Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 6. (Read 40371 times)

I have already seen references in 2021 that El Salvador mines bitcoin using volcanic energy, so there are some similarities, both of these countries are trying to mine bitcoin using green energy. And although it is obvious that Bhutan is doing it much better, they also have more conditions for this, since the excess energy from hydroelectric power plants is much greater, which is why they were able to use it in the right direction.

The right solution for both countries is to hold bitcoin, and in the case of El Salvador, they are even more disciplined, because they only buy bitcoin, and Bhutan sometimes sells small parts, perhaps to cover the costs associated with the mining farm, or for its further development, we do not know this because Bhutan acts quite secretively, and if it were not for Arkham, it would be more difficult for us to keep track of all their actions and movements.

Here is a comparison of the Bitcoin holdings of El Salvador and Bhutan, but differences are observed between the two countries. Because El Salvador is regularly buying bitcoins while Bhutan is mining bitcoins. The President of El Salvador, Nayib Bukele has taken several important steps to expand Bitcoin in his country. One of his important steps is to teach Bitcoin to school students in their country. Moreover, when El Salvador adopted Bitcoin as legal tender, then IMF blocked them from investing in Bitcoin even though they thought it could destabilize the economy. Still Nayib Bukele country El Salvador has regularly purchased BTC and become a very well-known and peaceful country in the world for holding bitcoins.

I Told You So': Nayib Bukele Says On Twitter As El Salvador Bitcoin Stash Hits $100 Million Profit.

Yeah, I've heard that they also made lots of plants to mine BTC with the energy from the winds they've got, fascinating (in Bhutan, I mean).
Smaller countries giving examples to follow for the bigger ones  

El Salvador's Bitcoin Stash Rises Above $500M, but Bhutan Story Might Be Even Bigger
Monday’s bitcoin rally propelled El Salvador and Bhutan’s crypto stashes to $500 million and $1.1 billion respectively.

1. The value of El Salvador's bitcoin holdings have risen above $500 million and Bhutan's above $1 billion.

2. Bhutan's BTC holdings now account for more than one-third of its GDP versus El Salvador's stack at just 1.5% of its GDP.

3. The fiscal situation of El Salvador's government continues to improve.


Bitcoin’s face-ripping rally on Monday pushed the value of El Salvador's BTC above $500 million and the tiny Kingdom of Bhutan's holdings above $1 billion.
Data from El Salvador’s Bitcoin Office shows the country's bitcoin stack at just less than 5,932 tokens. With the price at $87,000 at press time, that's worth roughly $516 million.
Impressive as El Salvador President Nayib Bukele's Bitcoin bet might be, the Kingdom of Bhutan's story might be even better.
The tiny South Asian state, with a population of just 800,000 (vs. El Salvador at 6.4 million), is sitting on a bitcoin stash of 12,574 tokens, per Arkham Intelligence, worth $1.1 billion at the current price.
Source link: https://www.coindesk.com/markets/2024/11/12/el-salvadors-bitcoin-stash-rises-above-500m-but-bhutan-story-might-be-even-bigger/

---

Here is a comparison of bitcoin holdings between El Salvador and Bhutan, but as an old and experienced investor I favor El Salvador. Because this country's bitcoin holdings are old and they have used their tactics to make a peace-loving country into a peace-loving one. And with this holding they're going to be vertical, and in many ways they're going to be successful just for holding Bitcoin.

This is something that has Escalated , El Salvador can give a very good welcome to the USA with the adoption of bitcoin and the good thing is that Bukele was the first president to congratulate Donald Trump when the votes were still being counted, which means to me that these two will talk and agree, not just El Salvador Now the United States will join this Bitcoin party?

Bukele is buying and buying Bitcoin, I have no idea if right now that it is rising they are taking advantage of buying, but the USA should do the same and more , without a doubt El Salvador with Bukele is an example of a Nation that has given itself over to the best economy in the World.

El Salvador now have a Half Billion dollars in Bitcoin and a 100% Return by tracker standards using DCA
138 Million Profit and have proven to the world Bitcoin has power

Picture source

The President of El Salvador, Nayib Bukele announced that his country would buy one bitcoin per day, That is, he made this decision in such a way that no matter how high or low the price of Bitcoin is in the market, his main goal was to buy one Bitcoin every day. As a result, he continues to buy bitcoins even after the current price of bitcoin has risen to an all-time high. By following this policy of buying one bitcoin per day, maybe Nayib Bukele continue to buy more bitcoins in the future. El Salvador already owns 5930.77 Bitcoins due to regular Bitcoin purchases. As you mentioned, El Salvador gained $111 million. At present, the price of Bitcoin has skyrocketed, resulting in a profit of $111 million from their invested Bitcoins.

---

Not only El Salvador, but another company, MicroStrategy, has gained $10 billion from their investment portfolio due to the current rise in Bitcoin prices.

