*El Salvador To Start Purchasing Bitcoin Everyday*

Antonas1

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Quote from: TheGreatPython on November 19, 2022, 02:42:51 PM

Quote from: ?? on ??

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$30k was still a dumped price. Remember our last ATH was $69k but even if it goes back there, El Salvador still has the capacity of buying it because the government has a lot of funds in them. You are right, they already bought a lot because it's been a long time since they started adopting btc in their country.

If BTC returns to $69K, I believe Bukele will sell it, then wait for a price correction to buy back.

Quote from: TheGreatPython on November 19, 2022, 02:42:51 PM

If you and me are waiting for the main event which is the bull run then why not them? They are also a human like us that wants to earn a profit and that is why they invest on it at the first place but the money that they will earn won't be used personally but it will be used to improve their country more. The moves that they are doing can encouraged other people to do the same but isn't that great? Many wishes that there's a big increase that will happen this year.

Of course, I just don't believe Bukele keeps buying Bitcoins without a time limit, that means he'll never sell them, and it is impossible.

milewilda

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Quote from: eightdots on November 19, 2022, 04:10:13 PM

In fact, many companies and governments buy Bitcoin. Only El Salvador does this publicly. I appreciate. We've all seen some big companies announce that they own Bitcoin when Bitcoin reaches high values. We will see again. They're doing what they're supposed to do right now and they're getting Bitcoin. These companies are long-term investors. Some are lowering the averages of the prices of the Bitcoins they bought on time. Both El Salvador and companies that buy Bitcoin secretly are investing in the future.

Indeed, but do not compare companies to a country, it is more unusual these days that a certain country is now focusing to buy bitcoin even the market is falling, when the time comes that bitcoin bounce back from its price today, that would great and El Salvador will not regret anything but instead they will become an example to other country who doesn't support bitcoin.

As a President then making out these kind of decisions which would really be requiring that approval since this isnt his money been using for it to be invested on Bitcoin.
For sure there would really be lots of critics in regarding on what he had done.Some might really be that supportive in regarding on the step that he had done
but for sure there are lots of criticisms in regarding on this decision.Well, its impossible that he doesnt know about the risk.As long he do his job well
and its citizens do agree nor doesnt reject on what he currently doing then so be it.

borovichok

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Quote from: eightdots on November 19, 2022, 04:10:13 PM

In fact, many companies and governments buy Bitcoin. Only El Salvador does this publicly. I appreciate. We've all seen some big companies announce that they own Bitcoin when Bitcoin reaches high values. We will see again. They're doing what they're supposed to do right now and they're getting Bitcoin. These companies are long-term investors. Some are lowering the averages of the prices of the Bitcoins they bought on time. Both El Salvador and companies that buy Bitcoin secretly are investing in the future.

El Salvador is one of the fastest growing country when it comes to accepting Bitcoin as means of payment. They're growing rapidly and it's been discreet because most countries are not well highlighten on the operation of bitcoin ecosystem. There are countless companies in El Salvador that have hugh quantities of Bitcoin and they will keep it for a lengthy period of time inother to gain more profits in the nearest future. Investing in Bitcoin now that it's in serious dump will be one of the most ultimate target for companies and they take good advantage of it.

n0ne

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Quote from: eightdots on November 19, 2022, 04:10:13 PM

In fact, many companies and governments buy Bitcoin. Only El Salvador does this publicly. I appreciate. We've all seen some big companies announce that they own Bitcoin when Bitcoin reaches high values. We will see again. They're doing what they're supposed to do right now and they're getting Bitcoin. These companies are long-term investors. Some are lowering the averages of the prices of the Bitcoins they bought on time. Both El Salvador and companies that buy Bitcoin secretly are investing in the future.

Very few have the courage to stay transparent with the plans and execution. El Salvador does it in a fair way. The prime focus of the country is to buy as much and make it the country's reserve. The country have come into criticism, because they revealed it to the outer world. As many companies do, they could've done it confidential. Someone could've stolen the show, now they've made history and will make the history stronger making other countries follow their footsteps.

eightdots

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In fact, many companies and governments buy Bitcoin. Only El Salvador does this publicly. I appreciate. We've all seen some big companies announce that they own Bitcoin when Bitcoin reaches high values. We will see again. They're doing what they're supposed to do right now and they're getting Bitcoin. These companies are long-term investors. Some are lowering the averages of the prices of the Bitcoins they bought on time. Both El Salvador and companies that buy Bitcoin secretly are investing in the future.

