The president of El Salvador just bout 420 BTC! - page 3.

DdmrDdmr

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One possible source of data to keep an eye on is the government’s transparency portal on fiscal budgets:
https://www.transparenciafiscal.gob.sv/ptf/es/PTF2-Datos_Abiertos.html

Going briefly over the portal, I’ve only managed to come-up with some accounting information with references to bitcoin. Namely, the database entry labelled "Ejecución del gasto por clasificación presupuestaria" (data as of September 2021 so far) allows us to download a pdf with data related to open budgets. The pdf includes 4 entries related to Bitcoin:

Quote

1412 Financiamiento al Fideicomiso para Operativizar la Circulación de Moneda Digital Bitcoin 2021 (september)-> 100 M $ (payment planned)
1412 Financiamiento al Fideicomiso para Operativizar la Circulación de Moneda Digital Bitcoin 2021 (october)-> 50 M $ (programmed, 25$ commited)
1416 Bono Bitcoin 2021 (September) -> 0 $
1416 Bono Bitcoin 2021 (October) -> 30 M $ (programmed)

The former 2 aggregate to the 150M $ Trust fund we know about. The latter 30M $ suggest a budget to pay out bitcoin redemptions, which I thought was all budgeted under the 150 M $ allocated to the Trust.

I haven't seen anything else much, but some quarterly reports are not due until end of year, and I’m not really well acquainted with their information. Perhaps someone more local (if there’s anyone around here from there) can find other sources within the portal that may be of interest to track and pinpoint these purchases.

kryptqnick

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It's currently worth almost 26 million dollars. It's a ton of money for a president to have, especially in such a poor country. So unless he bought it with personal funds but is going to share somehow with the public (by donating it to socially important causes), I don't think it's a nice gesture. First and foremost, it's not about Bitcoin but bragging about having so much money to spare on investments in a country where 8.5% of the population have less than $3.20 per day, and almost a quarter lives in poverty. The matter's even worse if it's taxpayers' money that he's playing with and making decisions about investments.

Woodie

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Are these bitcoins the president bought suppose to be the property of the citizens of El Salvador since his brought this news into the public domain or this is a private purchase...but looking at the quantity its high likely for the citizens?? And I appreciate that his in the forefront but could he delegate this to someelse...maybe to the ministry of finance or some treasury department if these coins happen to be for the citizens let them post the public address for transparency and accountability reason's.

michellee

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Quote from: cheezcarls on October 28, 2021, 07:46:05 AM

That’s a good thing especially for a president who makes Bitcoin a legal tender. Most likely he’ll be looking forward to long term results as we’re currently in the bullish period that is Q4. However, nothing is guaranteed and no promises that the bullish run of BTC will continue or will remain at consolidation range between $58k to $62k in my opinion.

I guess he can wait until the price starts to increase more than the price he bought and doing a long-term holding will not be a problem to them. It is a good decision to buy bitcoin at dip as he can hold his bitcoin and not sell it for the long term. If the price can start another rally and somehow surpasses $70k, his profit will be bigger while he can keep the rest of Bitcoin for the next ATH.

Even if the price is down or stable at $58k-$68k, he can use that moment to buy more bitcoin. But he still needs to be careful as the market will not always go up and have a bull run because the bear run can come anytime.

watergold

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Quote from: BlackHatCoiner on October 28, 2021, 05:31:47 AM

You can't really say this is a dictator, can you?

I'm not sure about this. regardless of dictator or not I like the policies he has applied to bitcoin today.
but this goes back to bukele himself i don't know what he's doing behind his back and it could be a dictator in your opinion right or wrong

Quote from: DdmrDdmr on October 28, 2021, 05:59:30 AM

Not sure where the money is coming from to buy those BTCs. Not that it’s a massive amount, but I’m sure their citizens would like to have the BTCs properly sourced. The second comment on the Twitter screenshot suggest that, perhaps, they are selling-off part of the Trust’s USDs to purchase more BTCs (or it could be from another origin).

this is the strongest possibility that happened.
because it takes quite a lot of funds to buy that much bitcoin.
and maybe they will continue to buy in installments little by little when bitcoin experiences corrections and declines.
and this is a pretty good thing for elsavador themselves as they have now amassed over 600 bitcoins and continue to plan to add more.
I think this is pretty good to see how it goes.

livingfree

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The thing that matters to the majority is the fact that they've just bought another bunch of bitcoins.

