezzling taxpayer's money

[Ziskinberg]

El Salvador continues to benefit from the bear market by using it to its advantage and buying more bitcoin.

That is the thing we are supposed to do, taking this opportunity is way better rather than letting it pass and ignore.
El Salvador had accumulated a lot of Bitcoin during the Bull season, they are about to lose if they will sell them but they manage to hold and they seek the opportunity to add more while the prices are cheap. Honestly, you can't think like that if your mind is already closed and have no futuristic mindset. Indeed the President has a good vision of Bitcoin which make him decide to risk more.

[bhooscream]

They continue to buy it and invest their money in Bitcoin. They really believe in Bitcoin and its future. This is a very good mission especially to deal with the bearish times so far. So we only need to hold the Bitcoin. I personally strongly believe that Bitcoin will print a new ATH in the upcoming bull run.
Hopefully, this country will really get its best support for BItcoin because right now, we only find FUD everywhere. Can it give potential and system>

[nurilham]

By continuing to buy Bitcoin during this bearish season, El Salvador shows people that they are optimistic about the Bitcoin future. I really appreciate how president Nayib Bukele stayed confident and even say thanks to people who sold cheap their Bitcoins. It is not easy, there should be much criticism about his decision to buy Bitcoin previously. Some people may state President Nayib Bukele risks their country by investing in Bitcoin. But I do believe he knows well Bitcoin nature and its potential to improve El Salvador economy. His confidence indicates that he believes something big to happen in Bitcoin future.

[serjent05]

Damn!  El Salvador is DCA-ing.  I envy the government of El Salvador, the people behind the government know exactly what to do with cryptocurrency.  Other governments are doubtful on Bitcoin, others are unfriendly, and others are indecisive.  They are doing nothing while El Salvador is amassing a huge number of Bitcoin.  When the market recovers and Bitcoin surge like crazy again, I bet El Salvador will be laughing at other countries due to the massive gains they get from investing in Bitcoin.

[Artemis3]

Or forced to sell to pay the bills when they need money...

It sounds like they are going all-in in this bet

Markets can stay irrational longer than you can stay solvent. Maybe old lyrics by Keynes but very applicable...

Eh? That's for the fools using money from others betting in unrealistic scenarios (ie, always bull), leverage, margin traders, futures, etc. When its your own money you don't care and you are not forced to do anything. Besides, its not like they stopped taxing USD, they still have plenty of fiat income which a part of is wisely moved into the coin of the world.

In the future you will see, who laughs last. If the USD collapses... You'll see it sooner.

Default? Lol, El Salvador will get rid of the debt while Argentina sinks like Venezuela did. He cannot buy more cheap bitcoin sooner, getting a citizenship there will become highly coveted. Many rich foreigners are already moving there...

[sheenshane]

"Thank you for selling cheap"!
This is how the whale speaks and they'll laugh when someone selling at a cheap price.

It's good to hear that they continued to support Bitcoin even though the price was dropped too much, I'm thinking before might they be disappointed with the current market correction but look at now, it seems they encourage everyone to invest while it's cheap.  
If they don't, why it was posted on Twitter?

[peter0425]

There is nothing we can expect from EL Salvador because they are the first country to accept bitcoin as legal tender and completely supporting bitcoin from here and then.

but what I was thinking is that why buying at 19k when they are capable to buy in at 17k?

but I am thankful to what they are doing as this will add progress and support to stay strong even in this dumping season.

[Darker45]

Nayib Bukele's strong Bitcoin advocacy would either spell his legacy or his downfall. He's after all using the country's funds in purchasing Bitcoin which, so far, is registering negative growth. Lucky for him, his term is not yet ending very soon. This means Bitcoin's price has a lot of time to recover, probably in time for the next campaign season for a possible reelection. Otherwise, this might become a huge issue. While the money may seem small vis-à-vis the country's GDP, hundreds of millions will surely matter a lot to many Salvadorans who are in poverty.

[Minor Miner]

Doesn't the US dollar still co exist there?

It's still there but it will soon be replaced by bitcoin, the fact that El Salvador relies on the USD and does not have its own currency has made their economy hard for years, but it will end soon. With bitcoin acceptance as legal tender and what El-Salvador needs now is time for bitcoin to become a popular means of payment and bitcoin to help their economy thrive.

[jaberwock]

Many individuals believe that because El Salvador is a poor country and because utilizing bitcoin as legal cash has little impact on adoption of the currency. If more wealthy nations had adopted it, it would have made more sense for additional nations to do so as well, and acceptance of bitcoin would have spread more quickly and been embraced by more nations.

