*El Salvador To Start Purchasing Bitcoin Everyday*

[Chilwell]

Investors were hesitant to make investments in the cryptocurrency world as a result of multiple projects failing and the market fall. A significant Bitcoin bull maintained optimism even as reports of Bitcoin's collapse spread. El Salvador's decision to accept Bitcoin as legal tender shocked the entire world. El Salvador wanted to boost their holdings despite the asset falling below $16,000.

The FTX saga caused bitcoin to drop to a 2-year low. In the midst of all of this, El Salvador's president just tweeted that his nation would begin purchasing one Bitcoin each day starting from tomorrow.

See link to picture of the tweet: https://imgur.com/a/abjzArX

Source: https://watcher.guru/news/el-salvador-to-start-buying-bitcoin-every-day-from-tomorrow

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[mk4]

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

[pooya87]

Basically El Salvador is doing what a lot of others do in silence. They are taking advantage of the discount and aim for the long term potentials after the drama ends. I'm curious as to how long they are going to continue buying 1 BTC/day or at least the dedicated budget (it would take 62 days to invest $1 million assuming fixed price).

[bittraffic]

Once you get into crypto, you will be addicted to crypto. And this is probably what happens to Nayib.
He bought when the price was at $50K+, it shouldn't be surprising for Nayib to be more bullish. It's a good time for DCAing even if the price is dumped to $13k, there were users who said we're up to go bull run after 5-6 months.

But he will have the last laugh when the bull run comes very early.

[Accardo]

Indeed, we are still early. Mr President of El Salvador is not concerned about the dollar value of bitcoin he just wants to accumulate bitcoin. Despite losing $70million, according to the article, he didn't relelent. He is a true bit coiner, he doesn't need to buy bitcoin only for profits but buying bitcoin for owning more bitcoin is his goal, I assume.

[Ahli38]

I think Nayib bukele has done the right thing if he starts buying at the current price. And Tweets from Nayib bukele always steal a lot of attention. Even now the tweet has spread to almost all crypto telegram channels. And it seems that Nayib bukele is not the only one who will buy 1 bitcoin every day starting tomorrow. because I saw Justin sun replying to Nayib's tweet. and Justin sun also said he would do the same thing. i.e. buy 1 bitcoin every day starting tomorrow. I think this is still included in the DCA category.



and the conversation around El salvador and Nayib bukele actually continues on the topic El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻.

[sunsilk]

Investors were hesitant to make investments in the cryptocurrency world as a result of multiple projects failing and the market fall. A significant Bitcoin bull maintained optimism even as reports of Bitcoin's collapse spread. El Salvador's decision to accept Bitcoin as legal tender shocked the entire world. El Salvador wanted to boost their holdings despite the asset falling below $16,000.

The FTX saga caused bitcoin to drop to a 2-year low. In the midst of all of this, El Salvador's president just tweeted that his nation would begin purchasing one Bitcoin each day starting from tomorrow.

See link to picture of the tweet: https://imgur.com/a/abjzArX

Source: https://watcher.guru/news/el-salvador-to-start-buying-bitcoin-every-day-from-tomorrow

This is the original tweet: https://twitter.com/nayibbukele/status/1593113857261965312?cxt=HHwWgMDQzZmn8JssAAAA

It's for real and legitimate account and he said that they're going to start buying tomorrow. Honestly, I remember the Terra foundation as they were the other ones that have said that they're investing in bitcoin and buying it everyday.

But the difference is that, they're a project and Nayib Bukele is a president that has no foundation and it's just going to be held as an investment for the future.

[RockBell]

El Savoadour's bitcoin adoption is simply amazing, and having a bitcoin beach will pique the interest of other countries, and el Savoadour not having much money as a country but planning to use tax money to invest is very strategic of their government to actually make use of the bear market to invest in bitcoin is not a bad idea to accumulate, but I hope that after his tenure, the next president does not simply sell everything and kill the legacy.

[PrivacyG]

Do we call this Dollar Cost Average or Bitcoin Cost Average?

Smart thing this man is doing.  Definitely something worth it in the long run.  I imagine there are going to be so many more bad news coming, it is always like this every bear run, so it is going to be a perfect opportunity for whoever is doing DCA or, in this case, BCA.

-
Regards,
PrivacyG

[NeuroticFish]

El Salvador's president just tweeted that his nation would begin purchasing one Bitcoin each day starting from tomorrow.

It's a good moment to invest more, if they have the money for it.
The chances are better for the price to go up than down from this moment, so El Salvador could look very nice in a rather near future.


It's funny to see how Justin Sun is trying to copy this (if that's indeed his real account), just to gather a few crumbs of attention.

[Lucius]

This move is just a change of strategy that some will say is good, but I would say that it makes sense for an ordinary user who does not have enough money to make a big investment and is forced to buy in this way. El Salvador is a country that is not in the best economic condition, but I don't think that this way of investing will bring them any benefits - because buying 30 BTC today or doing it for a period of 30 days will not make a big difference, unless another crash happens.

