Topic: El Salvador has just bought it’s first 200 coins - page 4. (Read 555 times)
Will 200 BTC be really enough for distributing $30 worth Bitcoins among all their citizens? Let's say that Bitcoin price is fixed at $50k. In this case, 200 BTC equal to $10m. According to the 2019 data, El Salvador's population is around 6.5 million. Let's say that they will all accept this offer and want to take the $30 worth Bitcoin. In that case, the amount needed will be around $190m. I know that the price will change all the time and most probably not all of the people would lean towards this offer. But this is a really interesting point for me. But I guess that they just wanted to give BTC to a certain number of people to draw their and the other people's attention also.
Quote
El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms
"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."
I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.
However the purchase is small but that is fine, as long as they keep doing this then they may end up becoming one of the richest countries around the world as there is no doubt in my mind the price of bitcoin will keep increasing.
Despite all the good news happened today, price goes down for a reason. I wonder if how long they will hodl and if they will announce once they sold their holdings.
Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too
Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too
There was no particular reason for the price drop today. Some of the whales decided to teach Nayib Bukele a lesson, and they spent a few hundred million USD in manipulating the markets. And trust me, this dip is not going to last for long. Within the next 2-3 days, prices will be back to 50K+ levels. And I didn't heard of any big negative reaction from El Salvador. For the Bitcoin enthusiasts, today was another normal day. And according to Bukele, El Salvador purchased a total of 550 BTC today. That is worth $25 million as per the current exchange rates.
Despite all the good news happened today, price goes down for a reason. I wonder if how long they will hodl and if they will announce once they sold their holdings.
Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too
Anyways, next question is what country will be the next to adopt and make bitcoin as legal tender too
Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?
That is a possibility. They could just be stashing up quietly. Considering El Salvador is far from being a rich country, this publicity could at least encourage other countries along that economic level to start stockpiling themselves. "If they can, why can't we?"
a rich country then the said act is considerable and a good move.This do really shows that they are indeed serious in regards to this one and for sure there would be some possible follow up
purchases of coins in near future and they might have just done some initial accumulate and the rest action will really be next in line.
This will be example to all other smaller nations, they could gather as much bitcoin as they can with the money they have, and eventually they will be leveraged against USD. Think about a nation that is very poor but having a better economical potential in the future than USA? Can you imagine El Salvador ever having a better economy then USA? Of course not, but this crypto deal could make it possible or at least close the gap, overall the difference will always be big, but per capital could get better for sure.
El Salvador doesn't have the cost of living USA has, it is cheaper, plus they do not have the same population number neither, combine those two facts together and they need a lot less money to be a rich nation whereas USA would need 100x more money just to pay the bills.
El Salvador doesn't have the cost of living USA has, it is cheaper, plus they do not have the same population number neither, combine those two facts together and they need a lot less money to be a rich nation whereas USA would need 100x more money just to pay the bills.
Not a lot of bitcoins compared to whales but definitely a lot for a small country to have. Now imagine if they were to hodl that amount and wait for it to go up in prices say around 1 million USD per bitcoin, I am pretty sure that we will be seeing a lot of happy people in El Salvador when that finally happens. And it's a win-win situation for us because if they sell, it's not going to affect bitcoin market too much and if they hodl and the prices go up, they will be on the news again and will probably influence other countries to get in even though it's a bit late for them.
Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?
That is a possibility. They could just be stashing up quietly. Considering El Salvador is far from being a rich country, this publicity could at least encourage other countries along that economic level to start stockpiling themselves. "If they can, why can't we?"
That's good news.
Buy to let people use it. Try it. Use it as a legal tender then maybe they could find ease with that option rather than other types of transactions.
There will always be someone who will be against it like traditional people, there's no such thing as a perfect country but it's a good start in my opinion.
Adoption is the first key to make it successful. Let the mass tell it to her/his neighbor and be the judge about it.
Buy to let people use it. Try it. Use it as a legal tender then maybe they could find ease with that option rather than other types of transactions.
