Quote from: Sithara007 on September 22, 2021, 03:50:13 AM

Quote from: mk4 on September 20, 2021, 04:39:14 PM

Ehh, the dip buying is a bit more of a PR move in my opinion. He "only" bought 150 BTC, which is more or less $6.8 million. Whereas while El Salvador is definitely not a powerhouse country levels of wealthy, I don't think that $6.8 million will make a significant dent on their balance sheet.

If this $6.8 million purchase is the only transaction they are going to perform in the entire year, then it may be an insignificant amount. But that is not the case. If I am not wrong, the government has already made purchases 3-4 times during the last 2 weeks. And doing by this rate, the combined worth may easily be in hundreds of millions of USD by the end of this year. And for an impoverished country like El Salvador, these amounts can be quite considerable. From what I heard, their gold reserves amount to just $3 billion.

if they consistently are doing that, they might one of the bagholders of Bitcoin at the end of this year. One of those whales who holds a million dollars worth of Bitcoin but with their economic capabilities, that seems so hard for them. Well, we never know their plans, they might keep it secret until we've heard the news about it.

But this it looks more interesting move from the government and they are pushing through wide crypto adoption.
https://www.cnbc.com/2021/09/07/crypto-news-el-salvador-buys-bitcoin-nft-market-boom-with-loot.html