Two years ago today, El Salvador adopted Bitcoin as legal tender

[iBaba]

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.


https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

[spectre71]

These things take years to come to fruition if not decades. They are sitting on a high avg but now and in the short future they can blend it down if they have the cash. BTC exist there alongside the US dollar so I think they will be okay. Countries (the people)  with out of control inflation stand to gain the most. The thing to watch is how evil entities like the IMF treat them.

[pooya87]

~ he has spent $101 million for the purchase~
Even as this is happening, the president is not compelled or pressured to sell them off,

According to Google the El Salvador GDP past two years were $28.74 and $31.6 billion, and government revenues in 2021+2022 was $12.6 billion with no budget deficit. This means investing $101 million or 0.16% of GDP or 1/5 of the left over budget of 2022 into bitcoin is nothing and there is no need to sell it off!

Instead bitcoin is acting as the reserve currency of the country in the long run. In fact I believe they should dump more of their left over budget into bitcoin now that there is a much bigger discount and bitcoin is undervalued.

[aylabadia05]

There were pros and cons to his decision to legalize Bitcoin as legal tender in this central American country, but I really sympathize and want to say, Congratulations to El Salvador and salute Nayib Bukele as a young president who has a strong commitment to advancing the economy through Bitcoins.
Bukele continues to take steps in terms of Bitcoin, including initially not forcing citizens to use Bitcoin. For his courage to see the future with Bitcoin deserves appreciation.

[Wind_FURY]

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.


https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

I believe they would if they see El Salvador is sitting on top of a Bitcoin treasury large enough in value to not take any added loans from the Cabal behind the IMF and the World Bank. It starts there, and there could also be the possbility that El Salvador would encourage and provide Bitcoin loans to their South American neighbors and discourage them from taking loans from the IMF and the World Bank. Breaking down political strongholds.

[Don Pedro Dinero]

The bitcoin was in the middle of a bull market, which lasted two and a half more months, and from there, downwards. I look forward to seeing what happens with the next bull market not only in general, but also how it affects El Salvador. It seems that people on the street don't use it much but companies and bitcoiners have gone there, the most famous being I think Max Keiser.

With the volatility it has, I doubt people are going to prefer it to the dollar as a currency but I hope the next bull run will encourage more Salvadorans to save in bitcoin.

[avikz]

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.


https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

Good things take time! The president of El-Salvador knows that and that's why he is not worried about this previous purchases. Bitcoin has a lot of potential left and we are still standing at a very nascent stage of adoption. As the adoption continues to grow, the more bitcoins are mined, the price will go on higher.

But what El-Salvador can do, bigger countries can't do that easily. El-Salvador has a very limited population and it's easy to manage. So it's easier said that done.

[m2017]

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.


https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

If only he wanted to sell bitcoins! Almost double loss. If he did this, the presidential chair would immediately find a new owner.
 
But it is curious to know how the whole country stores bitcoin. It would not happen that when Nayib Bukele wants to sell bitcoin, there will be no access to the wallet with BTC.

I am not sure that El Salvador is a role model for other countries and their presidents, because El Salvador took this step with the purchase of bitcoin not from a good life.

[Aanuoluwatofunmi]

Today makes it two years since El Salvador made bitcoin a legal tender in the country.

You can always posted this on the El-Savador's mega thread bitcoin adoption here https://bitcointalk.org/index.php?topic=5342087.0 there have been alot already being seen with how bitcoin adoption had made the entire story of El-Savador change around in many ways, you don't have to go there yet before you can have the idea of the kind development going on with bitcoin adoption in El-Savador, Central African Republic was the second country to make bitcoin a legal tender after El-Savador and we look forward to seeing more countries with bitcoin adoption as legal tender.

[Cryptomultiplier]

Sincerely, it is a nice feat for El Salvador and many countries are still observing their performance since the adoption of BTC as a legal tender.

One reason El Salvador has done well since the adoption of BTC is that it mines BTC and they spend not so much on energy demand for the mining machines because it is powered from an active or once active volcano.

President Bukele is courageous to have put his fate and that of an entire nation in the promise of a better economy with crypto/BTC adoption and use as legal tender for transaction and trades.

[Z-tight]

Central African Republic was the second country to make bitcoin a legal tender after El-Savador and we look forward to seeing more countries with bitcoin adoption as legal tender.

Take note that BTC is no longer a legal tender in Central African republic, their BTC plans failed and the decision of leger tender status was revoked, the country is one of the poorest in the world and they lack basic things like electricity and even internet connection, it was surely going to be difficult to use BTC in that country.

Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps.

I don't think so, other countries will have to decide for themselves, but i don't think developed countries will be interested in doing this right now. El Salvador is doing well to promote BTC, but many people in the country still need to learn how to use BTC in a totally decentralized and self custodial way, many of their initiatives are focused on centralized solutions, but it is understandable as it is a centralized government behind it all.

[DdmrDdmr]

It seems that some trackers have lost track (pun intended) of the total number of bitcoins bought by El Salvador’s government. The article in the OP references 2.381 BTCs, which is the figure provided by buybitcoinworldwide as of 21/07/2022 (same figure as show on this other site).

