*El Salvador To Start Purchasing Bitcoin Everyday*

[Victorik]

That's a smart move if you ask me, but it takes a lot of courage to embark on such a task considering recent happenings in the crypto world.

I am sure they are taking advantage of the dip to bag more BTC, and I am certain this will pay off in the nearest future when the price of BTC go bullish.

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[Leviathan.007]

It's surprising to see the investor are using this chance and buying more bitcoins. They are even happy to see the price is falling these days because they can use this chance and increase their bitcoin amounts. El Salvador is just one of them and as a big investor and botcoin believer it was very much expected to see them use this chance to buy more bitcoins.

[Die_empty]

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.

Its a great recovery strategy that has the potential of helping the country recover quickly from the loses they incurred when they bought at a higher price. The country would make more profit immediately the bull market sets in and it would be a big boast to the economy. It is a bold step by the President of El Salvador but he should also be concerned about investing in the infrastructural development of his country. It is good to invest in bitcoin, but it would be more better to also ensure that El Salvador has basic amenities which also has the potential of attracting more investors. I am really glad that this country is always setting the pace for other nations to follow.

[PrivacyG]

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.

Considering how bad the charts are looking over the past year, it might in fact be a great choice to start purchasing parts every day rather than a one time chunky purchase.  Seems like for now Bitcoin is not handling the sub $20k drop very well and let us be honest here, how many positive news have we received over the last year?  Until the next bull run begins, things are only probably getting worse.  Why do you think DCA is not a good strategy if you have a large chunk of money laying around?

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Regards,
PrivacyG

[Pandu Geddon]

the president and government of El Salvador have a strong will to use Bitcoin. even though the decline occurred and they chose to hold their Bitcoin even though they were at a loss when viewed from the USD exchange rate. they don't care about that.
the government must have calculated the gains and losses for their country in the current market situation. and the decision to buy bitcoin daily is certainly a good initiative.
no need to take into account the price of Bitcoin, the usual use for transactions will not affect it. the most important thing is to continue to increase the number to have and use in their country.

[348Judah]

El Salvador wanted to boost their holdings despite the asset falling below $16,000.

El-Savador is living by a good example when it comes to bitcoin, they don't only take some steps but also considers them worthy for others to follow, this is a good explanation of buying the dip, all these actions were laid down treasures for the future to unveil with time, just hold and keep buying the dip.

The FTX saga caused bitcoin to drop to a 2-year low.

We have already been into it already right before the collapse of FTX exchange, the orice of bitcoin has been under the influence of going dip some months back and this exactly is what cast and burst out some altcoins and exchanges in same manner, bitcoin dip is their threat.

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.

Goodnews i think to us and the entire El-Savadorans because this is a very good and interesting decision to keep buying the dip, someday there will be a new ll time high frombthis present low and the price will emerge high and attaining irresistible level above previous rise.

[Lucius]

Considering how bad the charts are looking over the past year, it might in fact be a great choice to start purchasing parts every day rather than a one time chunky purchase.  Seems like for now Bitcoin is not handling the sub $20k drop very well and let us be honest here, how many positive news have we received over the last year?  Until the next bull run begins, things are only probably getting worse.  Why do you think DCA is not a good strategy if you have a large chunk of money laying around?

I already wrote that DCA makes sense if Bukele expects the price to be even lower in the following months, but how much lower than this can we realistically go now? I don't know how they buy that Bitcoin, but if they deposit money every day, then buy Bitcoin and then withdraw it to a non-custodial wallet, that has its costs, which would be 30 times lower (per month) if they do it only once.

I'm not saying it's a completely bad strategy, but time will tell if it was successful given the moment we're in.

[Asiska02]

Bukele has always being a bitcoin enthusiast, every step he takes is always a smart one for the country. He understands the market and he’s really taking good advantage of it. The bull period coming sooner than expected will be one of the greatest joy for him if it happens. Generally and logically he’s good at this and will achieve what he aims for soon.

[spectre71]

Blending his average down while pledging confidence in bitcoin. Smart.

They haven't lost a dime because they didn't sell.

[stompix]

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?

Everyone ignores this, he is not playing with his money, he is using government funds without asking anyone else, is not asking the citizens of Salvador, he is doing everything in their name with their money. But of course, everything is good here because it fits the narrative, if he would do the other thing, like selling the coins one at a day, despite being entitled to do so because it's their coins you will hear everyone bashing him like there is no tomorrow.

This is fine, just like SBF giving a ton of money which was obviously not his left and right, and getting cheered about his generosity was a smart move accepted by the community. And now if we would go one step further and ask our dear Bukele about some proof of funds just as we ask exchanges, again, crickets!
Let's wait and see if Christmas will come before another hero gets caught in another web of lies, let's see who that is.