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Quote from: Chilwell on November 17, 2022, 01:56:25 AM

The FTX saga caused bitcoin to drop to a 2-year low. In the midst of all of this, El Salvador's president just tweeted that his nation would begin purchasing one Bitcoin each day starting from tomorrow.

Not only El Salvador but many other investors, governments, institutions, and investors are buying and accumulating bitcoin in this dip.
It is only the retailers who do not buy in these times. How sad is that only the common man is fearful at this time and waiting for more low prices. This fear and greed index is being wrongly used by most people. In fearful times, we should our bags while in greedy times we should sell, but it happens otherwise.

TheGreatPython

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Quote from: ?? on ??

No time limit? And what if tomorrow the price is $30K, will they still be buying every day? Bukele are running a tactic.
I'm prejudiced, looks like he has already bought a lot from a few weeks/months ago and just waiting for the bull run. He tweeted to make it look like there was an "oasis" and people rushed to buy so the price goes up soon this year, going to $30K at least. Sell and buy again when the correction comes. Let's see how far it goes.

$30k was still a dumped price. Remember our last ATH was $69k but even if it goes back there, El Salvador still has the capacity of buying it because the government has a lot of funds in them. You are right, they already bought a lot because it's been a long time since they started adopting btc in their country.

If you and me are waiting for the main event which is the bull run then why not them? They are also a human like us that wants to earn a profit and that is why they invest on it at the first place but the money that they will earn won't be used personally but it will be used to improve their country more. The moves that they are doing can encouraged other people to do the same but isn't that great? Many wishes that there's a big increase that will happen this year.

Antonas1

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Quote from: Xxmodded on November 18, 2022, 03:04:05 PM

Quote from: ?? on ??

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I don't think with Bukele is trader with selling Bitcoin when reaching higher price maybe $30,000 based on with how many Bitcoin assets still hold, he has priority keep holding and make Bitcoin bigger investment assets in the future and right now effective purchase or invest with 1 Bitcoin every day. ~

I don't think so. March 23, 2024 is the next bitcoin halving. If Bukele buys 1 BTC every day from November 18, 2022 until March 23, 2024, then he has 461 BTC.
So let's assume BTC hits $100K as people want. If Bukele sells them all (excluding the 2382 BTC that DdmrDdmr mentioned) then he has 46.1 million dollars.

I know nothing about economics, but I try to think in an easy way, if the $46.1 million were distributed to the 6,568,745 people (2022 population - wikipedia est.), each person would only get about $7,018083363. It's not as profitable compared to increasing the amount of BTC through trade.
Please correct me.

Victorik

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Quote from: lionheart78 on November 18, 2022, 03:24:17 PM

Quote from: Victorik on November 17, 2022, 06:11:31 AM

That's a smart move if you ask me, but it takes a lot of courage to embark on such a task considering recent happenings in the crypto world.

Quote from: Victorik on November 17, 2022, 06:11:31 AM

I am sure they are taking advantage of the dip to bag more BTC, and I am certain this will pay off in the nearest future when the price of BTC go bullish.

Yeah while others cower in fear of bankruptcy, El Salvador decides to bag more, and by doing that, they lower their average buy price and accumulate more BTC holdings which can be a game changer in their economy.

Quote

I think it doesn't need courage at all especially since the leader of El Salvador is not using his own money to buy BTC. But I think it is a matter of wisdom. I really admire El Salvador's leader to have wisdom regarding the Bitcoin investment. They understand and foresee that the future of Bitcoin is huge. Among the leaders of the world, they are the only ones who see that Bitcoin is the real thing.

Investing with other people's money require more courage. If it was personal funds he was using, he probably will bear the gains and the losses on his own. But right now,.he is using the common wealth of the citizens of his country to invest in what not everyone believes in. That to me is a huge risk and requires a lot of guy.

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Quote from: Hypnosis00 on November 18, 2022, 06:20:34 PM

Quote from: Viscore on November 18, 2022, 04:44:19 PM

Quote from: mk4 on November 17, 2022, 02:04:14 AM

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

El Salvador has its own goal to maximize their bitcoin purchase so this bear season is the perfect timing to start buying on a large scale. Whether they do it using DCA, that will still be at their own advantage since they will also reap their fruits of labor when the bullish market takes over. While others do the opposite timing in buying, El Salvador still manage to purchase everyday using their huge funds.

