Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 5. (Read 34450 times)

Even though the budgets of governments are in a different category from individuals and institutions, I personally believe that there are ways to make reasonable comparisons, including that from my view if a government were able to establish a bitcoin reserves that is valued at 10X to 12x its annual revenues, then it has effectively reached fuck you status on the government level..and pretty much could fund all of its expenditures of its annual budget from its bitcoin holdings to the extent that it would want to maintain the same level of spending and to completely rely upon its bitcoin holdings to fund such spending... or they could just end up doubling their spending based on the size of their BTC holdings and living off the passive income from such.. as I discuss in my sustainable withdrawal thread.  Of course, there probably would be desires to expand such a governmental system if they were to become sovereign and solvent to such levels and including that they might feel needs to advance and/or increase their military since they could well become a target of other nation actors.

Wait, it's a government, so its bitcoins serve as payment credit, only for now no one lends money in bitcoin reserves, it's about gold or other resources, that's why "things" are needed like IMF, no, no, sorry, I mean the Bitcoin Investment Fund. BIF!

El Salvador has less than 6k bitcoin which is less than $400million, and it's annual revenues are around $7 billion, so the amount of their BTC holdings is less than 6% of their annual revenues, so really the size of their BTC stash is pretty whimpy..

In recent times, I am thinking that in bitcoin it takes 10-12 years of annual revenues in order to get to fuck you status, whether we are talking about individuals, institutions or governments, so they have quite a ways to go.. and yeah, if they get bitcoin up to 1 year of their annual revenues, then if BTC did a 10x or a 12x, then they would be at fuck you status, except they need to measure value from the 200-WMA, and not from spot price, especially since they would not be selling all of their BTC and buying dollars with them. .. that would be a waste of time.

The 200-WMA moves up slowly, so El Salvador is barely in profits if we use the 200-WMA. .and also only around 3% of the size of their annual revenue invested in bitcoin, even after about 2.5 years buying, acquiring and holding bitcoin.

El Salvador had made a good decision in the past if they had been buying and accumulating enough Bitcoin for the country try trade when the price of Bitcoin finally ho bullish. Now that we have been seeing some good moves and green candles, I think the country might make the good fortune from such a decision because the Bitcoin price is already up and the halving is coming that is going to make the price to skyrocket, which is a big benefit for every Bitcoin holders. I hope to see good news coming from the news.

For me, the most potent policy of El Salvador was to reduce crime in the country. The current Haiti gang violence is a typical example of what was happening in El Salvador before the government of Nayid Bukele took over. Violent gangs were in control of the country before he took over.

Without peace, no investor will consider putting money in the country. Citizenship by investment policy would never be attractive if the country was not safe. The country has experienced an increase in the rate of foreign tourists thanks to the crackdown on violent gangs. We are hoping that Bitcoin will reach the $100k mark but it seems that El Salvador will not be selling its Bitcoin holding anytime soon. The country will seek other means of fulfilling its financial obligations to the IMF.

Bitcoin is one of their greatest assets, so expect to see more of this, and i wont like the situation whereby people will be seeing this on a contrary opinion that the president is doping all of these for his own benefits, this is more centered on the way or means in moving the country economy forward, they keep holding an and continue investing which is what an average bitcoiner should learn to do, with time they are going to see the missive reward and benefits of all these in action.

NEW: “🇸🇻 El Salvador will be able to pay off the IMF if #Bitcoin    hits 💵 $100K, and never have to talk to them again.
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They’ll probably be the most attractive country in the world to go live, just because they embraced #Bitcoin   ,” says billionaire Tim Draper.




I think most of El Salvador's success at the moment has been due to its adoption of Bitcoin. Big people have commented on the future of the country of El Salvador that is very good, because all debts can be paid with this bitcoin. At present around 40% is still profit from each bitcoin,
 so more profit will be more patient if more profit is possible.

