Topic: The president of El Salvador just bout 420 BTC! - page 4. (Read 582 times)
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.
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.
Also, why would a dictator want to promote Bitcoin, a currency which is against their polity?
I guess for the president to have taken such bold step he must have good market analyst surrounding his cabinet. 420 Btc is a whooping large sum. The country would be so glad they took advantage of the dip.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.
Also, why would a dictator want to promote Bitcoin, a currency which is against their polity?
Their trust fund account was just their saving grace as well since they ensured to withdraw some USD once their btc revalues. I was just wondering what if it took longer for Bitcoin to make an upsurge their economy would have been affected.
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).
They are seemingly pouring funds into bitcoin and most probably buying the every dip and that so with large amounts also.They now accumulated additional 420 bitcoins and now the total stand at 1120 bitcoins with 700 bought before this one.As per the reports :Regardless, withdrawing USD from the Trust fund as stated on the Tweet, even if the amount on the Trust stays stable in terms of its aggregate USD counter value, is seemingly wild. If BTC were to take a largish and sustained plunge, the Trust would be under founded, and then what? Pour more contributor’s USD into the fund? Would that be Twitted too ? …
I think they have setup $150 million trust fund for Bitcoin and they explained it balancing with the profits like whenever they gain profits they cash out the withdrawal and the fund balance remains the same but yes you are right big tumble in prices could have adverse affect on it and they are familiar with it but the chances in long run are showing growth signs also besides they are into geo-thermal bitcoin mining also and have managed to have profits from that side also.They will most probably tweet about the good sides only and not the other ones like i have not seen any coverage for anti bitcoin campaign now or maybe media don't cares for them.So good aspects will shown publicly but the bad ones will be hidden under files. 
You can't really say this is a dictator, can you?
I believe that we cannot tell whether he is a dictator or not only by judging his policies regarding Bitcoin.
I like his policy regarding Bitcoin, but when I read criticisms of him, I looked for information and there are several sources that point to him having an authoritarian tendency:
Bukele Speeds Up Moves Towards Authoritarianism in El Salvador
Meet Latin America’s First Millennial Dictator
The U.S. can stop El Salvador’s slide to authoritarianism. Time to act.
Also, why would a dictator want to promote Bitcoin, a currency which is against their polity?
Why do you say that? El Salvador does not have its own currency, it cannot print massively, it has been working for a long time with the USD, and switching to Bitcoin is profitable for them. It has much more to gain than to lose, unlike the USA or the EU.
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).
Regardless, withdrawing USD from the Trust fund as stated on the Tweet, even if the amount on the Trust stays stable in terms of its aggregate USD counter value, is seemingly wild. If BTC were to take a largish and sustained plunge, the Trust would be under founded, and then what? Pour more contributor’s USD into the fund? Would that be Twitted too ? …
Regardless, withdrawing USD from the Trust fund as stated on the Tweet, even if the amount on the Trust stays stable in terms of its aggregate USD counter value, is seemingly wild. If BTC were to take a largish and sustained plunge, the Trust would be under founded, and then what? Pour more contributor’s USD into the fund? Would that be Twitted too ? …
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.
Also, why would a dictator want to promote Bitcoin, a currency which is against their polity?
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.
Also, why would a dictator want to promote Bitcoin, a currency which is against their polity?
Nayib Bukele the president of El Salvador (the first country to recognize BTC as legal tender) just announced this on Twitter.
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