The president never just looks at today's investment situation but at the future. He thinks that what he did will contribute to huge changes in their country which I see not all have seen and appreciated. He is not just a casual investor but a wise person who thinks about the benefits the country would get after buying and securing Bitcoin while the price is cheap. Some people say "El Salvador will become rich in the future due to spending more funds in Bitcoin", which is really possible.

This major move by the president of El Salvador to buy one bitcoin per day shows his firm belief in bitcoin, targeting its long-term potential and starting to accumulate. It is a good idea to invest in bitcoin accumulation in a bear market, when the bitcoin price starts to rise, their whole country will benefit and bring considerable changes to their country.

Hypnosis00

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Quote from: Viscore on November 18, 2022, 04:44:19 PM

Quote from: mk4 on November 17, 2022, 02:04:14 AM

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

El Salvador has its own goal to maximize their bitcoin purchase so this bear season is the perfect timing to start buying on a large scale. Whether they do it using DCA, that will still be at their own advantage since they will also reap their fruits of labor when the bullish market takes over. While others do the opposite timing in buying, El Salvador still manage to purchase everyday using their huge funds.

The president never just looks at today's investment situation but at the future. He thinks that what he did will contribute to huge changes in their country which I see not all have seen and appreciated. He is not just a casual investor but a wise person who thinks about the benefits the country would get after buying and securing Bitcoin while the price is cheap. Some people say "El Salvador will become rich in the future due to spending more funds in Bitcoin", which is really possible.

Viscore

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Quote from: mk4 on November 17, 2022, 02:04:14 AM

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

El Salvador has its own goal to maximize their bitcoin purchase so this bear season is the perfect timing to start buying on a large scale. Whether they do it using DCA, that will still be at their own advantage since they will also reap their fruits of labor when the bullish market takes over. While others do the opposite timing in buying, El Salvador still manage to purchase everyday using their huge funds.

lionheart78

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Quote from: Victorik on November 17, 2022, 06:11:31 AM

That's a smart move if you ask me, but it takes a lot of courage to embark on such a task considering recent happenings in the crypto world.

I think it doesn't need courage at all especially since the leader of El Salvador is not using his own money to buy BTC. But I think it is a matter of wisdom. I really admire El Salvador's leader to have wisdom regarding the Bitcoin investment. They understand and foresee that the future of Bitcoin is huge. Among the leaders of the world, they are the only ones who see that Bitcoin is the real thing.

Quote from: Victorik on November 17, 2022, 06:11:31 AM

I am sure they are taking advantage of the dip to bag more BTC, and I am certain this will pay off in the nearest future when the price of BTC go bullish.

Yeah while others cower in fear of bankruptcy, El Salvador decides to bag more, and by doing that, they lower their average buy price and accumulate more BTC holdings which can be a game changer in their economy.

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Quote from: Vaculin on November 18, 2022, 01:04:46 PM

Quote from: mk4 on November 17, 2022, 02:04:14 AM

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

Yes, its not a big deal anymore as El Salvador has been buying a lot of bitcoin already even when the market is still not in dip. So if they will start accumulating more bitcoin these days, i think that will be a lot better because they can certainly increase their purchase that will be a lot more advantageous when the market suddenly turns bullish. When everyone else in the crypto market will celebrate, for sure El Salvador is on top on it.

This is just the opportunity for El Salvador to cover up their accumulative losses, such that when bitcoin gets bullish they will run into massive profits. We should not forget that El Salvador got their first bitcoin buy during the last bull run when bitcoin was above $50k. They became the mainstream of criticism when bitcoin crashed, the idea of daily DCA is a good one to accumulate large amount of bitcoin in a less intensive means.

While ordinary people are planning to own 1 BTC for life, there is a country somewhere buying 1 BTC daily, I am afraid that bitcoin will finish o Grin

. ThankGod I have secured my own fraction that made me a millionaire in Bitcoin.

Xxmodded

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Quote from: ?? on ??

No time limit? And what if tomorrow the price is $30K, will they still be buying every day? Bukele are running a tactic.
I'm prejudiced, looks like he has already bought a lot from a few weeks/months ago and just waiting for the bull run. He tweeted to make it look like there was an "oasis" and people rushed to buy so the price goes up soon this year, going to $30K at least. Sell and buy again when the correction comes. Let's see how far it goes.