Although it's part of his political career and policy towards bitcoin and there are many citizens that do not agree with him. This guy believes bitcoin and just as we, we're believing it.

But on him, every time a few dip comes, there's probably a plan to buy hundreds of it. While for the small timers like me, only a few decimals can do.

NeuroticFish

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Quote from: Lucius on October 28, 2021, 09:56:12 AM

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...

Indeed, he should spend the funds better, instead of spending on "what he likes". For example building more power plants so the country doesn't have to buy from the neighbors would have been a better choice. Your list is also great.
On the other hand, if he wouldn't have been going by "what he likes", Bitcoin may have not been there either (not yet).

Lucius

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Quote from: mk4 on October 28, 2021, 06:59:51 AM

Dude has already bought a few times when bitcoin dipped in price a bit, and publicly announced it on Twitter just like this instance. Don't tell me we're going to create a separate topic after every purchase lmao.

What else to expect but a new thread for every new news that appears from El Salvador - no matter how irrelevant it may be. People are fascinated by the fact that one country (for which most are unable to show it on a map) buys Bitcoin. All is well until the sensation seekers on duty dig up the new-old sensational news that has been known for several days, but has not yet found its way to the BD board.

Quote from: Fundamentals Of on October 28, 2021, 09:31:05 AM

Nayib Bukele is quite interesting in how he leads the country. I guess he really has a big influence in his government. It seems he has the power to make something done even if he does not have the sole authority over what happens to the country's finances.

He is from the ruling party which has a majority in parliament and makes all decisions without having to depend on anyone else. Some call him a dictator, but the man has only tried to do something positive for his country - if he fails to do so, some other people will win the next election and perhaps reverse all his decisions.

Quote from: Fundamentals Of on October 28, 2021, 09:31:05 AM

They actually don't have the luxury to spend that big of an amount on something unnecessary.

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...

BlackHatCoiner

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Quote from: LoyceV on October 28, 2021, 07:08:36 AM

Who's saying he is? As far as I know he's their president.

Well, he declared himself the coolest dictator. Isn't he?

Quote from: pooya87 on October 28, 2021, 08:08:15 AM

Are you suggesting that it is not going up

I'm just saying that bitcoin isn't meant to be taken that it'll constantly rise. It's volatile. Have you forgotten how it's like to be in a bear market? That's all I'm saying.

Quote from: dkbit98 on October 28, 2021, 09:23:26 AM

They are mining Bitcoin with volcanos so I am sure they are not keeping Bitcoins on centralized exchange or in Bukele's Chivo mobile wallet Cheesy

most likely they have some multisig setup.

Don't hold your breath. I remember a stompix's post showing that they don't even have a Bitcoin & LN node. (Unless they're running both over Tor)

Fundamentals Of

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Nayib Bukele is quite interesting in how he leads the country. I guess he really has a big influence in his government. It seems he has the power to make something done even if he does not have the sole authority over what happens to the country's finances.

I am hoping that this is the best thing the Bukele government of El Salvador can do to the tens of millions of dollars from its coffers. El Salvador is not a rich country. They actually don't have the luxury to spend that big of an amount on something unnecessary.

dkbit98

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Quote from: DdmrDdmr on October 28, 2021, 05:59:30 AM

Not sure where the money is coming from to buy those BTCs. Not that it’s a massive amount, but I’m sure their citizens would like to have the BTCs properly sourced.

Where does the money for all government spending in the world is coming from... from people and companies that are paying taxes all the time.
I can't say that I am happy how many governments are spending their money, so purchasing few hundred Bitcoins could be a better idea than purchasing more weapons of mass destructions.

Quote from: aysg76 on October 28, 2021, 06:14:03 AM

They have spent $24.6 million for this one and bought 1120 Bitcoins in total with average of $53k so at average of $59.3 million which is also huge amount.

Compared to other countries and even some bitcoin whales that is not so much, considering that El Salvador population is around 6,8 million people.
They hold only 0.005% of total Bitcoin supply, and reports are showing that countries like Ukraine, Bulgaria, United States and China own much more, or at least they owned if they sold it.

Quote from: LoyceV on October 28, 2021, 07:08:36 AM

I'm more curious how they store it: who has access? Many exchanges lost their funds to hackers, it would be nice if that doesn't happen to a (poor) country.

They are mining Bitcoin with volcanos so I am sure they are not keeping Bitcoins on centralized exchange or in Bukele's Chivo mobile wallet Cheesy

most likely they have some multisig setup.

worldofcoins

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Good for the president!!

