Topic: What happens to $BTC when El Salvador sells their Bitcoin? - page 4. (Read 1123 times)

It seems you don't even understand much about the crypto space. The way we are seeing things, in few years coming there will not be enough Bitcoin for people to purchase because many people are already holding so that can make money from the market volatility. If El Salvador sells there Bitcoin holding, it will flood the market and that is if they have huge holdings but it is not going to have any significant effect on the market because there are people that would buy it immediately making it scarce again. The scarcity of Bitcoin is going to make the price to shoot up increasing the value of every holdings.

El Salvador doesn’t even own one billion $ worth of Bitcoin. I don’t think they will sell any time soon but if they do, who cares. The market has absorbed billions & billions of $ worth of sales from the German Government & Mt Gox redistributions just this year & here we are, sitting at new highs. Bitcoin is one of the most liquid karkets in history, there will always be both buyers & sellers.

OMG are you serious?
While it might be a thing to gamble with $100 or $10000 by getting involved
with $hitcoins in the hope you can grow your pot, gambling with BTC6000 is a
non-event, no serious Bitcoiner is going to even contemplate that when Bitcoin
is growing organically anyway.

well El Salvador got in pretty cheap. If they want to play safe they can sell 2000 coins and buy gold with it.

Pretty much easy peasy move for them.

El Salvador wouldn't be that stupid to sell off their bitcoins knowing too well how much profits they have been able to generate since they adopted and made bitcoin a legal tender since 2021. Besides, before they adopted and made bitcoin a legal tender, it means they have a long-term foresight and target so am not sure they will stoop so low to diversify their bitcoins into some kind of shitcoins just because of greed to make more gains but if they consider such idea, they may regret their action. Even if they decide to dump bitcoin for other coins, it won't cause a major drop in the price.

So which other digital currency would you advise them to diversify into that have the potentials of turning their investments into 10x of their capital amount? If you know of any coin, then you can go directly to the government of El Salvador and tell them, if you love the country and the so called shitcoins you would like them to diversify to.
      You have already made a point that they would like to keep their investment in bitcoin since they have been able to actualize good profits from it. Do you now want them to leave an asset that they have seen bright future in it and invest in a low value coin? Who would even want to do such a thing, leaving a valuable investment like bitcoin and diversify into some shitcoins that can guarantee 10x of their investment? They wouldn't even give such idea a second thought if you ask me.

Yes.


Like asking why companies only had Netscape Navigator in 1996 and not any of those other new browsers.

Technology markets have a tendency to change, you know .



LOL. Famous last words: "we have the believe this politician's words more than anyone else" 

Of course we have thousands of them. The crypto space is also filled with thousands of pump and dump coins but the question will be are so they have the same or better features than Bitcoin. Are they limited in supply, decentralized and secured like Bitcoin? Why haven't we heard of any country that is interested in buying any other digital currency? The countries have done their research and discovered that Bitcoin is second to none.


El Salvador Won't Sell Its Bitcoin — President Bukele Says 'at the end 1 BTC = 1 BTC'

We have to believe President Bukele more than anyone else. He has said the country has no plan to sell. We just hope that the next President will be pro-Bitcoin to continue with his vision.

How do you know that? What if the people of El Salvador want to buy something nice for their country with their profits? What if the president there gets scared that Bitcoin could drop and he would be... killed probably?

Y'all are basing everything on the random whims of the mob here--that's what connecting your market to democratic politics means.

When the US and other countries in the future are thinking of making Bitcoin their strategic reserve, El Salvador will on the other hand think of selling the 6000 Bitcoin they bought at the average price of $42,700 in 2021 and 2022. You know that not gonna happen because El Salvador will have financial advisors who will advise them on what they should do with their accumulated Bitcoin. To wait longer before selling because the future of Bitcoin is very bright to think of selling at a price below $500k.

However, with the accumulated Bitcoin by El Salvador, we are going to wait much longer before we hear the news of their plans to sell their 6000 Bitcoin. It is not going to be next year, I think.

There are thousands of digital currencies that are absolutely reliable today. This isn't 2015 anymore.

And unlike Bitcoin, I suspect that major companies are busy sending their salesforce to these countries to get them to choose them over Bitcoin. You'd be surprised what some "wining and dining" will do (or just plain old bribes).

