Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 97. (Read 43229 times)

You are right, the management of the funds and were the money El Salvador president intends to use in purchasing the entire El Salvador Bitcoins holdings should be made public so that the citizens can hold them accountable when and if anything goes wrong. El Salvador is a country and not a personal business that there will not be data and current state of things as regards to the Bitcoin president have purchased since the adoption of Bitcoin as a legal tender over a year ago. The lack of public data and information as regards El Salvador Bitcoin adoption and holdings has limited a lot of research from other cryptocurrency communities who are constantly following the El Salvador Bitcoin adoption and development since over a year ago, that is why we have limited data and information at our disposal to analyze or established a good discussion on Bitcoin adoption and it impacts on the economic developments of countries around the world and all eyes are on El Salvador since El Salvador is the first country to adopt Bitcoin as a legal tender.
That being said the bad side of this is that we can't tell if the El Salvador Bitcoin holdings are held on a private wallet owned and controlled by an individual who could be the president, or there is an official wallet since El Salvador already have government-approved KYC Chivo wallets, The lack of transparency in all this due to lack of information and data for public consumption has led to speculations and attacks from the president political opponents who may champion a campaign against the decision of the president to adopt Bitcoin since the government purchase is at a loss ever since their first Bitcoin purchase and the economic implication of
Of this on the citizens.

Anyone can make a mistake and I don't think Nayib Bukele will go to court with this case. The rumor itself was bad but trials based on a stupid mistake apologies for which have been made instantly could be worse for image. I think Salvadorian president understands that and we all will forget this ridiculous gossip very soon. And new narrative Nayib Bukele is starting with buying 1 BTC a day is a good replacement for this story.

In the event that you have enough confidence and decide that it is a long-term investment, then no matter what price you buy it at, it will never be risky, it is only risky unless you intend to trade short term. Because bitcoin is unpredictable and this change of strategy will allow him to approach more market bottoms, he will own more bitcoins than with the old strategy.
This strategy is like someone looking at bitcoin as a savings for the future, weekly or monthly they will take some money out and buy bitcoin at any price whenever they have the money.

I figure that he’s pretty convinced that either the prolonged downward trend will reverse soon, or that his past buying the dip type purchases were not really close to the intended bottom, so perhaps he considers making daily purchases will have less of a risk.

I still believe that, managing public funds as he is, the country’s citizens are entitled to some degree of transparency that is being constantly denied in terms of where the bitcoins are being stored, how, and exactly where every purchase is coming from in terms of budget (It can’t all be attributed to the initial Bitcoin Trust they created to give liquidity to the Chivo System).

and it seems that it's not only Nayib bukele who will repay 1 bitcoin every day but we see that it turns out that even justin sun also replied to bukele's tweet and it seems that Justin sun will do the same thing, namely starting tomorrow they will start buying 1 bitcoin every day.

It sounds like a good idea for El Salvador to continue its BTC buying at a modest rate, which would be DCA to be buying every day, but it does have a buying on the dip sentiment to it too.  It's a pretty modest amount that they should be able to handle without any problem and seems to be somewhat symbolic in nature, too.. in order to communicate that this seems to be a good time to continue to buy BTC whether the BTC price goes up, down or sideways for a while from here.

The El Salvadoran president, Nayib Bukele just tweeted about the upcoming plan of buying bitcoin daily

https://twitter.com/nayibbukele/status/1593113857261965312?t=34fpxL5lJFctwpq5eUGp2g&s=09


I think this is DCA which is a good plan, but buying one bitcoin daily if not weekly may not be regarded as DCA but the price of bitcoin has falled significantly in a way that there may only be little drop in price which would be followed by a significant bull run. We do not know when the next bull run will start, which would take bitcoin to over $30000, but I believe we are getting closer to the period daily.

I see this as a good plan for people that wants to invest in bitcoin to invest now too because it would be profitable.

Good to hear about that. Mike is one of the bullish folks in the market and then he attained to make a FUD like that? He should do better than what he has said, he has already lost his credibility long time ago when he has given a lot of bullish predictions but none of them went right.

It seems that these leaders know each other and they're always in close contact to verify some information if it's real or not.

Well, there is a possibility that Mike would be sued for that misleading news that he has spread if Nayib would like to do so.

There is no doubt that Binance is a large exchange that has been used by almost everyone in the world (especially for crypto lovers and crypto trading), so it is possible that El Salvador also uses Binance in terms of buying and selling Bitcoin. Today I read a tweet from @nayibbukele that he said that he is currently turning the most unsafe country in the world into the safest in Latin America. This reflects that Nayib Bukele doesn't really care about the cases happening in other exchanges and still remains focused on building his country to be very safe in all sectors. And it may also include the crypto and Bitcoin sectors.

If CZ feels that part of Nayib Bukele's tweet is better than not feeling it at all.
We consider the applause given by CZ to be positive, maybe because El Salvadorans also make Bitcoin buying and selling transactions on the Binance exchange.