Michael Saylor's is now +$10 BILLION in profit on MicroStrategy's #Bitcoin holdings.

You think people don't know that Bitcoin is a profitable investment? They know, just that they are afraid to take the risk, because they know is different from fiat money which you need to have the knowledge of the investment before investing what you can afford to lose in Bitcoin investment. That is the risk El Salvador government took some years ago to become the first country that made Bitcoin legal tender to increase the population of Bitcoiners in their country and many countries has decided to embrace the risk too to be part of the beneficiary of Bitcoin investment. At yesterday, many investors have released their Bitcoin for sale while some are still holding their Bitcoin, because they know it will reach $100,000 before this year pass out which it will definitely happen soon.

I don't really understand where Bitcoin is going, but over the course of history I've known that Bitcoin has always had an upward value. So this commodity seems to be increasingly trusted. So far I'm quite happy with the space policy given to Bitcoin. Not becoming a currency, it is not a problem but it is a great hope that this commodity will continue to grow. El Salvador has accumulated very well so far and they continue to buy at the current ATH price. You can see it on https://bitcoin.gob.sv/. From the article I read, El Salvador has made a profit of $111 million to date.

Sumber:
1. https://dailycoin.com/el-salvadors-bitcoin-bet-hits-111m-profit-since-btc-adoption/
2. https://bitcoin.gob.sv/

I have frequently proclaimed that El Salvador is a pretty damned whimpy bitcoin accumulator given the size of their GDP, but still they have a pretty large bitcoin position relative to any other country  - yet surely El Salvador has been a public example of their own BTC accumulation strategy and other kinds of bitcoin-friendly policies and practices (since 2021).  So maybe my point is that there may well be some governments that are being a bit more aggressive in their BTC accumulation practices, and sure there could be cases in which covert accumulation of BTC could still be in the public's interest (in terms of if governments are actually representing their people).

Regarding BTC price getting to $100k in the near future.. It seems to inevitable since we are so damned close to $100k, and sometimes getting into new price discovery territory (where we have been in the past 4-ish days) can move very quickly in the UPwards direction, and other times new price discovery moves in slower than expected paces.. as seems to have been the case in a couple of our most recent entries into price discovery.

We might suggest that our BTC price discovery in late 2020 and into early 2021 went pretty well from $19.6k to $64.5k, yet our price discovery in late 2021 only got us from $64.5 to $69k and then our price discovery in early 2024 only got us from $69k to $73,974..... .. so now?  Will this time be different?  Will we experience a larger BTC price discovery arena?  or are we going to get stuck again?  Personally, it seems best to prepare for both scenarios, yet probably better to over index upon the scenarios that suggest that we are not going to get stuck in our current price ranges and we are more likely going into supra $100k territories rather than staying in 5 digits.. .. and yeah, guys (whether individuals, institutions or governments) can do whatever they want in regards to how to deal with the management of their BTC holdings. 

To me, it seems that El Salvador remains in their fairly early BTC accumulation stages.. at least another 4 years of accumulating BTC... but yeah, the thing about governments is that sometimes changes in leadership could end up changes in priorities, so El Salvador does run a bit of that kind of risk to the extent that their philosophy of accumulating BTC might not go beyond Bukele's leadership in that direction.

But as for now, many would have seen how bitcoin could be a profitable currency and asset of investment, when El-Salvador was at then making its investment decisions, some may be thinking that they are insane, but now, we all could see the difference in making an investment and not doing at all, more wins are still underway because bitcoin is heading to $100,000 or more sooner.

Currently holding 5929 Bitcoins in El Salvador, they will hold these holdings for a long time and occasionally buy dip. Since 2021 so far they have been able to save 5929 total step by step purchases, but not every sale so far has made a huge profit.  
But this long-term investment is only suitable for Bitcoin, as evidenced by the government of El Salvador, Nayib Bukele, and he will buy more Bitcoins and hold them for a long time because he has a decent profit from each Bitcoin so far.

Wallet Link: https://platform.spotonchain.ai/en/profile?address=32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo

Yes El Salvador accepts Bitcoin as legal tender, the person should know that they do not accept alt coins or any sheet coins as legal tender. So it is not relevant to discuss coins other than Bitcoin in this thread. If he did a Google search he might well find out that El Salvador was the first country in the world to accept Bitcoin as legal tender.

---

El Salvador started buying bitcoins in 2021, so far the country has bought a total of 5748.8 bitcoins. Moreover, a landmark move by the President of the country of El Salvador is that they promised to buy one bitcoin per day and they implemented that decision from November 2022. The amount of bitcoins that El Salvador has purchased so far through regular bitcoin purchases has increased the value of purchased bitcoins to $24.54 million. (According to SpotChain data). As the price of Bitcoin has increased in recent times, the value of their investment has also increased.

