Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 35. (Read 40425 times)

We don't know whether he is regularly buying bitcoins through DCA or not, but since he accepts bitcoin as legal tender, he must have far-reaching plans for bitcoin. I learned a lot about Bitcoin but never invested in Bitcoin, it can't be. Since he has legally allowed the use of Bitcoin in his country, he must be holding Bitcoin. He may have been busy with politics lately but his bitcoin holdings will not stop. Bitcoin may rise to new ath price in the upcoming halving, perhaps he is waiting for that day of success. If he comes back to power next year, we expect him to implement most of his desire with bitcoin.

Don't get me wrong, I don't necessarily believe that super high analytical skills are required when posting a link, but the posting of links without any kind of commentary at all seems to be just failing/refusing to engage in any kind of thinking..  

The assumption would be that the poster agrees with the article, otherwise why post the article, or alternatively if the poster did not agree with the article, there could be some commentary that is even short.. such as, I disagree with the article because of x, y and z reason, but I agree with the article for a, b and c reasons.. including that the article has some pretty cool pictures contained therein or whatever... . .that would at least attempt to show why the poster believes that the link/article might be relevant to the thread beyond our having to read the article and/or the linked materials and attempt to figure it out, even if it is obvious, it does not really say anything about why the poster chose to post it.

In the actual cryptoWODL post that I cited, it is quite unclear if any of the words in the post are his words, and every word seems to be from the article/link which is another problem that many posters have in terms of citing various substantive content and it sometimes is unclear if any of the words are the words of the poster... Why should any of the readers have to click on the link to figure it out?  It should already be clear from the post if the words are being quoted or if they are words of the poster.

You're right JayJuanGee, it's not about bringing an article here that matters in the name of having the latest development on what's going on, the reason for discussion is to have our own various opinions regarding anything we are seing trending on the internet or about El-Savador's bitcoin adoption, this is not a story that sounds that catchy to me as well because in El-Savador, there are many business enterprises that make use of bitcoin in their payment of service or goods and bitcoin has gone far beyond just seing a coffee shop accepting bitcoin, or maybe it's also sounds to his hearing as that of the bitcoin pizza or coffee  when things weren't as this in the past that led to a massive story we all love to read about with bitcoin.

We should learn to do things in the appropriate manners and also try to read to understand and present our own point of view towards the discussion.

Nayib Bukele took the bet of making BTC legal tender to help save its country from ever-increasing debt. He hasn't sold a single BTC since he started investing in it. Once BTC goes to "Mars", it's likely El Salvador's economy will recover. Many in the mainstream media are spreading lies that El Salvador is at a loss with BTC, but you can't lose if you don't sell. This experiment will spread to other Latin-American countries as they struggle to keep their economies afloat.

Recently, a pro-Bitcoin politician was elected as President of Argentina (Javier Milei). We're slowly shifting towards "hyperbitcoinization". Who knows if BTC finally replaces Fiat currencies in the future? Just my opinion

El Salvador started the #Bitcoin    BTC party! 🥳


El Salvador became the first country in the world to use Bitcoin as legal tender.
A survey published in September 2021 found that 9 out of 10 people in El Salvador did not have a clear idea of what Bitcoin is, and 68% disagreed with the decision to accept Bitcoin as legal tender. But in El Salvador, Bitcoin is now so popular that people are using it for everything. People may continue to use Bitcoin like this in the future.
In order for the people of El Salvador to learn and understand Bitcoin in depth, they have introduced educational programs to learn Bitcoin in their schools. This is a very good initiative for them as their school kids will know about Bitcoin from a very young age. Moreover, we all have seen people paying in Bitcoins after eating ice cream in shops and even a few days ago people were seen paying in Bitcoins while eating in hotels.
Today I saw on my social media Facebook and Twitter that people in El Salvador are having a bitcoin party.
They are all cheering and dancing around this bitcoin party.