I don't think with Bukele is trader with selling Bitcoin when reaching higher price maybe $30,000 based on with how many Bitcoin assets still hold, he has priority keep holding and make Bitcoin bigger investment assets in the future and right now effective purchase or invest with 1 Bitcoin every day. True or not with Bukele have purchased when Bitcoin in dip price I think he keeps hold until Bitcoin reach most highest price than last all time high price.
He has consistency keep holding Bitcoin for long term and not like with daily day trading just earn few percent profit only, he will tries how long can hold and invest with Bitcoin until reach highest price not stuck on $30,000 only but also he want to see Bitcoin above previous all time high price.

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Quote from: mk4 on November 17, 2022, 02:04:14 AM

Shouldn't really be a big deal. They're pretty much just moving from buying dips, to sort of like dollar-cost averaging(obviously not exactly DCA, but slightly similar). Which they should've done in the first place instead of trying to timing prices.

Yes, its not a big deal anymore as El Salvador has been buying a lot of bitcoin already even when the market is still not in dip. So if they will start accumulating more bitcoin these days, i think that will be a lot better because they can certainly increase their purchase that will be a lot more advantageous when the market suddenly turns bullish. When everyone else in the crypto market will celebrate, for sure El Salvador is on top on it.

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Quote from: NotATether on November 18, 2022, 03:32:20 AM

<…> I am curious to know what is the total bitcoin reserves of El Salvador, because a few 10s of millions of dollars capital gain isn't going to help any government much.

Including today’s alleged 1 BTC purchase, 2382 BTCs so far, according to Nayib Tracker. That matches other totals I have from other sources, so it seems correct, and the site is visually appealing to track these purchases.

What will differ from one source of tracking to another is the cost price per purchase, since we don’t have and exact date/time to pinpoint each purchase. If no precise information is provided for a given purchase, this site uses the average market price for the day the purchase was made on, using data pulled from blockchain.com. Cost is therefore an estimate.

Note: We have to exercise and act of faith (lacking any real additional transparency on the matter) that all the purchases are still in control of El Salvador.

Ale88

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Usually every time ES and its president say they are going to buy bitcoin, or they announce that they already bought it, the price goes down, so I really hope that from now on we won't have a new ATL every single day after their purchase Grin

GiftedMAN

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Quote from: Ahli38 on November 17, 2022, 04:24:06 AM

I think Nayib bukele has done the right thing if he starts buying at the current price. And Tweets from Nayib bukele always steal a lot of attention. Even now the tweet has spread to almost all crypto telegram channels. And it seems that Nayib bukele is not the only one who will buy 1 bitcoin every day starting tomorrow. because I saw Justin sun replying to Nayib's tweet. and Justin sun also said he would do the same thing. i.e. buy 1 bitcoin every day starting tomorrow. I think this is still included in the DCA category.

and the conversation around El salvador and Nayib bukele actually continues on the topic El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻.

Nayib's action to buy bitcoin every day is a good move because buying at the current price of $16k right now and a lower amount which we may likely experience before the end of the year according to some charts will give him the double amount of his purchasing capital when we hit the bull run in 2023 hopefully. One thing to note about Nayib's tweet is that it will motivate a lot of people bitcoin believers who have been cold to continue investing in bitcoin due to the fear of lost of funds which may be experienced due to the current price, I believe more people will join the bold step of Nayib to buy more bitcoin including me because I don't want to miss out during the next bull run.

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Quote from: NotATether on November 18, 2022, 03:32:20 AM

That means 365 bitcoin in a year, or about 730 before the next halvening really kicks in.

Assuming an average buying price of $20K for each coin bought, that means he's putting in over $70 million of additional Bitcoin that is expected to appreciate in profits.

I am curious to know what is the total bitcoin reserves of El Salvador, because a few 10s of millions of dollars capital gain isn't going to help any government much.

This was my thoughts also, since it is a nice symbolic gesture but for a country it is more or less not even on the balance sheets. If you consider how many people live in El Salvador, they are basically investing a few cents per person with every bitcoin they buy. Still they send a good signal to the markets which I like.

Topic: *El Salvador To Start Purchasing Bitcoin Everyday* (Read 753 times)

Topic: El Salvador To Start Purchasing Bitcoin Everyday (Read 753 times)