El Salvador’s Bitcoin wallet continues to receive BTC donations (green below), with nearly 200 donations so far. Yellow highlights show @nayibbukele ‘s daily 1 Bitcoin purchases.
Source Link

The announcement was made that El Salvador will buy 1 a day from November 18, 2022, and we've seen it updated regularly on social media. Nayib Bukele is keeping the promises he made, and we already know that one bitcoin is bought every day in El Salvador, which will continue for Salvador. Moreover, the President also stated that until Bitcoin becomes unaffordable with fiat currency, they will continue to buy 1 Bitcoin per day. And the step they took and the purchase of this Bitcoin of Salvador is only for the improvement of their country and a big economic help for the country. Maybe the President of El Salvador took this step. Moreover, another post has been shared on social media where Nayib Bukele has said that the bitcoins received from the address will be kept in a new cold wallet.

https://twitter.com/nayibbukele/status/1768425845163503738?t=l8PIeebgnC6trGmah_uQYg&s=19

We now consider Nayib Bukele's decisions to be correct but there was a time when we called his decisions madness. Nayib Bukele has taken such steps against his own government, but if these steps were to go against him, they would have lost power. No president of any country would risk his power to take such a decision as he was able to do. Perhaps because Nayib Bukele is a young president, he is able to take such a big risk. Nayib Bukele is proof that young people are always more likely to take risks than their older counterparts. He has made such decisions and in future he will make more decisions and it will be easy for him to make future decisions because he is already very successful with his decisions now the government will support him in his decisions.

Nayib Bukele has really become a very smart person in this matter and also in terms of governing within the country of El Salvador. This is certainly quite amazing and everyone seems to have to admit that because up to now El Salvador is still a Bitcoin hoarding country through Nayib Bukele's government which continues to organize the country very well. I also think that they will continue to be profitable in 2025 if Bitcoin price increases continue on a faster scale after this year.

El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC ‘Becomes Unaffordable’ With Fiat Currencies, Says President Bukele

El Salvador has been buying one bitcoin a day since 2022, according to President Nayib Bukele, who confirmed that his country’s “1 bitcoin a day program” will continue until the cryptocurrency “becomes unaffordable with fiat currencies.” The bitcoins acquired from El Salvador’s daily purchases are also deposited into the same wallet address used for the [
Source Link: https://www.tradingview.com/news/bitcoin_com:aedb8503e094b:0-el-salvador-will-keep-buying-1-bitcoin-daily-until-btc-becomes-unaffordable-with-fiat-currencies-says-president-bukele/

Nayib Bukele was always right in his decisions and he was always focused on his decisions. When he made an official announcement about Bitcoin, his decision was not taken well by his country's citizens and his country's media. When caught, he went against the citizens of his country and he legalized Bitcoin's legal documents in their country. Imagine this time from that time, when the value of Bitcoin was relatively low, he declared Bitcoin as legal tender in his country and hopefully he bought enough Bitcoin at that time. When the president of a country announces Bitcoin as a legal document, it is natural that he will invest a lot of Bitcoin at that time. If at that time he had invested a large amount of bitcoins, now he is seeing around three to four times the profit from his investment this time. He must now be satisfied with the citizenship of his country for the work he has already done and the decision he has made in his favor.

El Salvador's President Naib Buquel has said his country will continue to buy 1 bitcoin a day until the price of bitcoin becomes 'unaffordable' with fiat currency.


El Salvador set a unique precedent in the world by being the first country to accept Bitcoin as legal tender. After adopting Bitcoin as legal tender, El Salvador announced in 2022 that El Salvador would purchase one Bitcoin per day. They have continued with their Bitcoin purchases until now. El Salvador's President Naib Buquel recently confirmed that his country's program to buy one bitcoin a day will continue until the price of bitcoin becomes unaffordable with fiat currency.