Whenever the market experience downturn El Salvador will be under criticism. Nayib Bukele who made the strong decision never take those a big thing and moves forward. Even now he have pointed the reality of the market. The funny part CZ have clapped for what he have mentioned, because Binance too falls under the list in which he have stopped with Sam Bankman-Fried’s followed by few dots  

This is the common mistake most countries follow suit by introducing CBDC instead of bitcoin since they believe they are both digital currency but they never know that if not bitcoin then any other is termed as alts, thisbis thesame mistake Central African Republic made with it bitcoin adoption in creating another token to compete with bitcoin in disguise for Sango project, other countries that have followed same has nothing to show forth because that does not solve the problems but rather repainted and repackage their ridiculous encounter with centralization using cbdc while the solution everyone want is btc.

And to clear the air I don't think I've come across El-Savador's president Nayib Bukele stating their investment with FTX or any related exchange in the past.

As we can learn from press as of today, rumors about that El Salvador holds its Bitcoin assets in FTX probably were first inspired by Mike Novogratz. Then CZ refuted these rumors basing on his conversation with Nayib Bukele. Later Mike Novogratz apologized for misleading. So all this situation looks like a classical FUD (as we see despite these rumors were refuted they are still in discussion).

Personally I don't want to get to this stage my friend.

The information you provided from Coindesk is titled El Salvador Purchases 80 Additional Bitcoin at $19K, President Bukele Says published on Jul 1, 2022 at 8:41 a.m. and updated on Jul 1, 2022 at 10:15 p.m.

There is a gap of several months if we compare Nayib Bukele's statement written on his twitter account with this information, it seems that Nayib Bukele does not store Bitcoin assets at all on any exchange, including FTX.

Overall the United States is also the best equipped for Bitcoin adoption, but use not as legal tender. This readiness for adoption is evidenced by the presence of more than 17,000 automated teller machines (ATMs). While ATMs are not limited to just Bitcoin use, I don't think the United States is completely against bitcoin adoption, as the infrastructure that is being built also has the capacity to accommodate crypto and Bitcoin travel.

El Salvador still has some drawbacks when it comes to Bitcoin adoption, as it does require infrastructure to run. But so far, they haven't failed to adopt bitcoin as a legal tender, media freming has reported too much negativity without compensating for the positives, so a lot of the news that comes out is unbalanced. Nayib Bukele looks optimistic that El Salvador will become a pilot country for Bitcoin adoption for other countries.

We talked bad rumor happen with El Savador Bitcoin investment source from coindesk and cointelegraph and don't know about this information true or not, not any one know about El Savador Bitcoin investment right now where the place or exchange for saving and how much Bitcoin detail still hold except ever have announce about how much bitcoin invested. Here detail based on COINDESK about Bitcoin purchased by El Savador but source not directly from Nayib Bukele.

I think with Nayib Bukele opinion about FTX exchange because have rumors with El Savador bitcoin assets hold there, maybe he tries by given several opinion not claimed yet that true. Absolutely El Savador seems not have bad announced yet what happen with FTX exchanges and likely based on my opinion El Savador not hold and invested their Bitcoin in FTX exchange

Almost no one in El Salvador uses Bitcoin, except for a few in the capital and in crypto-friendly beach spots.
In fact, the future of tokenized money is more likely to be CBDC or stablecoins.

There were speculations that I've read that El Salvador has deposits on FTX and they can't take it out. I don't know if that's true but I guess that was just another made FUD to make the market's move as much as these speculators want.

And there's really no need for some new amazing tech and project to come out to kick bitcoin's ass. That's overused and exaggerated already that has made a lot of projects think that they're better than bitcoin.

We don't really know much about El Salvador's developments regarding Bitcoin adoption. We keep following them from several online media such as coindesk and cointelegraph, including through Nayib Bukele's official twitter account. For us the development of Bitcoin in El Salvador is very important for us to know.

The incident that happened to FTX made President Nayib Bukele give his opinion. He said on Twitter that ["Some understand it, some not yet. We're still early."] For us the sentence is a reality. Many do not understand what to do in investing for the future.
He continued with the line ["Bitcoin's protocol was created precisely to prevent Ponzi schemes, bank runs, Enron's, WorldCom's, Bernie Madoff's, Sam Bankman-Fried's..."]
What we understand is that we need to be careful and don't be fooled because Bitcoin is here to prevent financial crimes.

quote source: https://twitter.com/nayibbukele/status/1591951579930058752

The West would always criticize, oppose and resist any country that wants to gain freedom form their financial bondage. The US would always want the USD to become the leading legal tender so that it could be used to manipulate the economy of other nations. El Salvador might not have gotten to its destination as regards to its bitcoin investment but it is paying the price for bravery and boldness. After this tough adventure, I am sure El Salvador would be a role model to other nations.

The media hype about the high probability of El Salvador defaulting on its debt obligation received a very wide media coverage but the attraction of tourist and foreign investment due to bitcoin adoption is neglected and even coveredup by the Western media.