Ninjastic
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Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
by
Gallar
on 10/06/2024, 02:37:38 UTC
Quote from: JayJuanGee on Today at 01:33:24 AM
Quote from: fat buddah on June 09, 2024, 02:33:11 PM
Quote from: FinePoine0 on June 05, 2024, 09:32:20 AM
JUST IN: El Salvador now owns 5,770 #Bitcoin    worth over $402 million 🇸🇻here

Slowly, but steadily, they are moving to win. Imagine their economic in 2-3 years when BTC will be above $100k.

I doubt that El Salvador or anyone else buying bitcoin in the lower to mid 5-digits give too many shits about bitcoin merely getting to $100k. 

People talk about $100k as if it were some kind of a BIG number - and that is barely over 2x for El Salvador.. maybe 2.5x at most.. What is the BIG deal about 2.5x returns?
You are absolutely right JJG, El Salvador cannot possibly be tempted by 1 or 2 times the profits from its bitcoin investment. Because of course these benefits do not have a significant impact on countries like El Salvador. So of course El Salvador will now not think about selling its Bitcoin assets, but will definitely continue to make regular purchases every day (DCA). In fact, President Bukele also openly said he would not sell bitcoin, even though currently unrealized profits have reached 40%.

Quote
President Nayib Bukele announced on Twitter (X) that the Central American country will not sell its bitcoins yet.

“1 BTC = 1 BTC,” Bukele wrote. “This happened when market prices were low and it is happening now.”
Source: https://www.thestreet.com/crypto/markets/el-salvador-president-reveals-unrealized-profits-on-173-million-bitcoin-holdings

So it is clear that the country's leader will not sell his bitcoins for now and maybe for the next 5 or 10 years. Because if you look at what Bukele wrote, 1 BTC = 1 BTC. We can certainly understand that Bukele's goal in adopting bitcoin in El Salvador is not just to make a profit. In addition, El Salvador has made bitcoin a legal transaction tool in its country from the start. So if, for example, Bukele sells Bitcoin now, it will certainly slightly shake the initial intentions that Bukele built in El Salvador. Therefore, El Salvador certainly has very long prospects regarding its current investment or adoption of Bitcoin.