Despite losing $70million, according to the article, he didn't relelent. He is a true bit coiner, he doesn't need to buy bitcoin only for profits but buying bitcoin for owning more bitcoin is his goal, I assume.

He is the president of the country and he does not buy Bitcoin with his own money, and the loss you are talking about is not his personal loss, but the loss of all the people who fill the budget of that country. It's easy to be a true believer if you're gambling with other people's money, right?

[ethereumhunter]

That's really good news which shows that El Salvador is still optimistic about bitcoin even in the current bitcoin crash. And this is a bold move from El Salvador, who will start buying one Bitcoin daily. They will benefit when the bitcoin price starts to climb and others will not be able to catch up with El Salvador. This news will spread widely and people will see it as a step to keep investing in bitcoin even though the market conditions are declining. But this is a good strategy for investing in bitcoins because they don't need to spend a lot of money to buy one bitcoin.

[LFC_Bitcoin]

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

Every new investor has to learn a way that works for them. Maybe seeing their $ value decrease has given them a kick up the ass so they’ve now decided to change tactic by switching to DCA. As a nation, they are real pioneers so they just need to see what works for them.

In the next bull runs it will be clear that El Salvador have made a genius decision to adopt bitcoin.

[pooya87]

He is the president of the country and he does not buy Bitcoin with his own money, and the loss you are talking about is not his personal loss, but the loss of all the people who fill the budget of that country. It's easy to be a true believer if you're gambling with other people's money, right?

It's not a gamble, it is just bitcoin and that makes it controversial. Otherwise anywhere you look the governments look like big gamblers and all of them have been driving their economies into the ground. In US the FED keeps manipulating the interest rates and causes recession, in EU they keep printing more money and decreasing the exchange rate while increasing the inflation, ... but when it is bitcoin then all of a sudden we see articles like this

[fuguebtc]

Indeed, we are still early. Mr President of El Salvador is not concerned about the dollar value of bitcoin he just wants to accumulate bitcoin. Despite losing $70million, according to the article, he didn't relelent. He is a true bit coiner, he doesn't need to buy bitcoin only for profits but buying bitcoin for owning more bitcoin is his goal, I assume.

No, he cares about USD value like all of us and at this point he decided to buy bitcoin because it is getting cheap. If he doesn't care about dollar value, he won't decide to buy from now on. Bitcoin is a long-term investment so it is completely normal for it to drop in price in the short term, as long as we don't sell it for less than the price we bought it, we never have to be relelent.

There is a truth that I think many people are denying, we invest in bitcoin for profit and nothing more important. Although many people say that using it is for the privacy it offers, do they really not care about its price?

[Nrcewker]

El salvador truly knows the real value of Bitcoins. They know how they. An make the most money out of Bitcoins. Currently Bitcoins are available at the best price available, so definitely they gonna buy it on a regular basis and will sell when the price goes up. So yes there is no doubt regarding this decision of the country. Moreover Bitcoins can rise in price anytime due to the high buy orders. So let’s hope for the best.

[LGD2Business]

I had read this news as well, I was just thinking of opening this thread when I saw that you opened it. I think Nayib Bukele has taken a very right step. It's a very logical move to buy 1 BTC every day instead of making bulk purchases at certain times. Thus, it can adjust its average better and not be affected by the drops much. Buying regularly is a strategy that I also use, of course, I can't buy it every day. But I'm trying to buy weekly. If you think that this is done nationwide, it would be a very good investment plan in the long run. I congratulate Bukele for the right choice.

[yazher]

This move is kind of wise because we might not see how big it will be before the start of bull runs and most people think this is not going well. But real investors know exactly where would this one go because it would be a huge profit once they managed to acquire a huge amount of bitcoins and sold some of it in the future. El Salvador wants to be the first to move because it wanted to be the first to earn once the price of BTC will gonna breaks its old ATH again.

[yhiaali3]

This is a really bold decision from the President of El Salvador expressing his strong belief in Bitcoin, El Salvador is moving forward with courage in its decision to adopt Bitcoin, they really deserve to be applauded for such a good decision, they will surely reap later this right decision, it is very good to buy at these low prices even though the amount 1BTC per day is a bit low for a country's budget, but it could be that they think there might be a new low so they'll get a good DCA in the long run.
This news should encourage investors who are reluctant to buy bitcoin as it may be a last chance before the end of the year.

[MarjorieZimmermanGinger]

The FTX saga caused bitcoin to drop to a 2-year low. In the midst of all of this, El Salvador's president just tweeted that his nation would begin purchasing one Bitcoin each day starting from tomorrow.

This is also part of a value recovery scheme, if at first people think they are losing money by buying bitcoins at high prices, then the current purchases will yield huge profits, although El Salvador will have to wait for bitcoin to strengthen. What confuses me is whether El Salvador buys bitcoins to trade, or just to hold long-term assets. Because if the purchase is for storage, it is not necessarily a value recovery scheme that can be achieved in the near future.

Regardless of why Nayib bukele bought bitcoin, I think he understands the concept of a state using a currency that has no impact on inflation. The real formulation of the state is only to protect, be it human resources or to keep the economy more stable.