Picture Source Twitter Video

I found out the news that they bought too when BTC cost $19,000. The average purchase is currently at $44,300. But if calculated every day they buy then 2,744 in November the 14th of this year. When factored in at $36,000, the average purchase decreases to around $41,800. They suffered a loss of $16 million. But indeed Bukele did not provide ontentic evidence related to this matter. So it seems that this is just a mathematical calculation. It's possible that it could go wrong. But I'm glad they still support Bitcoin as a legitimate payment.

Source: https://www.coindesk.com/markets/2023/11/15/el-salvador-remains-in-the-red-on-bitcoin-holdings-but-losses-are-narrowing/

El Salvador In The Red On Its Bitcoin Holdings

source

El Salvador made history in September 2021 by becoming the first country in the world to accept Bitcoin as legal tender.

El Salvador bought a total of 2381 bitcoins in the month of September 2021, worth over $105 million at the time. El Salvador also received a 1 Bitcoin donation from an anonymous benefactor. However, as of November 17, 2023, the value of El Salvador's Bitcoin stash has fallen by more than 20%. This means that the country has about $21 million of its bitcoin investment.


El Salvador's president, Naib Buquel, remains both pessimistic and optimistic about his Bitcoin gamble. Naib Buckel claims that El Salvador is saving millions of dollars in remittance fees by using Bitcoin, and that adopting the digital currency will boost tourism, innovation and foreign investment. Naib Buckel also announced plans to build a "Bitcoin city" near a volcano, where residents and businesses would pay no taxes other than a 10% contribution to fund infrastructure and security.

There are many factors that made or allowed Bukele to bet on Bitcoin. Not every country could easily do that, or let's say not as easily as El Salvador, but I think every politician who does that also takes a gamble. I am not sure how safe Bukele was that he would get elected again or would be safe in his position even if Bitcoin goes wrong for him temporarily, but I can imagine that he was not considering the temporary downtrend of Bitcoin. He might have thought that this will take him straight into the winning zone and he could please the population with Bitcoin presents or something.

El Salvador also had a miserable credit rating and I think Bukele may have seen this investment as a chance to solve problems quickly, which he couldn't have done the standard economic way.  

This is because Nayib Bukele's own knowledge of Bitcoin has been very mature since the past or since Nayib Bukele made the decision to adopt Bitcoin in the long term in order to make the country of El Salvador more advanced in every sector, including the economic sector. So if the President of El Salvador often buys Bitcoin every day until this year, I think this is a very normal thing because the President of El Salvador himself has long established Bitcoin as an important asset for the country of El Salvador.

So that the younger generation in El Salvador has also discovered more about Bitcoin through all media and also through their free education about Bitcoin. So it is not surprising that the president of El Salvador continues to purchase Bitcoin with the long-term aim of a brighter future, especially for his own people. Because it will also create a kind of encouragement that is quite good among the people when a president has done this openly every year.

The bitcoin portfolio held by El Salvador remains in the red. Losses are now narrowing somewhat as holdings of Bitcoin still remain in the red. Nayib Bukele announced plans for a country-level dollar consumption (DCA) in November 2022, pledging to buy one bitcoin per day. At the time, based on Nayib Bukele statement, the country owned 2,381 bitcoins, which were purchased at an average price of $44,300. When Nayib Bukele, the government of El Salvador, bought Bitcoin, the price was $19,000, leaving the country with a loss of about $60 million on its holdings. With the current Bitcoin price at $36,000, El Salvador is now at a loss of $16 million on its Bitcoin holdings. But it is assumed that this loss will not be for a very long time and soon this loss will be compensated.

Note: Post is somewhat collected and written in own language.

Exactly one year today Nov. 17th 2023.

Asides the year, for a country that also saddled with numerous other responsibilities (sectors) to key into with money critically thinking it's possible they might not had completely followed the plan except op want to tell me that El Salvador economy is totally dependent on bitcoin for survival.

 if that's the case then the president and his cabinet members have to be reminded that there's a quintessential economic word called diversification,   of which I refuse to believe that they are not a diversifying already.