El Salvador's Bitcoin Bet Is Paying Off—Here's How Much The Country Is Up

If you had not noticed, we are in a bitcoin thread, and El Salvador clearly and unambiguously passed a law that made bitcoin legal tender.

El Salvador did not make shitcoins (and/or altcoins) legal tender, so shitcoins and altcoins are off topic in this thread, so pumping them or trying to promote them or trying to argue about which shitcoins is less shitty than other shitcoins is also not relevant to this thread and ultimately plays out as a slippery slope topic that devolves us into off-topicness.

In other words, we are talking about bitcoin in this here thread, and not shitcoins, so there is no point to argue that any shitcoin (even if true) happens to be less shitty than some other shitcoin.  What is the point in going down that kind of a route?

I'll ignore the rest of your post because you seem to be very agitated here, and have resorted to spitting out almost nothing but personal attacks--and I'm sure nobody here wants a flame war to fill up their screens.

But I think you've made your stance clear, so we'll agree to disagree.

It's hard to know why they don't even implement the programs that have been stipulated in the country's laws. There is no detailed explanation. But I think the initial problem is not understanding how it works. Other predictions are scalability and volatility issues that make the cost expensive and the value unstable that they think it could be detrimental. So they prefer to use official money that is recognized by other countries and has a fixed value. It's a classic problem that is hard to overcome, but I take it as a given. I think if this program continues then slowly it will work better.

It's not easy to take you seriously if you seem to be suffering from reading comprehension and abilities to actually understand what is being said..

Oh wait?  You are not even trying to understand because you are too busy pushing your own disinformation campaign.

The idea on a practical level is that El Salvador's making bitcoin legal tender has signaled that the El Salvador government is not hostile to bitcoin and it is open to bitcoin innovations.


For all practical purposes, prior to 2021, El Salvador ONLY transacted in dollars, so bitcoin gave another transaction option, yet of course, there would also be needs for merchants to have bitcoin acceptance as an option, so helping merchants to be able to accept bitcoin would be one of the matters that the El Salvador government had been trying to promote, which truly if few merchant's are accepting bitcoin then the citizens still would ONLY have the dollar as their transaction options.

Transactions using bitcoin do not ONLY happen onchain, and you are not even fairly representing onchain fees if you are suggesting that $40 fees are representative, even though there have been recent periods that onchain fees have gotten that high.

I am not going to claim to know the breakdown of how transactions have been taken place in El Salvador over the past 3-ish years, even though surely there have been criticizms that El Salvador transactions were taking place through custodians and/or over lightning network, which truly would NOT have had those levels of transaction fees, even through there are other problems that come from relying upon custodians for transactions, including claims that they are not really bitcoin transactions.


I am not referring to pumping shitcoins, like yours.


Yes.  That's correct.


You seem to not understand bitcoin very well if you think that various shitcoins compete with it or reasonably compare with it.. or if you consider that bitcoin is merely a means to employ small (coffee-level) transactions.  But hey whatever, you can believe what you like. Hopefully, since you are claiming to be so technologically literate, then you could spend some time studying and trying to understand a wee bit more better, and perhaps I could give you a suggestion that the value of bitcoin does not just come from its technology, even though surely the moneyness of bitcoin does remain important and there are several ways in which bitcoin achieved its moneyness through the use of technology.. .including if you are able to recognize how bitcoin achieves its soundness and other aspects of money like verifiabiity, scarcity, transportability, divisibleness, abilities to transact without having to use a third party and other aspects.

Maybe if Bukele (or his team) does not directly reach out to you, then you could figure out some way to contact him (or his team) directly so that you can get him to adopt your shitcoin... if that might be part of what you are wanting to achieve in regards to the means of payment considerations or the extent to which your shitcoin might be pegged to bitcoin as a second layer, except I just took a quick look at your crappy coin and the fact that it has it's own token is not going to help it to seem as if it is not a scam.. so you might have to figure out how to fix that part of your shitcoin so that you might be able to gain some credibility in regards to your coin being sufficiently credible, like bitcoin or trying to build upon bitcoin rather than pumping your own bags... of which illogically you are proclaiming that El Salvador is doing the thing that you are doing, so you need to think about bitcoin with a bit more clarity in terms of bitcoin is more of a neutral coin that does not have a central party manipulating it or premining it, so anyone pumping or promoting bitcoin cannot be guilty of pump and dump because they have no control over bitcoin, even if there are some BIG players currently trying to accumulate a lot of bitcoin's supply, but their accumulation of BTC's supply does not give them greater control over it, even if you would like to insinuate bitcoin in such a direction..as seems to be the case with the coin that you are promoting.

So you are saying that El Salvador is engaged in a giant pump-and-dump? Maybe. I guess if that's what they are trying to do, then it doesn't matter if the idea works on a practical level.


Yes.. Fees on bitcoin vary.. but so what?  Are you concerned that you cannot buy a coffee on bitcoin? or what?