[kryptqnick]

I believe El Salvador bought the dip before, but it's good to see they are still doing it and willing to publicly voice support and faith in Bitcoin during an unstable time when Bitcoin is surrounded with FUD. As far as I understand, though, Bukele is basically playing with taxpayers' money, right? Not with too much of it, but still. I hope it pays off in the end and people can truly see the benefit of investing into Bitcoin, but I also think it would be good if the population had a say in all this (for example, if people could choose to give their consent for their taxes to be used for purchasing Bitcoin for the state or if they'd prefer their taxes to remain in the USD).

[Bobrox]

Support what did by El Savador by purchasing one Bitcoin in daily day, but I don't think effective when investing 1 Bitcoin trough have thousand Bitcoin sold and short open at future trading could give impact to make Bitcoin increase up. But appreciated because El Savador have been legalize with Bitcoin as payment currency and want to invest 1 Bitcoin every day.
Consistency invested 1 Bitcoin in daily day will have 100 Bitcoin in 100 day later and actually little bring impact with Bitcoin will going up, I am enthusiast with Bukele priority investing in Bitcoin and consistency although price ever drop and never loss motivation to see Bitcoin reach new all time high again later.

[so98nn]

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.

El Salvador definitely had bought at very high prices in the past so yes this is the option for them. In fact they must have planned it intentionally to safeguard their investments and bring up the national reserves of bitcoin at good price.

El Salvador’s Bitcoin Holdings Lose 60% of Their Value in Crypto Selloff
Country has 2,381 Bitcoin that are now worth $41.5 million
Finance Minister says government hasn’t sold any Bitcoin

What caused them to incur the losses worth 60% (which is definitely serious stuff) is the thing which will help them recover their losses. That is buying at the discounted rates.

Not very long they also lost around 40-57% valuation back in July month as well.

They are literally bagger and serious hodler for sure. I think they must keep it that way, possibility they will be in good position after rakeback.

[Fivestar4everMVP]

I saw this news ealier today on twitter, and i must say that the president's confidence is bitcoin is quite commendable, this is a country that currently owns over 2000 bitcoins bought at an average price of about $45,000 per bitcoin, which if compared to the price of bitcoin today, this investment have recorded over $65M loss or very close to this..

The whole FTX issue have brought the price of bitcoin down to where it currently is today, so i believe the price right now is good enough for any one that bought it at a higher price to DCA in, the price of bitcoin wont remain this low for a long time so indeed, it a wise decision the president made.

[famososMuertos]

I think the signal is not that what is seen a priori, that is, El Salvador buys a btc/D is who join the call, it is a politician with limitations but who can use his position of "leadership" or spokesperson to motivate individuals and add excitement to the market, well maybe it's not much, but at least the guy tries something.

 I think the idea is to join, it is the message behind this tweet, the issue here is not the amount or if it is a strategy x, The issue is to give confidence.

[Oilacris]

I think the signal is not that what is seen a priori, that is, El Salvador buys a btc/D is who join the call, it is a politician with limitations but who can use his position of "leadership" or spokesperson to motivate individuals and add excitement to the market, well maybe it's not much, but at least the guy tries something.

 I think the idea is to join, it is the message behind this tweet, the issue here is not the amount or if it is a strategy x, The issue is to give confidence.

Despite of the negativity that we do have around on this market then having these kind or type of actions did really give out that kind of positivity which is really he might be that pertaining into.

Purchasing out 1 btc per day isnt something a feat that you could do on your own which it is understandable that if he's still on that position then he could really do on what he do have in mind considering

that he had the funds on doing so.Dont know on what the citizens views and reactions towards this bullish action made out by their president.For sure lots of questions
had been raised in regarding this action.

[Anguwa]

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

Upon hearing this news, I began to consider how I might acquire funds to make my own investment. El Salvador is a country like any other, but they are doing a great job adopting Bitcoin. I believe they will be the first in the world to make Bitcoin legal tender, and I am hopeful the President is making the right decision by investing in Bitcoin for the nation at this low price. Once Bitcoin returns to normal value or surpasses its all-time high, I am positive that this will change the country's economic situation.

[famososMuertos]

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If there is that point under consideration, but he is there to make decisions and he may be charged as embezzlement, then he may be the first president to be charged with embezzlement leaving profits.

 Many think that bitcoin goes up in price just because it is volatile, but gasoline is the trust, so to add volatility you have to find trust, that is what Bukele is doing, whatever, that they judge him in the future will be interesting, especially if bitcoin by that time the price is higher than the initial purchase price. 

[ingiltere]

He should've started this long ago but that's a step forward anyway. El Salvador's average BTC cost is still too high, this would be a good idea and he will reap what he sow in the long run. Despite being a small country, they challenged the whole world by buying BTC as a country. Now they must stand behind their actions. Instead of selling at a loss, waiting for the next bull market and increasing their reserves will bring them back into the news.

[Russlenat]

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).

We all know how El Salvador is taking advantage of buying bitcoin, so this is not really new to us. In fact, this is the perfect time to accumulate more bitcoin, while the price of bitcoin is currently very down because of the current issue on FTX. But I just hope that everything they do will paid off in the future, as they always prioritize bitcoin over their fiat.