Quote from: adzino on September 20, 2021, 10:34:00 PM

Quote from: PercT4b on September 20, 2021, 04:26:46 PM

Apparently Bukele bought another "Dip" according to his last tweet, but there's something that I don't get in this move, let me explain.

How could someone consider a 44k resistance a dip?....right now we are in a period of retracement after a big upward move started in July; I wouldn't have been as comfortable as him investing so much money (remember that we are talking about one of the poorest countries in the world) with the probability of a massive bearish crackdown that could take us back to the 29k level.

I know that could be a "long time holder" move, but he has a reputation to defend, with a skeptical and poor population living in awful conditions, so, in my opinion, we have two possible cases:

1) He is a fool and apparently is comfortable with making such a risky move (a long bearish period can still be a possibility).

2) He probably knows (please don't take me as a conspiracy theorist, I'm just trying to imagine) that someone is gonna start another bull run soon, 'cause El Salvador attracted the attention of many big crypto investors, so a confrontation between Bukele and them about this topic is not so unlikely.

Let me know your opinion about this.

1. I don't think he is a fool. He is surrounded by people that knows how the market works. They advise him. I doubt buying bitcoin again was his own doing. He is aware of the risk and willing to take it. If all goes downhill, its going to hit their country hard. But they invested in few hundred bitcoins. So I don't think it will have a long term affect on their country.

2. Everyone knows that if one bull run ends, another one is going to start.

Agreed, is he taking a risk by doing this when no other country has declared bitcoin to be a legal tender? Yes, but it is a calculated risk, if he happens to fail then I do not think there are going to be huge economic consequences for the county as the amount of bitcoin that is being bought and the infrastructure is cheap as well, but his political image could be damaged beyond repair, however if this becomes a success then the benefits the country could receive are enormous and with this his image as a visionary leader will be enhanced dramatically.