Bukele claimed on the 17/11/2022 that they’d be buying 1 BTC per day from the following day onwards. Were that to be so, the figure nowadays would be set to 2.675 BTCs (2.381 + 294 BTCs purchased at a rate of one per day since the 18/11/2022). Of course, nobody can contrast whether they are still being faithful to this daily purchase, and by the looks of it, bitcoin treasury trackers are giving it a pass and seem to have stopped time on November 2022. No sales mentioned, but also no transparency to allow anyone to follow the government’s stock of bitcoins.

I don’t know where the article referenced in the OP draws the idea that the government there has "set a target of owning 100.000 BTC by 2024"(100K BTCs). I haven’t managed to find any references to it to contrast the figure, and it does seem pretty far-fetched coming from the potential of 2.675 BTCs it has/may have/who knows now. He did mention BTC to have a price target of 100K $ for 2022 (obviously not met), which makes me wonder if the author of the article referenced in the OP has not muddled-up.

Note: '.' taken in my post is a thousands separator. It does sometimes get messy reading '.' or ',' to that effect depending on where we reside or who wrote this or that.

[pooya87]

But what El-Salvador can do, bigger countries can't do that easily. El-Salvador has a very limited population and it's easy to manage. So it's easier said that done.

It is too soon for countries to accept bitcoin as legal tender, regardless of their size. But it is not soon for buying it as a reserve currency and slowly building up their bitcoin wealth. In this case bigger countries with bigger economies can do it a lot better than El Salvador with its small economy can.

[Aikidoka]

Even though he's still not in profit right now I respect the government for not selling when the Bitcoin price fell and for still holding. I believe that sooner or later they'll make a huge profit in the next bull run. The only thing they need right now is patience.

In addition to that, they could potentially increase their investment by buying more now as Bitcoin's price is almost half of what it was when they initially invested.

[The Cryptovator]

I am not sure if Nayib Bukele is scared of Bitcoin. Otherwise, he should have invested more when Bitcoin had been playing the $16K zone. So his Bitcoin average price would be reasonable right now. As per your calculation, his portfolio was dumped due to Bitcoin investment and it's been a long time since he made legal tender. So basically it's a negative impact on those who were wondering to legalise Bitcoin. If a few countries follow El Salvador they might be scared and probably that's the reason we haven't seen any country that makes legal tender after El Salvador.

[Kelvinid]

He is just calm and never sells any because people are expecting too much from his decision about adoption. If ever he showed worries and sold them, he faced several issues and criticism which is why he preferred to hold and it was good. In fact, it was just 2 years since accumulation and he still needs to wait for another 2 years in order to see profit from it.
I'm not going to wonder why people only see the negative about having Bitcoin rather than seeing the positive one. If Bitcoin becomes bullish, will the people of El Salvador become happy? Hmm, will see their actions 2 years from now when the price of Bitcoin is already $60k above.

[Adams0001]

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.

Nayib Bukele have taken the whole world by a surprise after he invested so much in bitcoin and made it legal in his country. He has not been moved to sell any of them even when the price went down by millions of dollars of what he bought most of them. This is the type of mindset every bitcoin enthusiast is suppose to have after investing so much in bitcoin. Very soon, he will see the result of his patient and the bold step he took in investing so much in bitcoin. Good things takes time before the results can be seen.

About other countries not following in his path, might be because they don’t have that much confidence to invest so much in bitcoin or prepared mind to bare with the volatility of the market. This is not a competition, it doesn’t mean they should invest so much in it but adopting and legalising the use in the country will help in bitcoin adoption.

[DeathAngel]

It’s difficult to predict for certain but it’s derinitely plausible that other countries may adopt Bitcoin as a form of currency in the future. El Salvador's move to make it legal tender sparked big interest & may inspire other nations to explore similar possibilities. Each country has unique circumstances & factors like regulatory frameworks, economic stability, public acceptance & government attitudes will play a significant role in determining whether they embrace Bitcoin or not.

[tbct_mt2]

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Interesting information that I did not mind to notice if you don't share it.

From El Salvador's Bitcoin legal tender two years ago, price of Bitcoin over last two years and the negative net profit of El Salvador, let's think. Is Bitcoin legal tender a game-changing factor for Bitcoin adoption and its price ?

If we look at El Salvador, it is not a game-changing factor. The Bitcoin adoption depends on many factors, not only Legal tender.

Balance Sheet History of El Salvador investment in Bitcoin

[Husires]

I would love for countries to adopt bitcoin as a legal currency and to strive for that, but relying on bitcoin as a reserve is a mistake, especially if we talk about a rate of more than 10%, as betting that the price will go to 100 thousand is a bet on a high-risk investment and may pose a problem in the state budget.Bitcoin is still an evolving experience, and countries betting in this way may lead to a bad appearance of Bitcoin, just as the dates of El Salvador's purchase of Bitcoin were mostly wrong or rushed.