Topic: El Salvador bought more BTCs - page 2. (Read 412 times)
one risky decision if buying bitcoins just to chase fomo in the headlines, with 6.5 million $ should be used for real economy that can support economic progress better than buying speculative bitcoin like this,
I Don't think so he is a fool. I really believe he is surrounded by people who know what the market works. I do believe he know what is good.. People should be happy because their government know what's good for their country.
It depends on their goal and what they think is the purpose of them buying BTC. It's not like they didn't study it and just decided to buy it. For sure, they have a long-term plan for their investments, and with cryptocurrencies, many countries flourish as well. Imagine having cryptocurrency be legal to you and be used in day-to-day transactions and other countries seeing it. I think it would attract more people to buy and use it as currency.
Nobody questions governments when they buy random stock overseas or invest in high risk mutual funds that are sold to them from private companies or even other governments.
People should be happy their government is diversifying and investing into something that cannot be manipulated like stocks or funds and is resistant to wars and other disasters.
His tweet says that they've got now 700 bitcoins in total and that's around $30M if price is @ $43k.
"Dictator of El Salvador":
Yeah, I saw that too when I've checked. He seems to be proud of it putting that on his bio. 
Today, @Bukele seems to be playing around with his bio on Twitter, and even if some speculate to his account being hacked, it seems more likely that he’s mocking some that oppose him and accuse him of being a dictator. A couple of changes made today on his bio (translated):
"Dictator of El Salvador":
https://web.archive.org/web/20210921035447/https://twitter.com/nayibbukele
"The coolest dictator of the whole wide world":
https://web.archive.org/web/20210921083404/https://twitter.com/nayibbukele
He should be more aware of how everybody has eyes on how bitcoin is being deployed in the country, and the image being projected and messages he may be providing are subject to scrutiny. Playing around with the twitter bio to mock part of his detractors may not be the wisest move, especially when all eyes are placed on what’s going on over there.
Bu the way, they now claim 1.6 million Chivo users, and on the rise. They’re going to have to buy more soon to back the (virtual) BTCs claimed in the Chivo System …
"Dictator of El Salvador":
https://web.archive.org/web/20210921035447/https://twitter.com/nayibbukele
"The coolest dictator of the whole wide world":
https://web.archive.org/web/20210921083404/https://twitter.com/nayibbukele
He should be more aware of how everybody has eyes on how bitcoin is being deployed in the country, and the image being projected and messages he may be providing are subject to scrutiny. Playing around with the twitter bio to mock part of his detractors may not be the wisest move, especially when all eyes are placed on what’s going on over there.
Bu the way, they now claim 1.6 million Chivo users, and on the rise. They’re going to have to buy more soon to back the (virtual) BTCs claimed in the Chivo System …
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.
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They have their own plan by buying bitcoin at the dip, although we know that the price can down for more. At least, he can use his time to buy more bitcoin at a low price. Maybe he will buy more if the price is down deeper. He knows something that we do not know, so he shows it on his social media. He knows that bitcoin can come back to the highest price so he decides to buy more bitcoin until that time to increase.
Quote
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.
Big upward move?The Bitcoin price went from 44K to 52K and then dropped back to 45K USD.
Such 10-20% price movements cannot be called "big upward move",when we are talking about a really volatile asset like Bitcoin.
I read the news that the government of El Salvador bought a small amount of BTC,so it's not a big deal.
I don't think that El Salvador is one of the poorest countries in the world.
I also think that you are definitely trying to FUD with your post.
There's a possibility of a 29K USD BTC price,but there's also a possibility of an 50-60K USD Bitcoin price.
Nobody knows where the market will be heading at the end of the year,but historically Bitcoin had always been bullish at the end of the year(with a few small exceptions).
It looks like bitcoin is slowly getting accepted in El Salvador. Already 1,6 million people are using official BTC wallet Chivo, which is almost 25 % of whole population. Of course, there are many who oppose crypto which usually happens to every new law or proposition.
It depends on their goal and what they think is the purpose of them buying BTC. It's not like they didn't study it and just decided to buy it. For sure, they have a long-term plan for their investments, and with cryptocurrencies, many countries flourish as well. Imagine having cryptocurrency be legal to you and be used in day-to-day transactions and other countries seeing it. I think it would attract more people to buy and use it as currency.