There will always be someone who will be against it like traditional people, there's no such thing as a perfect country but it's a good start in my opinion.
Adoption is the first key to make it successful. Let the mass tell it to her/his neighbor and be the judge about it.
Now that they started to legalize the use of bitcoin in their country, we will know in few months if this move has significant impact on their financial system. And I am guessing that their neighboring countries are also looking at bitcoin to follow their path. I wonder if other countries are also buying their own bitcoin stash but they are just not disclosing publicly about their involvement in crypto?
They've bought more and the most recent is 150 bitcoins.
Source: https://twitter.com/nayibbukele/status/1435260422110732300
The total bitcoins that they've got now is 550 BTC
Source: https://twitter.com/nayibbukele/status/1435263064933285898
I guess that there will be more bitcoins that they're about to buy soon. As they've bought, the market dropped and that's usual after bitcoin goes $52k.
Source: https://twitter.com/nayibbukele/status/1435260422110732300
The total bitcoins that they've got now is 550 BTC
Source: https://twitter.com/nayibbukele/status/1435263064933285898
I guess that there will be more bitcoins that they're about to buy soon. As they've bought, the market dropped and that's usual after bitcoin goes $52k.
Quote
El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms
"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."
I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.
Quote
El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of today, the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
“Our brokers will be buying a lot more as the deadline approaches,” Bukele said, referring to the Sept. 7 timetable for fully implementing the new BTC legislation.
Source: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms
"Analysts at the Bank of America recently outlined at least four potential benefits, said El Salvador’s decision to recognize BTC as legal tender could streamline remittances, promote financial digitization, provide consumers with greater choice, and open up the country to American firms and digital currency miners."
I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.
Right now, if Satoshi (Assuming he's just a single individual) was invited to give a talk in El Salvador his first line will probably begin with this quote by Napoleon Hill “Whatever Your Mind Can Conceive and Believe, It Can Achieve.” Over 10 years ago no one would have ever believed that someday we’d hear a great news such as this. Whether it turns out to be a huge success or disaster the fact is that history has already been made. Bitcoin in El Salvador is a litmus test for other nations harboring such lofty intentions.
I wonder if it's necessary for the government to purchase the bitcoins, assuming the government is the one purchasing them. Are the people suppose to purchase bitcoins through governments or can they also purchase some other places?
Just hope things are done right so people don't get their rights taken away in the future . It's important that they are able to control their coins and can easily move to another app just incase they need to. It should be freeer than fiat.
Just hope things are done right so people don't get their rights taken away in the future . It's important that they are able to control their coins and can easily move to another app just incase they need to. It should be freeer than fiat.
It is a really huge amount of purchase which is worth around $10m for now. This is a good preparation before making Bitcoin their legal tender. The most important thing is what will happen later. Because I still don't know how many El Salvador people are likely to use Bitcoin in their daily lives. And I wonder what El Salvador's strategy will be from now on to convince people to use Bitcoin. I hope that they become successful after this move.
Quote
The country depends heavily on money which citizens based abroad, often in the US, send home and these remittances to El Salvador were worth almost $6bn in 2019, amounting to 16% of El Salvador's gross domestic product.
The country moved to using the US dollar as legal tender as a result of these remittances, and the move to Bitcoin is based on an expectation that more Salvadorans will begin sending money home using the cryptocurrency.
The country moved to using the US dollar as legal tender as a result of these remittances, and the move to Bitcoin is based on an expectation that more Salvadorans will begin sending money home using the cryptocurrency.
What do you think, will some people start using crypto for sending money to their family or dollars?! Fees will have an important role when making a decision... And not just fees, the process can be easier with crypto, and people like it when it's easier and cheaper!
Time will tell, but I think El Salvador made a good move here!
Just wondering also how they can deal up when transaction fees surge up because this could be the pain of their ass also considering each transaction might cost more bucks but I believe they can find ways towards that issue.
But any from that well crypto will be the biggest happening on their country and thanks to their government for showing the support for bitcoin since for sure they will earn something from it in future especially when bitcoin reach up to $100k or more.
