El Salvador Purchase More Bitcoin At $19,000 Each - page 2.

Artemis3

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Quote from: sbrys on July 01, 2022, 09:27:44 AM

Or forced to sell to pay the bills when they need money...

It sounds like they are going all-in in this bet

Markets can stay irrational longer than you can stay solvent. Maybe old lyrics by Keynes but very applicable...

Eh? That's for the fools using money from others betting in unrealistic scenarios (ie, always bull), leverage, margin traders, futures, etc. When its your own money you don't care and you are not forced to do anything. Besides, its not like they stopped taxing USD, they still have plenty of fiat income which a part of is wisely moved into the coin of the world.

In the future you will see, who laughs last. If the USD collapses... You'll see it sooner.

Default? Lol, El Salvador will get rid of the debt while Argentina sinks like Venezuela did. He cannot buy more cheap bitcoin sooner, getting a citizenship there will become highly coveted. Many rich foreigners are already moving there...

serjent05

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Damn! El Salvador is DCA-ing. I envy the government of El Salvador, the people behind the government know exactly what to do with cryptocurrency. Other governments are doubtful on Bitcoin, others are unfriendly, and others are indecisive. They are doing nothing while El Salvador is amassing a huge number of Bitcoin. When the market recovers and Bitcoin surge like crazy again, I bet El Salvador will be laughing at other countries due to the massive gains they get from investing in Bitcoin.

nurilham

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By continuing to buy Bitcoin during this bearish season, El Salvador shows people that they are optimistic about the Bitcoin future. I really appreciate how president Nayib Bukele stayed confident and even say thanks to people who sold cheap their Bitcoins. It is not easy, there should be much criticism about his decision to buy Bitcoin previously. Some people may state President Nayib Bukele risks their country by investing in Bitcoin. But I do believe he knows well Bitcoin nature and its potential to improve El Salvador economy. His confidence indicates that he believes something big to happen in Bitcoin future.

bhooscream

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They continue to buy it and invest their money in Bitcoin. They really believe in Bitcoin and its future. This is a very good mission especially to deal with the bearish times so far. So we only need to hold the Bitcoin. I personally strongly believe that Bitcoin will print a new ATH in the upcoming bull run.
Hopefully, this country will really get its best support for BItcoin because right now, we only find FUD everywhere. Can it give potential and system>

Ziskinberg

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Quote from: Asiska02 on July 01, 2022, 06:18:29 AM

El Salvador continues to benefit from the bear market by using it to its advantage and buying more bitcoin.

That is the thing we are supposed to do, taking this opportunity is way better rather than letting it pass and ignore.
El Salvador had accumulated a lot of Bitcoin during the Bull season, they are about to lose if they will sell them but they manage to hold and they seek the opportunity to add more while the prices are cheap. Honestly, you can't think like that if your mind is already closed and have no futuristic mindset. Indeed the President has a good vision of Bitcoin which make him decide to risk more.

edgycorner

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El salvador is going to default soon on their sovereign debt and this is what their leader thinks of doing lol
BTW, nobody in El Salvador uses bitcoin https://www.youtube.com/watch?v=ig3UN1GYmY8
He's just embezzling taxpayer's money

ethereumhunter

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I think it was a bold and risky step taken by Nayib but also positive news for bitcoin because it could change the price movement for bitcoin. Or maybe he has already profited from bitcoins before so he has enough money to buy bitcoins back at a low price. But nevertheless, he is loyal in giving his support to bitcoin at a time when the bitcoin price is falling as it is now and it really takes a lot of guts as many rumors say that El Salvador is on the verge of crashing too. But hopefully it's wrong.

tomahawk9

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Quote from: spectre71 on July 01, 2022, 10:55:28 AM

Doesn't the US dollar still co exist there?

Yes but who cares, right ? El Salvador gotta start making noise with their PR machine along side the media to turn people's attention away from the risk of default on sovereign default nexy tear. "Thank you for buying cheap" says Bukele as he keeps gambling people's money, and there are people who cheer for him lol Grim

famososMuertos

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Hi, OP;
President Bukele is "in the game" the issue/point is that no matter how good intentions he has with bitcoin, he has a term limit and that is where this effort can come crashing down when whoever replaces him does not keep his thinking pro bitcoin.

romero121

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Quote from: mindrust on July 01, 2022, 06:23:47 AM

Nayeeb has proven himself to be a real friend of bitcoin. The guy tied his country’s future to bitcoin which takes lots of courage. He indeed believes in the tech and he is not just words. He is putting his (and his countrymen’s) money where his mouth is. A true bitcoin defender and a holder. History will write songs about this man.

No one has got the courage as Nayeeb Bukele. There were opposition from the countrymen, but he was strong in his decision. Already he had made history with the adoption of bitcoin. With time more country's will start following him. For now it looks like every government around the world is observing the moves of El Salvador.

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Quote from: m2017 on July 01, 2022, 12:04:24 PM

I can't say if Nayeeb Bukele is a friend of bitcoin because I don't know that. He tied up the future of his country with bitcoin because they have no other choice. Bitcoin for El Salvador as a magical booster, which in the future may allow them to get into the "big leagues". Now, the El Salvador doesn't represent anything at the world level and is far behind the developed countries in terms of economy, technology, natural or intellectual resources. It must be admitted that El Salvador has little to offer to other countries. But thanks to bitcoin, everything can change for this country in the future, and therefore, Nayeeb Bukele actively accumulates bitcoin.

The question is, can such a poor country, where most citizens live below the poverty line, conduct such experiments? If bitcoin is very expensive in the future, then perhaps this will help the population if this money is not stolen by the government. But imagine the situation, if this experiment fails, then the money that could help the most vulnerable segments of the population will simply disappear...

m2017

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Quote from: mindrust on July 01, 2022, 06:23:47 AM

Nayeeb has proven himself to be a real friend of bitcoin. The guy tied his country’s future to bitcoin which takes lots of courage. He indeed believes in the tech and he is not just words. He is putting his (and his countrymen’s) money where his mouth is. A true bitcoin defender and a holder. History will write songs about this man.

I can't say if Nayeeb Bukele is a friend of bitcoin because I don't know that. He tied up the future of his country with bitcoin because they have no other choice. Bitcoin for El Salvador as a magical booster, which in the future may allow them to get into the "big leagues". Now, the El Salvador doesn't represent anything at the world level and is far behind the developed countries in terms of economy, technology, natural or intellectual resources. It must be admitted that El Salvador has little to offer to other countries. But thanks to bitcoin, everything can change for this country in the future, and therefore, Nayeeb Bukele actively accumulates bitcoin.

Text

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Quote from: spectre71 on July 01, 2022, 10:55:28 AM

Doesn't the US dollar still co exist there?

The US dollar still exists there, Bitcoin was just added as a legal tender in El Salvador.

Since Bitcoin was approved as a full-fledged currency in their country, its loss has reached nearly $56 million due to the risk of buying digital assets according to Bloomberg's calculations, although it may not sound good they continue to invest coins in the pursuit of a better future when the price starts to rise and earn.

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While the others find it crazy with his decisions of buying bitcoin. But someday, they'll come and see and will tell their sorry about what they've said about this man.
I know it's crazy that his country is part of his decision making but he's trying to prove that someday, this investment and bet that he's making will be worthwhile and beneficial to his country and countrymen.

Nrcewker

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This is indeed a great news to hear.
Thank God Finally someone using this bear market to their full capabilities.
In this bear market, I have always been hearing about people panicking and selling their coins.
But now El Salvador needs to be praised. As they know the true values of Bitcoins, and hence buying as many as possibles.
Bitcoins are a rare coin and limited in supply, so definitely in future the price will rise. Like El Salvador, I would suggest everyone to buy as many Bitcoins as they can.

ChiBitCTy

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I know the president of El Salvador 🇸🇻 has been getting a lot of shit for legalizing bitcoin as a fiat currency in his country after the recent crash we’ve seen happen, but I believe in the long run this is going to be hugely successful for El Salvador and he will end up being heralded as a hero.

Dunamisx

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More profits to be realized, the people were joyful and expectant, they know the benefits on investment while that of bitcoin is an added advantage for them to use, i keep wondering why some people are against the decisions in El-Savador and the tackling of their president, what we all sit to watch happen will eventually turns an amazement in the nearest future for the whole El-Savadoran because their government is going to make an effective opportunity out of bitcoin adoption and the buys its securing.

yazher

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Quote from: mindrust on July 01, 2022, 06:23:47 AM

Nayeeb has proven himself to be a real friend of bitcoin. The guy tied his country’s future to bitcoin which takes lots of courage. He indeed believes in the tech and he is not just words. He is putting his (and his countrymen’s) money where his mouth is. A true bitcoin defender and a holder. History will write songs about this man.

He's taking some bet here since they both have that huge amount of bitcoins in this current market situation and they have high hopes that it will gonna spike its price in the upcoming months or year. They're not backing out because whenever bitcoins trend in the news about their price, they are one of the main topics since they are the only country that took implementing bitcoins to the next level, and of course, they have their own critics too but that doesn't concern them, they are only focusing on taking advantage with the bearish market.

NdaMk

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Quote from: harapan on July 01, 2022, 06:46:54 AM

Quote from: mindrust on July 01, 2022, 06:23:47 AM

Okay! Good one I must confess. He's vision for Bitcoin is arguably beyond comparison. Really placed at the top front as he sees so much light from it
So here comes my question, do you consider this act as a good decision ? It's more like putting all eggs in one basket. Quite obvious he must have done he's research but they have faced a huge loss evers since they bought bigger shares.

I am not a Bitcoin critics but do you consider this wise ?

No business or investment is without risk and what makes successful people more successful is there ability to take risk. He has done his research and believes a lot in bitcoin. Bitcoin is just having its tough time and This isn't the first time, every genuine friend of Btc knows it will bounce back. Only its enemies discourage people about it.

Although my advice is to peach your tent where your confidence lies

spectre71

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Doesn't the US dollar still co exist there?

Topic: El Salvador Purchase More Bitcoin At $19,000 Each - page 2. (Read 586 times)