Absolutely they have a long term plan, they are not buying bitcoin for fun there must have been whole meeting and planning from their whole ministry.One think i can say they are doing the good thing and it will show effects only in betterment of the country.
It depends on their goal and what they think is the purpose of them buying BTC. It's not like they didn't study it and just decided to buy it. For sure, they have a long-term plan for their investments, and with cryptocurrencies, many countries flourish as well. Imagine having cryptocurrency be legal to you and be used in day-to-day transactions and other countries seeing it. I think it would attract more people to buy and use it as currency.
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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.
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.
True. We are talking about the country here not an individual and his dreams. So that money could come out of thin air and who knows he might actually turn it into something big cash inflow for the country. He would be a hero for doing so and then more investors and country peeps will get involved with the act of crypto space.
I am sure that this is well thought process of investment. That could be another public heroic act just to prove that El Salvador is consistently moving towards the crypto hub. Also there is another side for this picture, it is just to pump their balances so that they can have more owned keys and btc's for circulation within the country.
I don't know what you exactly mean by poorest but I don't consider El Salvador as one of the poorest. The country is not even on the top 50 poorest countries in the world.
Anyway, I am greatly surprised at how the people in the government is buying the dip as if they personally own the money. I am really amazed at how easily they could spend the people's money on something not even backed by the state's annual appropriation plan.
Is this how powerful their leaders are that they could literally just dip on the nation's purse and use millions and millions in USD over something likely not based upon careful deliberation and prioritization?
Anyway, I am greatly surprised at how the people in the government is buying the dip as if they personally own the money. I am really amazed at how easily they could spend the people's money on something not even backed by the state's annual appropriation plan.
Is this how powerful their leaders are that they could literally just dip on the nation's purse and use millions and millions in USD over something likely not based upon careful deliberation and prioritization?
Buying the dip on day one of a risk-off situation for equities worldwide due to China and other global issues is a terrible move. This is likely just the beginning of a short/mid-term sell-off that will hit crypto equally hard. We will be lucky if this isn't the start of another bear cycle that we could see a slow bleed with a few large flushes over the next few months or years. Unless they have some serious cash reserves and are able to double their position as a whole they could already be in some serious trouble financially (not that they were not already)
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.
100% agree for a country, $6.8 is nothing, it's a PR move.
But, it's a good one. Keep bringing it up again and again, never let it leave the public view that they are supporting BTC and buying more to support the people.
If they keep it up, showing that they are serious and in it for the long term, then it will eventually just be everywhere in the country.
-Dave
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.
This is the most likely explanation, the money that is being invested in bitcoin right now is not a huge deal for most countries, also as we know that money is going to be given away almost immediately so it's not a big deal if the price of bitcoin goes down a little bit after he buys it, so this is not a problem especially when we take into account that institutional investors have bought amounts of bitcoin way larger than that and they do not seem to want to sell their coins anytime soon. Bukele reminds me of Trump, you have one of the poorest countries in the world to take care of, the 4th wave of Covid knocking at the door, and the economy hit worse than many by the global price increases as its energy-dependent, and what do you do, tweet about buying the dip, which turned out to actually be a case of catching the knife. Looking at how he is rushing things, how he makes every time claim like this, all the tweeter floods, to me seems like rather than trying to promote usage he is actually using the Bitcoin craze for his personal agenda.
He probably hopes that Bitcoin will be in a bull market for a lot more time and that people will view him positively because he introduced Bitcoin to them. This is a very risky move, because if the market will turn bearish, people will instead get angry. Imagine some poor family receiving a Bitcoin transfer from their relative working in the US, only to find 2 weeks later that the value dropped by 25%. They will blame Bitcoin and Bukele.
1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).
he is definitely a fool. I doubt that he has consulted any analyst before buying bitcoin, the worst part is that he still managed to show himself on the social network, and if the price dropped $42000 and dropped to $39000 or worse dropped to 37000$. how would he face his people? I think he should start consulting market analysts before buying bitcoin, even if he says he's making Hodl buy low Is the wiser, if he buys at $44000 and the price drops to $37000 he misses a big opportunity to have bought lower
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