El Salvador will now buy 1 Bitcoin per day on top of their total 2381 BTC holding


Diversify not only your portfolio but also your strategy are words that are apparently not lost to El Salvador.

Initially San Salvador had I think 3 separate bulks of Bitcoin purchases which stacked up a total of 2,381 Bitcoins for the average price of 43,357 Dollars. When the price was around the 17,500 mark, San Salvador did nothing and now at the 16,500 mark they are not repeating their past strategy but opted to acquire 1 single Bitcoin every day starting November 17th.

"Salvadoran President Nayib Bukele...announced on Wednesday that the nation will start purchasing the token on a daily basis starting from November 17...The announcement comes nearly three months after the nation made its last purchase in July 2022."

An interesting claim the article mentions was that some immediately tried to FUD El Salvador's Bitcoin holdings by whispering they held it on FTX and that the rumor was already denied by Bukele.

The comments had some interesting points as well: "I was given to understand El Salvador's volcanic region produces considerable quantities of cheap electricity. Apparently, Bitcoin miners have set up shop there. Could not the government increase its stock of Bitcoin further by setting up its own mine, or by taking one Bitcoin from every mined block by independent miners, this in lieu of other taxation?"

Good question, especially because they actually started it already just one year ago when Bukele announced they had successfully mined Bitcoin sats with live volcanoes. The mining results will differ per market period/day of course but were nowhere near 1 Bitcoin per day.

So actually, San Salvador is stacking additional sats daily on top of their 1 BTC now. It may not seem much for a nation, especially if you realize MicroStrategy holds about 130.000 Bitcoins, but remember that we are now in a period where slow and steady wins the race. Imagine emptying your vaults for Bitcoin at 20,000 Euro per BTC last month. Seriously what more could/would you do now? And I hate to be the bearer of bad news, but who's to say 16,500 is the bottom? So yeah, San Salvador is acting responsibly IMO but that will of course not be seen that way by the naysayers.

Either way that's their plan, mine is to just hodl, I couldn't care less how low things go but I'm in a position where I can afford to not care. If you entered at the 20k range I can imagine you would think rather differently. I actually feel really bad for newcomers, I mean, the pandemic, WW3, FTX, Celsius, Blockfi, interest rates, Luna etc. Is there even anything else left we can throw at them? I can imagine they feel like the unluckiest people around right now, but if you are one of them and happen to read this remember, there were never any guarantees, we all had to take risks just like you did.

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Geo-Political & Economical developments
Geo-Political & Economical developments

Things are almost never as they seem. If you sincerely think that world powers would spend their money and resources in order to just "help" citizens from foreign nations, you might want to ask yourself why they've been neglecting and out right murdering their own citizens for decades. What are their true motives for wanting to fund foreign (terror) groups, start global confrontations and wars? I'll let you in on a little secret; It has NOTHING to do with "human rights" nor "democracy".

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