Topic: The president of El Salvador just bout 420 BTC! - page 2. (Read 558 times)

News about bitcoin on El Salvador becomes boring and stale after quite some time, but still I see some posts appearing here and there whenever they buy bitcoins. Perhaps it is because they are the first country to openly state that they are buying the cryptocurrency, moreso than the actual relevance of the matter (which isn't really high IMO). But yeah, I still think it's great that they're committed to buying at the dips, although I believe that that does not require any press release, news articles, or even a forum post whenever they do.

I guess only Bukele knows where did he get the funds to buy bitcoin, or maybe he used to bought bitcoin with his own pocket when it was still very cheap and now he's reaping the fruit of his investment. Because we all know even before bitcoin's adoption in El Salvador, Bukele is already a bitcoin enthusiast and this is the reason why he pushed through a bill to accept bitcoin as a legal tender because he knows a lot about crypto and its potentials than any other Salvadorian citizen.

I am sure that he is not a new person in Bitcoin, and his also government may be also very popular and have been encouraged in Bitcoin after a long time.
And that is why they are so brave in taking this decision.
I am not sure that they will do this risky thing without any management, controls, and also consideration about the characteristics of Bitcoin itself and for the future, for the condition when BTC faces bearish time again. They must have something that we don't know what exactly they meant and they can maintain to make survive with this decision.
This is a big decision for a country.

And, if this is really successful, this will really drive followed by many more countries in the world, of course those that are ready with this

This is exactly what i was thinking after reading the headline, is he invested from his own pocket or he is playing with the taxpayers money and he is particular about getting all the headlines and he is getting them. I wonder what is the ground reality and how the people in El Salvador are responding to his investment in Bitcoin. There were many resistance when he introduced Bitcoin and he might not be that popular among the normal citizens.

This means if they are buying, we know its already the dip, we should put some longs here with 100% of our portfolio! Well be richer than we think!

It's easy to try and act gimmicky when you're spending other peoples money. I can only wonder what sort of projects and social benefits (new roads?) might have been possible in this country with this sum of money, instead of paying off speculators for little real benefit to the tax payers. It also seems incredible wasteful to buy in such large sums, although he might just be grandstanding, when he could buy much smaller amounts periodically instead of waiting for these elusive "dips" where you never can tell the bottom. I guess he is still chasing newspaper headlines and populism which in order to get re-elected next time, without actually fixing much else in the country.

At the risk of repeating myself, El Salvador as above dont have their own currency, they are
or have been at the mercy of the $ an over the last 18 months or so because the US has been
printing $'s it leaves ES with no other choice than to try an alternative



I am wondering also why he is constantly referred to as a dictator?


And I'm wondering which country you think has zero poverty? there have been
many discussions regarding poverty and the wealth divide on the forum.
What is critical is proper infrastructure, education and job development to give
more people a chance to a better standard of living, reduce the amount of
people on the poverty line and then tackle it more.

If Bitcoin can eventually go towards solving some problems in the country the
presidents decision will have been a success.

Actually, that information is still being echoed in many sites as real (i.e. https://www.buybitcoinworldwide.com/treasuries/#countries), although perhaps somebody from Bulgaria may have further insights as to whether the alleged decommissioned 213,519 bitcoins are indeed still in possession of the government, and more specifically, is there any public record that shows this on their balance.

El Salvador though has part, if not all, of those BTCs invested in the Trust related to the Chivo System. I haven’t read anywhere that these purchases are a separate balance to the Trust itself, so in that sense, they are largely tied to ops, and not so much as a reserve I’d say.

I assume they have dictatorship. If they do, then it's against their polity. What's the reason they would want a currency that distinguishes money from state? This is exactly what bitcoin does.

Yeah, that's what I'm saying. The citizens can use a payment method with no intermediates and I find this against their polity.

Proof or just assumption?

I am afraid I can't agree with you that Bitcoin is against polity of Salvador. Everything is completely opposite to this, some months ago, Salvador accepted Bitcoin as one of a national currency, so now it is completely legalised there.
What is more, Salvador is not the only country that buys crypto. The country with the biggest number of Bitcoin on account is Bulgaria.