This is Bitcoin's era that's why no government is considering other digital currency. Most of the nation/states that have proposed to buy crypto are considering just Bitcoin. Bitcoin has paid its dues, it's now time to enjoy the shine. There are no other reliable crypto that can attract government and institutional investors like Bitcoin.


Some people who live in high income nations easily call people who live in developing nations poor based on their monthly or yearly income. But they fail to consider the cost of living in such country. Most people in my country will live good life if they earn just 40% of what a US worker earns. So if I earn less than you, I am not poor because my salary is enough to cover all my needs and more.

they are probably thinking that it will somehow trigger a movement in the market but the truth is el salvador isn’t as influential as usa for example it will not help in making the price rise or fall like usa does

usa is connected to a lot of other countries both an ally and an enemy to many which is why their stance on bitcoin is so widely respected because whatever happens in their country will affect others’ as well

So much there're higher institutions that have invested on bitcoin more than the El Salvador government so if by means El Salvador options out of investing on bitcoin of course bitcoin will still be bitcoin rather it'd only cause a bear fluctuation on the market which doesn't seem a strange move in the market.
Besides so you even think about how much values is bitcoins that are sold in every approach of the bullish seasons and yet the potential gravity of bitcoin at its uprises keep on going?
Let me apply you with this term or "soldier goes and soldier comes" "barracks remains the same". This simply means when entities like the El Salvador is out of the market, other enthusiasts are coming in and the potential values of bitcoin will keep on thrilling.
To talk about El Salvador diversifying their countries economy values and another coins and not just bitcoin is something you don't understand the economical view of the economists.
You don't just bump into every opportunities cause You've to consider the potential risks. So literally no other coins that's more reliable as bitcoin. This you must know.

Nothing will happen in the Bitcoin market. They only hold 5,951 Bitcoins, which is much lower than what some countries/institutions hold. In fact, if they sell all their Bitcoins, it will be their loss, because the attraction of El Savador and how it became known to the world was when they legalized Bitcoin and made it their reserve - and when they sell it all, it means that many people will be disappointed with their decision and start to see El Savador as a country that is not really serious about Bitcoin.

Germany sold over 50kBTC and Mt.gox distributed over 142kBTC to the market this year but bitcoin hit $100k in November. Meanwhile, El Salvador only holds 5,933 BTC, a number that is not too large compared to other whales in the market. So them selling bitcoins won't have much impact on the market, IMO.

Psychologically, I get what you mean but from what I observe on social media to bitcoin forums. I don't think El Salvador gets more public attention than organizations that hold larger amounts of bitcoin. What El Salvador has done is admirable and commendable but they are just investors in the market and with the amount of bitcoin they hold, they cannot expect to have significant influence or a big say in the market.

You are right. The people of El Salvador, seeing the jump in bitcoin, may demand that the government sell bitcoins. And these people, given their poverty, may demand that they be given a share of this profit.

Well, why not. El Salvador has quite a few bitcoins. If start selling them at once, will undoubtedly see a noticeable impact on the bitcoin's price.

Psychological effect for whom? For China and the US? Do you think they will follow the same example? I doubt it. This effect will only affect ordinary BTC-holders, who react extremely panicky "sensitively" to any changes.

Did they earn? This profit is only imaginary at the moment, because it is not converted into world-traded currencies (traditional).

Other coins are much riskier, on which you can "bet" $100, but not $100 million.

But certainly not about El Salvador. Let's leave the thoughts about their pressing problems to them.

that is if people will bite it. As I said, El Salvador doesn't really have enough influence in the crypto community. if they sell their BTC people will probably treat it just like any other company that has sold their BTC in the past which created some discussion in the community but nothing significant really happened after.

The news might actually have a bigger impact than the actual selling because the market has grown significantly. My argument is backed by data, and as of now, the market has a 24-hour trading volume of over $67 billion. This shows that the market is ready enough to absorb such moves without major disruptions.

you can see the full details in here https://www.tradingview.com/symbols/BTCUSD/

It may an interesting news to read through though - especially for those who are ignorant of BTC.
Imagine: "A country sells off all of its BTC and gets X because it needed to do so".
Truly, that's all it would do to BTC - a bit of a ramble .

Even if they decide to dump everything, it won’t have a significant impact on the market. If it does, it’ll probably just be temporary. Their holdings haven’t even reached $1 billion yet, and they’re accumulating Bitcoin slowly, buying just 1 BTC per day. That’s nowhere near enough to cause any major market movement.