Topic: El Salvador bought more BTCs (Read 412 times)
What right do you have to use such statement to illustrate his perspective? If he thinks $44k is a dip then that's fine cos we all does not know what will happen to the market next cos the market might surge high after the recent fall. He has market analysts and speculators that analyze the market for him and maybe the market might be dance to there music.
Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.
If this $6.8 million purchase is the only transaction they are going to perform in the entire year, then it may be an insignificant amount. But that is not the case. If I am not wrong, the government has already made purchases 3-4 times during the last 2 weeks. And doing by this rate, the combined worth may easily be in hundreds of millions of USD by the end of this year. And for an impoverished country like El Salvador, these amounts can be quite considerable. From what I heard, their gold reserves amount to just $3 billion.
But this it looks more interesting move from the government and they are pushing through wide crypto adoption.
https://www.cnbc.com/2021/09/07/crypto-news-el-salvador-buys-bitcoin-nft-market-boom-with-loot.html
Apparently Bukele bought another "Dip" according to his last tweet, but there's something that I don't get in this move, let me explain.
How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.
I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:
1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).
2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.
Let me know your opinion about this.
How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.
I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:
1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).
2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.
Let me know your opinion about this.
1. I don't think he is a fool. He is surrounded by people that knows how the market works. They advise him. I doubt buying bitcoin again was his own doing. He is aware of the risk and willing to take it. If all goes downhill, its going to hit their country hard. But they invested in few hundred bitcoins. So I don't think it will have a long term affect on their country.
2. Everyone knows that if one bull run ends, another one is going to start.
Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.
If this $6.8 million purchase is the only transaction they are going to perform in the entire year, then it may be an insignificant amount. But that is not the case. If I am not wrong, the government has already made purchases 3-4 times during the last 2 weeks. And doing by this rate, the combined worth may easily be in hundreds of millions of USD by the end of this year. And for an impoverished country like El Salvador, these amounts can be quite considerable. From what I heard, their gold reserves amount to just $3 billion.
Apparently Bukele bought another "Dip" according to his last tweet, but there's something that I don't get in this move, let me explain.
How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.
I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:
1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).
2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.
Let me know your opinion about this.
Its not a matter of he knows or not, but bitcoin and crypto have been a hot topic that has been looming around many big companies and whether they are going to invest in it and use it as a payment method or not, not to mention that it has been gaining a lot of popularity among a lot of people, and that a lone is good enough to push the demand on it, and even though that it might not seem like it now and the price is going down, in the long run he might be making a huge decision that might pay off really well if things go the way he wants to. How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.
I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:
1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).
2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.
Let me know your opinion about this.
It was an assertive and reckless president. He bought it for a reason. Many companies also bought Bitcoin in the $48000 region.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.
I don't think they are buying in lower price by planned because the purpose of buying bitcoin for their country are to legalize and making bitcoin transaction as their daily transaction instead of making investment in bitcoin.
The president is also have a plan to have El Salvador’s state-run geothermal utility use energy from the country’s volcanoes to mine bitcoin.
And also 48k price is not high price, it was 60k before that means the price is still cheap right now, even more cheaper if we see the current price.
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Hi, Everything with El Salvador in relation to bitcoin, everything, is a path not traveled by anyone, although it may seem so in trivial actions, he is the President of an autonomous country, so until now there is no comparison.
So you cannot make unique analyzes so simplistic-traditional-standard, bitcoin in El Salvador is a matter of government, bitcoin is perhaps in a demagogic phase, bitcoin has its most political phase, in other words it is Beta adoption mode: The Savior, sorry, El Salvador.
he's not the President.. he's the Dictator
Would you Please create a Single Post about EL SALVADORS etc? that country already accepted and adopted bitcoin so in all opportunity and cases these kind of thing will come along the process so it is annoying to see each time there is a connection about El salvador's movement towards bitcoin.
Indeed that this is the most controversial occasion we are celebrating now here in crypto but we also knew that this is what it is.
Indeed that this is the most controversial occasion we are celebrating now here in crypto but we also knew that this is what it is.
It was an assertive and reckless president. He bought it for a reason. Many companies also bought Bitcoin in the $48000 region.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.
I don't think they are buying in lower price by planned because the purpose of buying bitcoin for their country are to legalize and making bitcoin transaction as their daily transaction instead of making investment in bitcoin.
The president is also have a plan to have El Salvador’s state-run geothermal utility use energy from the country’s volcanoes to mine bitcoin.
And also 48k price is not high price, it was 60k before that means the price is still cheap right now, even more cheaper if we see the current price.