Once El Salvador became the first successful country to adopt bitcoin for sure many countries will consider to make it as their legal tender.
I want to remind everyone that El Salvador is not the first country to have Bitcoin in it's reserves. That distinction goes to Bulgaria. They have around $3 billion worth of Bitcoin in their reserves.
Yeah but this is completely different to what El Salvador is trying to achieve. Those reserves are probably will be used to provide liquidity because they have officially accepted bitcoin as legal tender. If this somehow works out at the best scenario for the country then some other countries will start to consider accepting bitcoin as well
it will be even more interesting if they legalize some other coins in the future!
Probably not for a while. Accepting bitcoin is already a major breakthrough that they have done so if everything works fine with bitcoin then I dont think there is any reason to start adopting other coins as their legal tender
I want to remind everyone that El Salvador is not the first country to have Bitcoin in it's reserves. That distinction goes to Bulgaria. They have around $3 billion worth of Bitcoin in their reserves. But the fun fact is that Bulgarian government never purchased these coins. They seized them from a criminal enterprise. The seizure was made in 2017, and since then the exchange rates went up by around 50x. On the other hand, the US authorities auctioned off most of the coins they seized in 2014 and 2015, for three digit prices.
That's good news.
Buy to let people use it. Try it. Use it as a legal tender then maybe they could find ease with that option rather than other types of transactions.
There will always be someone who will be against it like traditional people, there's no such thing as a perfect country but it's a good start in my opinion.
Adoption is the first key to make it successful. Let the mass tell it to her/his neighbor and be the judge about it.
Buy to let people use it. Try it. Use it as a legal tender then maybe they could find ease with that option rather than other types of transactions.
There will always be someone who will be against it like traditional people, there's no such thing as a perfect country but it's a good start in my opinion.
Adoption is the first key to make it successful. Let the mass tell it to her/his neighbor and be the judge about it.
Do a bit of research. A significant number of El Salvadorians have been using bitcoin(through Lightning, hence little to no fees) for a while now. The legalization is just going to give adoption a boost, not necessarily the start of it.
Well, probably all this started before, this is just legalization of what many are doing there! So I agree this will be a boost and can turn to something big now when people can use Bitcoins freely, to spend it, invest in different things... El Salvadorians started something with this, and we will see what will happen.
Definitely, it will be interesting to follow El Salvador and how the situation will develop there... And if something positive comes out from all this, it will be even more interesting if they legalize some other coins in the future!
This is a really good action to take considering speeding up the adoption process. People have already been familiar with cryptocurrencies. They just might not be fully ready for using Bitcoin only from now on. But I believe in El Salvador government to continue to take the necessary steps to make people get accustomed to using only Bitcoin in their daily lives. I hope that this process goes on positively and we see some other underdeveloped countries making a similar move for Bitcoin also.
That's the only way, I don't think that the government is going to retract what they've passed already and it's going to be a waste of time doing another hearing about this thing trying to reverse everything. Plus it's not like it's super interfering with their economy. 
I believe in totality, President Nayib Bukele has done a lot of good for the country and the citizens and the lots that are still against it will catch up later once they see what Bitcoins investment will bring to the country.
I have huge respect based on what he has done so far [with an exception for the Chivo app (he "might" have an ulterior motive)], but he should really focus now on educating those that have no idea about what BTCitcoin is [according to a recent survey, 2/3rd of them are against its usage and that mainly has to do with the fact that there's limited knowledge among the elderly population].Quote from: https://cointelegraph.com/news/el-salvador-purchases-first-200-btc-president-bukele-confirms
The purchase is part of a new $150 million Bitcoin fund passed last week by El Salvador’s Congress. The fund will be used to facilitate conversions from BTC to United States dollars in the lead-up to the new law being implemented. At current prices, the BTC purchase was worth just over $10.36 million.
I believe that means they'll be using the remaining $140ishM to purchase "only" BTCitcoins [that's a lot of BTCitcoins]. Jump to: