Topic: El Salvador Purchase More Bitcoin At $19,000 Each (Read 590 times)

I believe Bukele is entrusting his country's bitcoin investments to a specific investment expert or institution rather than doing it himself. The flexibility of the methods and strategies they use actually depends on how the individuals they trust carry out market analysis and understanding. I see they do accumulation, dca and other methods but the results may still be said to be minus.

Based on the data in the table, El Salvador has a good chance of making a profit in the long term with its 2381 bitcoin currently. Bitcoin will be on top in time, but I think they should be prepared for some other funds if they actually want to buy more bitcoin on the dip. I'm sure Bukele is still very optimistic about bitcoin, he's not going to give up so easily.

Purchase and re investing in bitcoin did by El Savador president Nayeeb Bukele is very good way because he was most loyal and strong hand keep hold bitcoin until reach higher price again. No bad by investing 80 BTC when price still drop on $19,000 because right now bitcoin have reach $23,000 exactly El Savador have got profit about $320,000. But I am believing with El Savador President Nayeeb Bukele not take profit or selling their purchasing 80 Bitcoin right now because he has good decision for keep holding bitcoin as long term investment, waiting until bitcoin back to higher price and make new all time high again, maybe he has decision keep hold three until five years later before selling bitcoin assets as investment way.

Not everyone have this courage. But, when criticism were made against him that he's driving the economy towards disaster. The financial authorities were to give a clarification, what's been invested is not even 1% of the economy. So, the loss isn't gonna make any impact. Outsiders just find it a reason to make a negative thought over bitcoin and the legal adoption of bitcoin a failure. The reality will be understood in the long run and the country is waiting for the moment.

Bukele was far from putting all of his eggs in one basket.. You need to get your facts a wee bit moar straightened out.


You need to snap back into reality peter0425.

It is neither an easy task to time buying at the bottom, and it is likely not even a healthy mindset for anyone who recognizes and appreciates an asset (such as bitcoin) to have strong fundamental value.

With El Salvador, they seem to be in a relatively early BTC accumulation phase, and they also seem to be attempting to apply, lump sum investing, buying on dips and DCA.. and accordingly, there is no pure strategy in which anyone, whether an individual, country or institution is going to be able to adequately time the market, even though surely individuals are going to be more flexible in their abilities to act than countries and institutions, and certain kinds of countries and institutions are going to be more flexible in terms of their structure than other countries and institutions.    However, even if a country or institution may be in a kind of flexible status in regards to its abilities to buy/sell bitcoin, that still does not necessarily mean that they should be attempting to fuck around with maximizing their timing in regards to something like BTC accumulation.

Yesterday, I had commented on the same topic in another El Salvador thread, and also pointed out DdmrDdmr's linking to a chart that seems to give an overview (and specifics) to El Salvador's known BTC purchases.

For ease of reference, here's that chart that DdmrDdmr had posted:


I hate to criticize you Minor Miner for being too bullish about bitcoin, but frequently there are needs to be more reserved in terms of making absolute statements, and sure maybe in the long term, a country like El Salvador may well be able to transition completely to bitcoin, but for now it seems way more prudent and practical to assess their current status (incorporating bitcoin into their society) in terms of creating more options for themselves as a country and also more options for their citizens  - including incorporating potential hope in terms of the possibility that El Salvador will be able to gain more and more sovereignty... and surely one of the ongoing problems with any government that claims to be democratic remains that Bukele may or may not be able to stay in office or to ensure a successor administration that is like-minded in regards to its bitcoin policies/practices and views, and even in the future, information may change, and surely I am not suggesting that they would be tempted into shitcoins, but we cannot even rest-assured that such a thing might not happen to a place like El Salvador - even though so far it seems to have stuck with a more sound policy/practice/view that puts bitcoin first (and perhaps even exclusive in a kind of bitcoin maximalist way). 


You are going a wee bit overboard in your praising and or worshiping Bukele, Minecache. 

In other words, the mere fact that something like bitcoin is highly volatile and considered to be risky is likely going to justify considering taking a reasonable and prudent position, but it does not really justify failing/refusing to get into the asset and/or failing/refusing to get any kind of exposure to the asset (bitcoin in this case), which seems to be the ongoing mistake of no coiners and low coiners.

I got into bitcoin in 2013 - and surely on an individual level at that time, I was not very confident regarding how large of a position/stake that I should take in bitcoin at that time, yet I still established a bitcoin accumulation budget for myself for the then upcoming 6 months, and after revising my investment into bitcoin while continuing with it, after about a year of being in bitcoin, I had established for myself that 10% of my total quasi-liquid investment portfolio into bitcoin would be prudent/pracitcal for me.     

So soon after that late 2014 time-frame, I started to recommend that individuals new to bitcoin should consider establishing a 1% to 10% position in bitcoin relative to their total quasi-liquid investment portfolio, and so part of the punchline of my suggestion continued to be that people get the fuck off of zero, but at the same time, tailor their amount to their own situation and assessments, so if someone were to be more bearish, s/he would gravitate towards investing into bitcoin at the lower end of the range and if the person were to be more bullish, then s/he would gravitate towards investing into bitcoin at the higher end of the range..

Lately (especially after March 2020), I started to gravitate recommending an initial investment target range of 1% to 25% into bitcoin, and surely some of the considerations of governments and institutions will be somewhat different from individuals, but similar to individuals in terms of the kinds of principles that can be applied in terms of their figuring out what level of exposure that anyone or any government or institution considers to be prudent and/or practical to get themselves off of zero while at the same time attempting to be reasonable/practical/prudent in terms of assessing their own situation.. to get exposure and without gambling too much in regards to their cashflow situation and also their other various investments..

Actually assessments in regards to investing into bitcoin would include considerations of cashflow, other investments, view of bitcoin as compared with other investments, timeline, risk tolerance, time, skills and abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.  These listed items to consider apply to individuals as well as governments and/or institutions.

This man is more of faith and a true believer of bitcoin. Even if a lot of FUDs have been spreading that bitcoin is soon to collapse and crypto will be over, Bukele has remained calm and show a perfect picture on what to do when there's a big crash in the market. His action shows his real identity, and it takes a lot of courage to stand firm with this market condition and still hopes at the end of the day, all his wise efforts and persistency in bitcoin will paid off, and that the whole countrymen will benefit.

This sector is very difficult to predict or understand. From all prediction and speculation, Bitcoin price might still go down, which entails that we have not yet reached the bottom. But the general speculation of forecast is that the price would still rise more than what it was before this bearish movement. Hence, El Salvador might be really investing wisely because the bullish Bitcoin trend would really positively impact on the economic condition of that country. Standing with Bitcoin at this trying times is a proof that Nayib Bukele is indeed a renowned Bitcoin friend and supporter.

Yes it does.
The state approved the use of Bitcoin, but it did not prevent the use of its local currency or the rest of the currencies in circulation, and I think the use of the dollar is the option preferred by the general public, because the local currency is collapsing and the use of Bitcoin is not as easy as it is available to everyone, especially if we note the rate of schooling in El Salvador compared to the early dropout rate from school.
The step taken by El Salvador is considered good in the long term, considering that Bitcoin has promising prospects. But, of course, it cannot solve the economic problems that the country has been going through for decades. El Salvador is one of the poorest countries in the Americas and in the world as well.

Or he is just trying to bring down the average price bought of bitcoin since they accepted it as legal tender because they bought most at the $40 to 50K range so when the price stumble to 20K then there maybe some political issues raises there so for the stats he is buying whatever he can to make it up, but its certainly a worth investment but the country has enough other reserve to survive until the bear market ends or they eill be forced to sell their bitcoin holding.

their strategy is admirable because they try to buy the dip. But what is the dip?
In this sector it is really difficult to maximize profits because what today looks like a bargain price may not be so in no time or vice versa.
In any case, their courage in this area is truly admirable. Hope this experiment really works and more governments will made the same choice.

Yup, I'm sure most El Salvador citizens don't give a shit about Bitcoin when their country slowly dig it own grave in socioeconomics. But of course, they can't do anything to him, tell him to stop doing that because they're a failed state, a banana republic all and all.

As the president of a country and with bitcoin, he knows well that bitcoin is a risky investment because of its volatility but he still puts all his faith in bitcoin. He is a true friend with bitcoin.

He ignores all warnings and chooses bitcoin as legal tender, currently investments have not yielded the desired results but he continues to believe in bitcoin and continues to buy when the price is falling quite a bit deep. This man deserves our admiration and respect, just wait for the bulls to return, he will be honored and get the rewards he deserves.

This was a good deal as we know their previous purchases were from high prices. Now they can lower the average cost. It might work well in the long run as government don't need money urgently. When you think about their budget, 1.5 million dollar is nothing for a country even if it's a small one.
I wonder if other countries will follow El Salvador before next bull run, I guess it will be a test for governments and see who's smarter, eh? Unluckily my country wouldn't be in this list as we have a very corrupt government and they only do negative things about Bitcoin.

The El Salvador president Nayeeb Bukele is indeed a great Bitcoin enthusiast and have acted wisely in making such purchase @$19K for the country which is around the previous all time high (ATH), Is a step in the right direction to me.
From this year 2022 to the year 2024 after Bitcoin's next Having will prove the capability of Bitcoin'ss price re-bounce to ATH.
Anyone that buys Bitcoin during this down time of the market with proper DCA will be King tomorrow.

Honestly, speaking I like the optimism of the El Salvadorian leader about Bitcoin because he believes that bitcoin is the future, and I think that was an important opinion here coming from a leader, he believes that the future of Bitcoin would be good thats why he continues to buy more BTC in the dip and I believe that's a wise decision because we all know how scarce the Bitcoin supply is thats why there's a lot of opportunity in the future.  

I was worried about El Salvador when the price fell so drastically, as a state budget can't afford such a high volatility, especially for such a poor country as El Salvador. But then I learned that they actually only held a very small percentage of the budget in BTC (I can't find the article now, but it was something between 0.5% and 2%). So yeah, they played it safe, and I'm happy they can now buy more at a great price. These are baby steps when talking about a country's budget (meaning that even when this $1.5 million becomes, say, $5 million, it won't fix anything major in the economy), but they're happening.

If they are a poor country then how come they can buy boatloads of bitcoin? But okay let's say they are poor but do you think this will remain? Watch till the btc pumps and goes to 100k or more. Let see who's poor now after that. No matter what people think to El Salvador, this country still help influence other countries to legalize the use of bitcoin and there are now countries that joined them to make btc as a legal tender. Now can you still say that the impact they made in terms of adoption is little? If your concern is about the price and on why it's still low, well that is because we are in a bear now but before this bear strikes btc is already spotted at 69k.

I heard that the total amount btc earned by El Salvador is only 0.50% of their nations wealth. That's too small so we shouldn't worry about them if something bad happens with btc. They know that btc is too unstable so they don't put all their money on it. Their local currency is not usd but I think they are still using their local currencies despite btc is already a legal tender on their country.

It's still there but it will soon be replaced by bitcoin, the fact that El Salvador relies on the USD and does not have its own currency has made their economy hard for years, but it will end soon. With bitcoin acceptance as legal tender and what El-Salvador needs now is time for bitcoin to become a popular means of payment and bitcoin to help their economy thrive.

Nayib Bukele's strong Bitcoin advocacy would either spell his legacy or his downfall. He's after all using the country's funds in purchasing Bitcoin which, so far, is registering negative growth. Lucky for him, his term is not yet ending very soon. This means Bitcoin's price has a lot of time to recover, probably in time for the next campaign season for a possible reelection. Otherwise, this might become a huge issue. While the money may seem small vis-à-vis the country's GDP, hundreds of millions will surely matter a lot to many Salvadorans who are in poverty.

There is nothing we can expect from EL Salvador because they are the first country to accept bitcoin as legal tender and completely supporting bitcoin from here and then.

but what I was thinking is that why buying at 19k when they are capable to buy in at 17k?

but I am thankful to what they are doing as this will add progress and support to stay strong even in this dumping season.

"Thank you for selling cheap"!
This is how the whale speaks and they'll laugh when someone selling at a cheap price.

It's good to hear that they continued to support Bitcoin even though the price was dropped too much, I'm thinking before might they be disappointed with the current market correction but look at now, it seems they encourage everyone to invest while it's cheap.  
If they don't, why it was posted on Twitter?

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...

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.

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.

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>

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.

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

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.

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

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.

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.

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...

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 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.

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.

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.

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.

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.

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.

Doesn't the US dollar still co exist there?

People who are bullish about bitcoin are buying it when the price is heavily discounted. On the other hand, naysayers are selling off. Time will tell who is right but there's no denying that an opportunity period is ongoing. Who wants to stay ahead of the competition, will take the risk and others won't take any action. We have to remember that fortune favors the brave. You can't win if you don't try!

The president of El-Salvador is definitely bullish about bitcoin so he took the right decision to include more bitcoins into the national treasury at a dirt cheap price.

This is the future, no matter what peoples say about crypto. Smart people will benefit from this kinda market movement. Fools will sell at low. I wanna go to El Salvador

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...

Looks like this country is destined to be the richest country in the hemisphere...

I would say that this man knows and sees the future of Bitcoin. Taking advantage of the dip now is a good strategy at positioning the economy of the country in a good economic boom in less than no time. He has proven himself to be a Bitcoin lover and an advent follower of the Crypto industry. As a pro Crypto nation, I believe the nationals would make good use of this opportunity to fill their bag this bear market while waiting for bull run.
I pray other nations sees the good in blockchain and give it a try allowing their citizens be a part of the industry without any much stringent rules.

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 ?

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.

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

Many individuals believe that because El Salvador is a poor country and because utilizing bitcoin as legal cash has little impact on adoption of the currency. If more wealthy nations had adopted it, it would have made more sense for additional nations to do so as well, and acceptance of bitcoin would have spread more quickly and been embraced by more nations.

The government holds significant number of BTC (i.e taxpayers money) and has stocked more now. If these are the reserve and the price doesn’t go up within the possible time they’re hoping so, it can be a big disaster to them. However, I hope they continue to use the USD for everyday transactions and that this is merely a short-term problem. As for adoption among El Salvadorans, I've read that it's not that common; hence, it won't have a significant impact on the majority. But when the price has suddenly dropped like this, it can, of course, deter other nations from adopting.