If they are a poor country then how come they can buy boatloads of bitcoin? But okay let's say they are poor but do you think this will remain? Watch till the btc pumps and goes to 100k or more. Let see who's poor now after that. No matter what people think to El Salvador, this country still help influence other countries to legalize the use of bitcoin and there are now countries that joined them to make btc as a legal tender. Now can you still say that the impact they made in terms of adoption is little? If your concern is about the price and on why it's still low, well that is because we are in a bear now but before this bear strikes btc is already spotted at 69k.

The government holds significant number of BTC (i.e taxpayers money) and has stocked more now. If these are the reserve and the price doesn’t go up within the possible time they’re hoping so, it can be a big disaster to them. However, I hope they continue to use the USD for everyday transactions and that this is merely a short-term problem.

I heard that the total amount btc earned by El Salvador is only 0.50% of their nations wealth. That's too small so we shouldn't worry about them if something bad happens with btc. They know that btc is too unstable so they don't put all their money on it. Their local currency is not usd but I think they are still using their local currencies despite btc is already a legal tender on their country.

[kryptqnick]

I was worried about El Salvador when the price fell so drastically, as a state budget can't afford such a high volatility, especially for such a poor country as El Salvador. But then I learned that they actually only held a very small percentage of the budget in BTC (I can't find the article now, but it was something between 0.5% and 2%). So yeah, they played it safe, and I'm happy they can now buy more at a great price. These are baby steps when talking about a country's budget (meaning that even when this $1.5 million becomes, say, $5 million, it won't fix anything major in the economy), but they're happening.

[masterrex]

Honestly, speaking I like the optimism of the El Salvadorian leader about Bitcoin because he believes that bitcoin is the future, and I think that was an important opinion here coming from a leader, he believes that the future of Bitcoin would be good thats why he continues to buy more BTC in the dip and I believe that's a wise decision because we all know how scarce the Bitcoin supply is thats why there's a lot of opportunity in the future.  

[Franctoshi]

The El Salvador president Nayeeb Bukele is indeed a great Bitcoin enthusiast and have acted wisely in making such purchase @$19K for the country which is around the previous all time high (ATH), Is a step in the right direction to me.
From this year 2022 to the year 2024 after Bitcoin's next Having will prove the capability of Bitcoin'ss price re-bounce to ATH.
Anyone that buys Bitcoin during this down time of the market with proper DCA will be King tomorrow.

[ingiltere]

This was a good deal as we know their previous purchases were from high prices. Now they can lower the average cost. It might work well in the long run as government don't need money urgently. When you think about their budget, 1.5 million dollar is nothing for a country even if it's a small one.
I wonder if other countries will follow El Salvador before next bull run, I guess it will be a test for governments and see who's smarter, eh? Unluckily my country wouldn't be in this list as we have a very corrupt government and they only do negative things about Bitcoin.

[Minecache]

Nayeeb has proven himself to be a real friend of bitcoin. The guy tied his country’s future to bitcoin which takes lots of courage. He indeed believes in the tech and he is not just words. He is putting his (and his countrymen’s) money where his mouth is. A true bitcoin defender and a holder. History will write songs about this man.

As the president of a country and with bitcoin, he knows well that bitcoin is a risky investment because of its volatility but he still puts all his faith in bitcoin. He is a true friend with bitcoin.

He ignores all warnings and chooses bitcoin as legal tender, currently investments have not yielded the desired results but he continues to believe in bitcoin and continues to buy when the price is falling quite a bit deep. This man deserves our admiration and respect, just wait for the bulls to return, he will be honored and get the rewards he deserves.

[Tomohisa]

El salvador is going to default soon on their sovereign debt and this is what their leader thinks of doing lol
BTW, nobody in El Salvador uses bitcoin https://www.youtube.com/watch?v=ig3UN1GYmY8
He's just embezzling taxpayer's money

Yup, I'm sure most El Salvador citizens don't give a shit about Bitcoin when their country slowly dig it own grave in socioeconomics. But of course, they can't do anything to him, tell him to stop doing that because they're a failed state, a banana republic all and all.

[bitbollo]

their strategy is admirable because they try to buy the dip. But what is the dip?
In this sector it is really difficult to maximize profits because what today looks like a bargain price may not be so in no time or vice versa.
In any case, their courage in this area is truly admirable. Hope this experiment really works and more governments will made the same choice.