Elsavador has legalized the use of bitcoins and El Salvador has also bought its first 400 bitcoins. President Nayib Bukele said that "our broker will buy more as the deadline approaches".
The announcement managed to send bitcoin's price up one day before El Salvador officially adopted it as legal tender alongside the US dollar.
The announcement managed to send bitcoin's price up one day before El Salvador officially adopted it as legal tender alongside the US dollar.
If El Salvador Pres. Bukele believes in Bitcoin so let it be, otherwise, if something bad will happen he will be the one to suffer the consequences of his action. Anyway, the question is how much Bitcoin was El Salvador bought in the dip? Is it worth Billions of dollars that can affect the countries financial situation if the long bearish period will ever happen again? according to some info El Salvador has only 700 Bitcoins in their holdings if it's true that's not big enough to create damage to their financial stability.
El Salvador bought a large amount of bitcoin at $48k the market price should have gone up, but the bitcoin price was going down. Broadly speaking if he sells at the current figure then he incurs a huge loss. but as big as he is including the latest successful people in the following year. the current price correction has little effect on them, as they aim to adopt long term.
Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.
That sounds right, they are holding bitcoin and now they are participating in the speculative game. They would ring a bell to the people as they are a country, but their holdings is not huge enough to be one of the whales that could result in significant market movement everytime they buy. Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.
it seems that constant reporting and as if it is a big thing is the source because it is true that in comparison, this is a very small thing and is nothing.but on the other hand this will be better and more profitable on the one hand, considering that if things like this continue to be exaggerated indirectly people will tend to think that their decisions are really successful and indeed it will directly make the prestige of elsavador nor bitcoin would be good. and frankly it's better done than nothing.
2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.
According to some sources i heard El Salvador president is holding right now 700+ BTC. Just think he entered again why because he know it is again a time where his countries Against poletical party is always humiliating him. When bitcoin price down after officially legalize bitcoin in El Salvador. El Salvador losses a huge money. And that poletical party humiliate him a lot. His was quite and he us still quite and grab btc so that when bitcoin price up then he can show all of them who criticism him. And i think El Salvador president doing a great job. And he appreciate all people of his country to take entry from this point. Which is great.
By the way, $44k is not a dip level anymore. Because the price went down to even $40k. And we never know what the dip price will be at the end of all this. I think that we can see levels below $40k again soon if this price correction continues. While I was waiting for a bull market to start, something completely opposite happened and we don't know what will happen in the coming days.
Honestly, picking up Bitcoin regardless of the price makes sense. After all there’s only 21 million of them. The price will continue to go up and he’s a smart man for picking up for (and diversifying)
If El Salvador Pres. Bukele believes in Bitcoin so let it be, otherwise, if something bad will happen he will be the one to suffer the consequences of his action. Anyway, the question is how much Bitcoin was El Salvador bought in the dip? Is it worth Billions of dollars that can affect the countries financial situation if the long bearish period will ever happen again? according to some info El Salvador has only 700 Bitcoins in their holdings if it's true that's not big enough to create damage to their financial stability.
El Salvador bought a large amount of bitcoin at $48k the market price should have gone up, but the bitcoin price was going down. Broadly speaking if he sells at the current figure then he incurs a huge loss. but as big as he is including the latest successful people in the following year. the current price correction has little effect on them, as they aim to adopt long term.
That's a good move considering that the prices are going down, they're practically buying at a discount price but not a lot of their citizens seem to appreciate this but I think it's a temporary thing because when the prices are going up, they would get the biggest profits.
probably that's the point of buying bitcoin at the dip.. I dont know why there's still some people who don't appreciate what others doing, in fact it's a contribution as well for quick recovery of bitcoin. I mean any amount is good at least when it rose up again there's still a return.. And its a big opportunity for El Salvador since he used it as a legal tender in his own country, like you said a discount which is true. Lol
It was an assertive and reckless president. He bought it for a reason. Many companies also bought Bitcoin in the $48000 region.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.
It's not that they are fools to buy at such a high price, but they are more foresight than those who sold at $41k last night.
I believe the president of El Salvador did the right thing. Maybe he has successfully bottomed.
If El Salvador Pres. Bukele believes in Bitcoin so let it be, otherwise, if something bad will happen he will be the one to suffer the consequences of his action. Anyway, the question is how much Bitcoin was El Salvador bought in the dip? Is it worth Billions of dollars that can affect the countries financial situation if the long bearish period will ever happen again? according to some info El Salvador has only 700 Bitcoins in their holdings if it's true that's not big enough to create damage to their financial stability.
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