Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 96. (Read 43229 times)

The sources that reference an 81%-82% increase in tourism all seem to point to this study from the UNWTO, dated march 2022 , though I'd say that the chart embeded within is linked, and is actually displaying a more recent set of data (jan-jul 2022; published in September 2022 as per the chart).

Regardless of the date jumble, what the document states is that, at the time of the readings, El Salvador was down 19% compared to 2019 (for an equivalent period of time presumably). The way that is being read is as if there was a large rise in tourism vs prior year (80+%), but the trick is that is comparing data to pandemic times, which is pretty easy to beat once people have started to move around this 2022. Let’s say that the data is deliberately taken advantage of by omitting part of the content, and letting people infer that the increase is, in any case, due to bitcoin (as opposed to natural post-pandemic recovery).

Bitcoin obviously will have got some tourism moving in their direction, but I haven't seen it quantified properly to date.

El Salvador legalizes Bitcoin not only as an investment asset in the future, but so far after one year of legalizing Bitcoin, tourist visits have increased quite drastically due to the legalization of Bitcoin transactions. Reported from Cointelegraph  the first half of 2022 more than 82% increasing of tourism visited El Savador impact with Bitcoin legalize.

Tourists get good service with all aspects already implementing payments using bitcoin in El Savador, I think first destination why Bukele want to legal Bitcoin as currency transaction there because want to development with exploring tourist attraction there.

It is risky but I'm sure he knew that. Crypto is still high risky. But if to do all correctly the benefits can be fabulous also. And we all hope El Salvador will succeed in this path.


I don't really think that a majority can be professionals in any field, in investments also. So for  good results in some area like El Salvador it is not mandatory that all and everyone become investors. People can use Bitcoin for some exact needs or even not use it and still have some benefits of its adoption. But when there is a positive trend it impacts in a positive way on El Salvador because people remember that El Salvador was first, because it has some Bitcoin programs, it is a popular destination for Bitcoin tourism etc.

we know that people are still learning about Bitcoin in El Salvador which is going to take sometimes for the citizens to understand how Bitcoin works. We don't need to rush it or castigate the president for his actions but the major problem the country will need to understand is that Bitcoin is volatile and the price can change within seconds make holders to make loses or gains if they decided to sell their holdings at that spot. I believe with time people will understand the big investment opportunity that one has as a Bitcoin investor.

Yep and that's like working consistently. He's announced about the 1 BTC daily purchase. That's the sort of exposure that he's getting from doing so, everything he does is brilliant of course for us that's part of this great community.

But for naysayers and doubters, they'll think that it's a dumb thing for a president to do.

Well, he's the only official that has shown this great appreciation and adoption and bullishness for bitcoin. I just hope that other high rank officials will follow him.

After he tied the fate of El Salvador with Bitcoin even a little he is very interested in Bitcoins future and further adoption around the globe. Positive Bitcoin news are good for Bitcoin, for El Salvador and for his own endorsement inside the country. FUD can be bad for all of that as well. So ignoring some stupid things is a good behavior pattern.

I think that there would be a great way to gamify the whole process of El Salvador's daily buys of BTC that would allow for buying more than 1 BTC, and then accounting for El Salvador's average cost per BTC. 

Accordingly, in such a gamification step, El Salvador could authorize up to their average cost per BTC to daily for their daily BTC buys, and then we would hopefully through time see that their average cost per BTC would come down, approach 1 and maybe even get below 1 at some point. 

So for example if their current average cost per BTC is $43k, then they could authorize $43k to buy BTC today and at today's price of $16,700 they would end up buying 2.5748503 BTC for today's buy, and so that purchase would slightly bring down their average cost per BTC for their BTC purchase on the next day would end up being less, and hopefully with the passage of time, the BTC price will also rise in order that both their average cost per BTC and the actual cost per BTC meet......

Many people don't really understand what it's meant from buying the dip, this could ever bebthe best decision made by the president because now that we are on dip already with bitcoin price, whenever a new purchase is made will always yield it own little profit since we have been on this same dip @ $16k wjen the price jump to $21k , now consider when you buy the dip as the said price and it surges eventually within a day to that extent as well, that could be a reasonable realization on profits, this also is an indication that at whatever level the bitcoin price is, they could buy and still earn from the dip it has purchased from, till they got to continuously progress to when we begin to experience a new ATH which will also launch them into realising from their past investment purchases made.

And that has happened where Nayib Bukele himself also said in his tweet yesterday although he did not mention the amount, but in general El Salvador will buy Bitcoin again starting from yesterday. I am even very impressed with the attitude of El Salvador who continues to buy Bitcoin when the price is cheap without thinking about any conditions that are happening at this time.



Besides, I think that the country of El-Salvador will have better progress also in the field of tourism, because Nayib Bukele himself also said that in his tweet after @lonelyplanet.

El Salvador is buying bitcoin every day right now, this is the post I just saw,. El Salvador has attached great importance to Bitcoin since it became a legal currency, although many places are not optimistic about Bitcoin and think El Salvador is stupid. But El Salvador's approach is enough to show people their persistence. Their current accumulation, when the bull market comes, it will be a big explosion. Looking forward to that day.

We must fully support the decision made by Nayib Bukele for the legal tender, even though there are many who silently reject his ideas and ideas.

If on July 1, 2022 Nayib Bukele said El Salvador had added 80 Bitcoins at a price of $19,000, then since the second week of November the price of Bitcoin is at a price below $19,000 we can guess that El Salvador can add another Bitcoin collection.

https://twitter.com/nayibbukele/status/1542672286490271744

One thing that they would be assuring into their minds that they arent losing something if they arent selling.Even if they are on negatives but still those arent realized yet which means that they arent losing.