The President of El Salvador, Naib Bookel, shared another new update on El Salvador's program to buy one bitcoin per day on his social media platform Twitter.  



https://news.bitcoin.com/el-salvador-will-keep-buying-1-bitcoin-daily-until-btc-becomes-unaffordable-with-fiat-currencies-says-president-bukele/

You do realize that the term "hoarding" has a negative connotation?  If someone (or even an institution or a government) buys bitcoin and chooses to save it rather than spending it, then yeah that could be be called hoarding, but it is not really fair to use such a term, since saving bitcoin is a legitimate use of it.

The term hoarding suggests that there would be some requirement that they spend it, which truly is not necessarily the case without some further explanation in regards to what you might mean.

It could be true that some people, institutions and/or governments might have obligations to spend some of their money, but it is not necessarily the case that they would have to spend a certain kind of money prior to another kind of money, and actually since bitcoin is the most sound of monies known to man, it may well be the case that it is the responsibility of anyone who has to spend money to spend their less valuable monies first... which would be to spend all other monies prior to spending bitcoin, and that truly makes more sense than suggesting that anyone would be wise to spend their bitcoin first.. unless they were engaging in some kind of spend and replace practice.

The current state of El Salvador's government is only buying and hoarding bitcoins, since 2021 they have been hoarding all the bitcoins they buy but in a stronger wallet than they are now. Nayib Bukele decided not to sell bitcoins, all bitcoins have a profit ratio of 45%-56% according to the average price of bitcoins. So more benefits will be gained by depositing bitcoins in longer term, it is possible to gain more benefits in 2025.

It's a surprise, look at the Bitcoin he kept it was only half of the predictions that were widely written in the media. Nayib Bukele's description is not all, this means that there is still a lot he keeps. Maybe some Bitcoin don't store in this cold wallet they will sell for state development operations. Although this evidence may not be 100% certain, but I think he is not lying.

The new law that El Salvador is going to approve to reduce the tax rate may cause some shortfall in the country's revenue, but when foreign countries invest in the country and jobs are created in the country, the country will move in a new direction, which will be an unimaginable success. Approval of some things may be criticized in the first stage but when a lot of success is created, it will be applauded as we saw when Nayib Bukele launched Bitcoin in his country many analysts influential and society people started to criticize. But rather than shy away from criticizing those who have gone ahead with Bitcoin investment, today El Salvador has had a lot of success with Bitcoin investment, and those people are now praising the Salvadoran government. So I support approving Bukele work

⚡️ Deciding between mining or buying Bitcoin depends on your personal circumstances, risk tolerance, and financial goals. Carefully considering energy and equipment costs, ASIC efficiency, Bitcoin price volatility, and time. 💼 #BitcoinMining #BuyBitcoin

Source Link: https://twitter.com/Volcano_Energy/status/1768661151804493827?t=bB0wOciSTR5SmamWDR35jg&s=19

 I buy your idea and the need why bitcoiners should value accumulating and holding more bitcoin. There is a saying that the market is working on the system of fear,fomo and greed of individuals, which influences there reaction to the market.
Most persons in the bitcoin market today, does not value the need for long term gain, they take it as a get rich scheme, they buy and sell anytime without proper understanding of what they are  doing. And that's the major reason after they have failed they call bitcoin names saying its scam, it is controlled by top companies and all that. If we are to look at past history everyone will see the need of investing not just investing but also having the patience for long term benefit rather than short term goals. It has also been proven that long term view while investing is the best option, its not new most persons only care for today and not what will benefit them in a long run.
  Just like the  case of El-Salvador accumulating more BTC and the government looking forward to a long run is appreciative rather than listening to ill-fated opinion that can't produce results.
  Proper financial knowledge should be promoted in this forum to help most persons.
Simply because BTC drop to $65,800(as of the time of writing), some are selling and saying we are in a bear market,  jess. We are still in a bullish market, please let us avoid panic, what we are only expecting is halving and I don't see any need why people should be selling now rather than holding more bitcoin to make a huge portfolio.