That's right, dictatorship is not bad at all if the policy is to help the economy of the country to improve.

Supporting bitcoin by legalizing it and buying it tells complete confidence from this country.
Actually, I think the title is a bit misleading since the BTC that they bought is not for the personal funds of the president, it's for the country.

We can conclude that on the one hand, his priorities don't make much sense ($4 million pet clinic), while on the other hand his if we can call it "stubbornness" still results in El Salvador doing what many have only dreamed of - that Bitcoin becomes a legal tender in one country. I personally cannot say at this point whether he is a positive or a negative for his people, but he definitely has the guts to pull moves that seem controversial - of course depending on the angle from which they are viewed.

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We cannot know that members of their parliament do not understand what Bitcoin is, maybe the president taught them the basics, because he is very well versed in everything related to Bitcoin. In addition, although the prevailing opinion is that the whole process of implementing Bitcoin in El Salvador was done hastily, many forget that for more than a year there was a Bitcoin Beach project in that country that turned an entire area into a Bitcoin zone. I think everything the president does has a foothold in long-term plans that are in line with the laws in that country.


It is an illogical move from our perspective, but perhaps it is just one of the projects happening in that country that we do not know about. However, I have already written that this money could certainly have been spent on some other essential things, but obviously the animal welfare society in that country has a very strong lobby🐱

Nayib Bukele  really stuck his head out there, because his decision to accept Bitcoin as a legal tender, angered the "Puppet Masters" of this world. They already threatened him by warning him that international loans to his country will stop, if he continue on his new path. (Giving them the finger, earns him points in my good books)

I am not saying that dictatorship is correct, but his decision to give Bitcoin an opportunity to help with remittance to his country and to reduce banking fees in a country filled with poverty, is definitely commendable. 

That we could estimate from the nation infrastructure development in few years and the residents will most probably make us aware about the future scenario that how the profits were being utilised by the government to improve the country's financial conditions over the table.They have made some huge profits in these time like cashing out the profits but yes we can't figure out how the funds will be used until they only post about buying the dips an all that.But hope they are used in right Manner and no scam allegations rise in El Salvador for funds inappropriate use.

I suspect that this will encourage its people to buy bitcoins as well. pretty good when he bought bitcoin and it went up to $60k. however, The president of El Salvador probably won't announce that when the price drops, but may buy more.
it's just that, if it's like this, I'm afraid that if the price of bitcoin decreases, many will give negative comments about this. It's good that he has already taken advantage of it, but if not, it will be a lesson to his people that bitcoin has huge fluctuations. however, I hope the price of bitcoin continues to rise so that people will be more impressed with cryptocurrencies.

I don't think that he comes up as a dictator, as he didn't force people to use bitcoin and removed the regular financial systems, he just gave them an option and incentive to use it and bring in many crypto investors and companies  to the country or at least i think that what they are aiming for since it is starting to become a safe haven for crypto and bitcoin, and for the most part he has been right and logic with his decisions and they don't seem to come as a form of dictatorships, otherwise i am really starting to see that he is making his presence and trying to come out as an influencer and making announcements about his moves and investments to somewhat to try to influence the market.  

Though it is admirable to see a dictator making efforts to put his country on a modern fortier, then also if I were citizen of this country I would have been terrified by this news. I would have been happy before, but this guy is buying many times now and not to forget this is nations money collected from the taxes and needs to be used for the funding of national development. I am not sure how daring they are to put it all in the bitcoin itself.

What if someone sees this as an opportunity and sell their btc and we see sharp fall in the prices? This would be terrifying tbh, you will loose the country's development fund and salaries of government employees. Not sure how they are playing this game.

Yes, but I'm still wondering how the parliament has easily bought Bitcoin, a technology more than half of its members might not have even thoroughly understood, during the quick dip as if tens of millions of dollars is a small amount of money which requires no lengthy deliberation, processes, and approval. It's as if the cash is just lying there available waiting for a dip to happen.


Is a pet clinic a luxury or an urgent need for a country like El Salvador? I have nothing against pets, but some much richer countries do not have such clinics either - I believe that this money could be spent much better on building hospitals for people, kindergartens, schools...