Well Sources from the X app claims that El Salvador has so far kept to their claims of DCAing 1BTC everyday for the past one year now https://twitter.com/BTC_Archive/status/1725152451139915821?t=MT89ZnAMZXt5mlOzNtMFCA&s=19. As at 2022, when President Bukele publicly made the Statement, Coindesk reportedly said that El Salvador had claimed to already owned a total of 2,381 bitcoins purchased at an average price of roughly $44,300 and as at today, they've actually estimated the country to be holding a total of 2,744 BTC.

The President of El Salvador, Nayeb Bukele, has bought an average of one bitcoin per day since the very bottom of the bear market until now. Although buying bitcoins has been somewhat reserved since the past, but the strategy of buying bitcoins in El Salvador from 2023 is proving to be a wise one. Buy Bitcoin daily today will help weather the economic storm in El Salvador in the future. Bitcoin is a valuable resource that will help El Salvador economically in the future.

Do you even know how to clarify information?

That is an article from about 1 year ago.. so by today, if they had followed the plan, then they should have had bought around 365 bitcoin... but do we know if they followed that plan to buy 1 bitcoin per day for everyday for the last year?

Nayib Bukele is a president who thinks out of the box, he is a very extraordinary man because he believed in Bitcoin at the beginning and was able to convince the majority of El Salvador's parliament, the eyes of the world are constantly focusing on El Salvador and the news about their adoption of Bitcoin even now. , El Salvador's economy has also increased drastically because the world's spotlight is so big on El Salvador.  Nayib Bukele's big projects will definitely get great support from the citizens of El Salvador if the price of Bitcoin continues to increase, El Salvador has become proof that making Bitcoin legal tender is not the wrong decision.

Even though it can be interesting to see what is being said about bitcoin and El Salvador from various sources (including but not limited to MarketPlace.org), yet I doubt that it is as helpful to merely cite some pieces that have ambiguous descriptions without making some of your own commentaries.  

Sure, I might not even like the tone of the article, but I really don't like the title of the article ...

Sure, it may well seem like gambling when a country goes against the grain of other countries and the powers that be, but the way that El Salvador got into bitcoin seems to be way more like an investment kind of approach rather than a gamble.. even though Bukele did have a tendency to act flamboyant about his decision to push El Salvador into bitcoin in a variety of ways....

It's been another two months and now there are fewer than two months to go.

So, how's @nayibbukele holding up?

El Salvador is still on track for its safest year ever.

Apparently putting criminals in jail works.
Source link

Paying a $1,300 🏨 hotel bill with #Bitcoin    in 🇸🇻 El Salvador over ⚡️ Lightning 👀🙌


source
We know that Bitcoin is legal in El Salvador and that Bitcoin is constantly growing in that country.El Salvador After it was adopted by El Salvador's own legislature in 2021, they became the first country in the world to use Bitcoin as their legal tender. We also saw a few months ago that people in El Salvador were buying ice cream and paying their bills with Bitcoin. Today I saw people paying in bitcoins after eating and drinking in hotels.

Fantastic achievement did by Nayib Bukele as El Savador president due criminal rate down drastically, its positive side from bitcoin adopting as legal payment currency there, not only benefit such as investment assets in the future but also bitcoin can drop criminal case where not space for happing criminal case less of using cash or fiat transaction. There are not opportunity for criminal cases how to stole people fund due save it in bitcoin such as in wallet or exchange account.
I think this positive impact could be evaluate for other countries still doubt with bitcoin benefit, actually with countries have bigger criminal case ration and bitcoin will help more for government how to make less criminal cases in the future. When bitcoin accepting as legal currency payment transaction all bad people not have any chance yet to make criminal anymore.

Congratulations to President Nayib Bukele in El Salvador, he is currently running a beautiful country. Not long ago, El Salvador had a high crime rate. Homicide rates have dropped dramatically since last year's 2022 Salvadoran gang crackdown. So now the number of crimes has come down. The country has 1086 inmates per 100,000 and incarceration rate. Crime in El Salvador has dropped dramatically under Nayib Bukhel's rule, and the country's people are enjoying a much more comfortable life.

Details: https://en.m.wikipedia.org/wiki/Crime_in_El_Salvador