He made a good decision, bitcoin will definitely going to hit the 100,000 $ mark at some point in the future, I say it will be within 1-2 years.

Another thing that I'm curious about is if he bought those bitcoins after reading Elon Musk's tweet...I hope that's not the case.

Imran232

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I saw lots of experts saying about this investment. They are curious about where they got the funds to buy BTC. Is this the real president or the country's bought? But I don't want to comment on any kind of thing. I respect everyone's opinion. But my opinion is slightly different from all of yours. I hope you guys don't mind. Because our country still does not support bitcoin, whereas a country that fully promotes bitcoin on a continuous basis simply fills their treasury, when our country wants to buy bitcoin, they may not be able to do so unless they pay the price set by this treasure owner.And I think we should grab BTC first before it's finished. Otherwise, at a certain time, we have to buy an untouchable amount.

pooya87

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Quote from: BlackHatCoiner on October 28, 2021, 05:31:47 AM

I can't understand how they're so sure it'll go upwards.

Are you suggesting that it is not going up Cheesy

Quote

It's a whole country in the central America; their behavior seems like a teenager's who just learnt about the magic of Bitcoin in 2011 and bought bunch.

It is not the entire nation's wealth that is being invested in bitcoin, it is only a tiny portion of the budget being dedicated to bitcoin and they sell a portion of it to their people who would then use it as "legal tender". If a teenager put 1% of their wealth into bitcoin then they would be considered already better than 80% of the so called veteran investors.

cheezcarls

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That’s a good thing especially for a president who makes Bitcoin a legal tender. Most likely he’ll be looking forward to long term results as we’re currently in the bullish period that is Q4. However, nothing is guaranteed and no promises that the bullish run of BTC will continue or will remain at consolidation range between $58k to $62k in my opinion.

DeathAngel

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He’s got some conviction, that’s for sure. Making BTC legal tender over there will probably drag his people out of poverty. People working abroad are saving so much money sending remittances back home. He’s helping his people & we have to commend him for it. Their generation of young people will be so much better off financially.
Kudos to Jack Mallers for his part too.

o48o

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Quote from: BlackHatCoiner on October 28, 2021, 05:31:47 AM

You can't really say this is a dictator, can you?

They bought 420 BTC, but I can't understand how they're so sure it'll go upwards. It's a whole country in the central America; their behavior seems like a teenager's who just learnt about the magic of Bitcoin in 2011 and bought bunch. I can't say Bitcoin is the least fluctuating asset at the moment and hence, the greatest investment strategy for a country.

Of course he can't trust that it goes upwards. It's the matter of probability, but are you are thinking that Nayib would act like a sensible human being in this area? He is being seriously irresponsible that sadly is in in parallel to his personality.

Quote from: BlackHatCoiner on October 28, 2021, 05:31:47 AM

Also, why would a dictator want to promote Bitcoin, a currency which is against their polity?

Because they fail to create a stable fiat currency of their own and this is a big middle finger to places like usa. And it tells a lot what they think about using usd as an alternative currency of their own.

sirminesalot

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I'm focusing on how he manage their country's wealth by having a trust fund that funded by BTC and USD.
That is very interesting when millenials have the chance to rule a country and they made a digital up to date breakthrough that could make a lot of profits for their country even the risk is high too.

LoyceV

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Quote from: BlackHatCoiner on October 28, 2021, 05:31:47 AM

You can't really say this is a dictator, can you?

Who's saying he is? As far as I know he's their president.

Quote from: DdmrDdmr on October 28, 2021, 05:59:30 AM

Not sure where the money is coming from to buy those BTCs. Not that it’s a massive amount, but I’m sure their citizens would like to have the BTCs properly sourced.

I'm more curious how they store it: who has access? Many exchanges lost their funds to hackers, it would be nice if that doesn't happen to a (poor) country.

arwin100

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Quote from: GamblersArea on October 28, 2021, 05:23:07 AM

Nayib Bukele the president of El Salvador (the first country to recognize BTC as legal tender) just announced this on Twitter.

Nice to see how he handle this things and that announcement of buying for sure helping up bitcoin to gain confidence again eventhough the price pull back a little bit right now. I'm curious to know the future on what will happen and if we can still see some pull ups since for sure that El salvador president will be lucky if bitcoin reach at $100,000. But let see how the market pressure hold on these days.

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