Critics are normal yet these kind of decision isnt something that you could really be able to see on a country do really make such step or decision specially on making it as a legal tender.

Now they have decided on buying out 1 btc per day which its really something a step which do shows on how optimistic Bukele is towards Bitcoin.

El Salvador have made history with its decision to become the first country to make bitcoin legal tender. The decision to buy Bitcoin everyday isn't a big thing considering its adoption and its regular buying at dips.

The present move to buy Bitcoin on daily basis makes the government ease out spending on bitcoin purchase and waiting for opportunity to buy at the bottom. Now unlike the market El Salvador is able to buy bitcoin at the best price when we calculate the average.

Even now more critics on the decision gets rolled out, but they never putforth the statement one bitcoin today is the same as tomorrow. So, even at loss the country is able to withstand it without selling and just holding it.

It’s a pretty smart move symbolism wise, as just buying the dips alway brought out the critics portraying it like bukele is some crazy gambler. Buying everyday takes the fuss out and will make it harder to defame him.

What is the risk and future of an El Salvador staying reliant on the dollar forever? What is the risk of El Salvador not trying to fix their country? The risk of El Salvador not trying to win for once, far outweighs any losses they could make from the little Bitcoin they purchased so far.

Politicians are elected exactly to make decisions about how to invest resources that are public which includes but is not limited to how to spend money in the public coffers, so by definition politicians, such as Bukele, are given discretion regarding those kinds of resource allocation decisions (and they likely already know quite clearly that the money is not "his"), and Bukele has decided to buy bitcoin with some of that public money.  That clearly and unambiguously within the realm of his discretion.


Do you speculate that Bukele has not already considered both the cost and benefits of adding 1 more BTC per day to El Salvador's BTC stash?  No one is going to know the future, but ONLY make calculations based on a variety of probabilities about what might happen in the future, so it seems to me that Bukele has likely already made such calculations that account for costs and benefits of buying bitcoin with El Salvador's money, including accounting for risks, too.

So, you seem to be putting on airs of supposed superior knowledge and lecturing towards Bukele about the obvious Hamphser... as if you might have some kind of a better way of assessing whether, what and how much to do something, such as whether or not to buy one BTC per day from here on out or to take some other better action(s) with the Salvadorean resources that will be used to make those 1 BTC per day purchases?

Thanks for the share up.

If we do really look up into those words then you could really actually able to feel and see out the positivity of Bukele towards Bitcoin, although there are some people who
do really see him as an idiot on making up these kind of actions considering that he's a president and he had been  investing the money which isnt his.
Being optimistic isnt bad but he should really always consider out on the risk involved since we cant really able to know on whats the future lies ahead towards Bitcoin but
this man do really look forward on longer aspect.It wont really be that surprising that it would be having lots of positive and negative impressions and thoughts towards this action.
Speaking about 1btc/day purchase then i could say that this man really trust up btc.Well its not that bad but always mind off about the risk.

Yeah, he's most likely won't.

He'll just ignore that thing as he's a president that has a lot of things to do and with his recent announcement through his twitter account. That's another surprising move from him.

While I've seen a lot of people mocking him and his style of investing because he's the president, here he goes proving that he truly believes on bitcoin and its future.

You are making decent points about short term versus long term, but you are phrasing your points weirdly in terms of suggesting that the belief of not having risk is enough in order to make something less risky.. and there just seems to be problems with that way of thinking because there needs to ultimately be value in the underlying asset, rather than just your confidence or the confidence of others that the asset has value..

Let's say if we take bitcoin versus that shitcoin ethereum, and the mere fact that there are a bunch of ethtards that believe that ethereum has long term value is not going to help it when it comes crashing down.. whether that takes 3 months or it might not crash for 50 years.. but the thing is built on a house of cards.. so there needs to ultimately be value. not just confidence in the value.

The lack of risk in bitcoin does not have to do with having higher levels of confidence, but the fact that in the long run that it is actually built on a solid foundation in which it has a lot of robustness to sustain itself through a large number of attacks that could last several years or even decades, but there needs to be some actual performance within a timeline that would be acceptable to the person/entity that is doing the investing and that it has great likelihood to perform well in the long run.. whether that is 4-10 years or if it might take longer.  So the confidence about the likeliness to perform well does not necessarily cause bitcoin to perform well but instead it ultimately needs to end up performing well (or not going to zero, close to zero or overall losing a lot of value) in order to not be risky.

Yes, I will definitely be there to celebrate El Salvador parliament that made Bitcoin legal for their people to feel the impact of decentralized currency in the country. I guess, El Salvador president that legalized Bitcoin in the land of El Salvador must be an educated person that understood what decentralized currency can do to a country economy or world economy if they can make it legal . This celebration will bring so many good things to the people of El Salvador because their government has done what other governments cannot do to their people, because El Salvador president knew that be the first country to make Bitcoin legal will bring so much honour to the country, which the country of El Salvador is enjoying today.

I'm quite happy with the President of El salvador's plan to start buying 1 bitcoin per day starting tomorrow. i think it's better. because From the actions taken by Nayib bukele, I am quite sure that there will be a slight positive impact on the current market conditions which are shrouded in fear due to the tragedy that occurred at FTX. I even liked the tweet from Nayib bukele who commented on the FTX tragedy.
Nayib bukele on 14 november said in his tweet

"FTX is the opposite of #Bitcoin

#Bitcoin ’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, WorldCom’s, Bernie Madoff’s, Sam Bankman-Fried’s…

…bailouts and wealth reassignments.

Some understand it, some not yet.

We’re still early.

🌎/21m ". Sourch : tweet Nayib Bukele