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Bitcoin

Bitcoin Back Over $60K As El Salvador Buys 420 BTC 93

Posted by BeauHD from the buy-the-dip dept.
Bitcoin is up 4% in the last 24 hours after El Salvadorian President Nayib Bukele announced that his government had purchased an additional 420 BTC, which is equivalent to around $25 million. The country now holds an estimated 1,120 bitcoin. CoinDesk reports: "Today the markets were buoyed by news of additional state-level purchases from El Salvador, indicating the country's intentions to continue to acquire," said Jason Deane, analyst at Quantum Economics. Underlying sentiment remains extremely bullish for the top cryptocurrencies, especially bitcoin, according to Deane. The world's largest cryptocurrency by market capitalization reached an all-time high on Oct. 20 of around $66,900, a day after the first bitcoin futures exchange-traded fund (ETF) in the U.S. launched on the New York Stock Exchange. A week later, bitcoin's price fell below the $60,000 mark before retaking the level early Thursday.
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Bitcoin Back Over $60K As El Salvador Buys 420 BTC More

Bitcoin Back Over $60K As El Salvador Buys 420 BTC

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  • It'll crash once it hits $100K. (Score:1, Funny)

    by Anonymous Coward

    Listening to all the bros's advice to buy and "hodl" crypto is like listening to lottery ads, believing in spending a few dollars will shower you with riches, and then going out to buy a lottery ticket, but with one twist:

    Bro: "Holy cow! I just bought a winning $5M scratch ticket!!"

    Bystander: "Wow, great luck! Whatcha gonna do with all that money once you turn it in?"

    Bro: "Oh no, I'm gonna hodl this! It's valuable! It's worth $5M, man!"

    Bystander: "But, it only has 'value' because it says so, otherwise

    • Re: (Score:1)

      by Anonymous Coward
      What do you keep your cash in, USD? Didn`t that inflate like 5% this year?

    • A friend of mine listens to hours of Bitcoin podcasts every day and is a true believer. And though BTC didn't hit $100k in September like he thought (market manipulation he says), it could do so by December or early January once the FOMO hits--then it will crash to something like $30k. He plans to sell at $120k or so and then re-buy some at $30k.

      To ask how such a phenomenon was something other than a bubble would expose me as a jealous peon, so I don't bother. But I think my friend would say that BTC is us

      • assuming they don't successfully buy off congress (they've already got Ted Cruz, though that's a low, low bar).

        I really hope, as my posting history shows, that it does crash. Otherwise we're going to see major investment institutions doing 2008 style Credit Default Swaps with Crypto assets. If that happens yeah, it'll crash Bitcoin... and the entire world economy. After that mess we'll look back at the housing market crash and muse "good times...".

        TL;DR; unregulated securities built on money launder

        • I really hope, as my posting history shows, that it does crash. Otherwise we're going to see major investment institutions doing 2008 style Credit Default Swaps with Crypto assets. If that happens yeah, it'll crash Bitcoin... and the entire world economy.

          Why would crypto crash the world economy? Can you elaborate on that?
          Crypto-sceptics are of course correct that those invested in Crypto have a vested interest for it to succeed. But really, that goes for any economy. Are you invested in Tesla stocks? Then maybe you will sing the praises of Tesla's to all of your friends. Or do you collect art? Or French wine? It's not really fair to call out Crypto enthusiasts on behavior that is practiced by everyone who is invested in something.

          But that doesn't diminish t

          • To the opponents it is a scam and a ponzi scheme. It is neither of those things, but it is a revolutionary technology if you actually understand what it does and how it works.

            You know, one thing that would help cryptocurrency fans' arguments is to stop smugly assuming everyone who doesn't like it just doesn't get it.

            • Re: (Score:2, Insightful)

              by allcoolnameswheretak ( 1102727 )

              You know, one thing that would help cryptocurrency fans' arguments is to stop smugly assuming everyone who doesn't like it just doesn't get it.

              Why? What is wrong about that? Should I be careful not to shatter some fragile egos? Or is it because the phrase "Educate Yourself" has become a bit of a meme?

              The problem is, that in 99% of the cases it is true. Most people who repeat the mantra that "crypto is just a ponzi" are clueless about crypto. I know, because I was one of them. Until at some point I put in the weeks of effort to learn about it, what it does, what it means, and at some point it clicks and you understand how in several ways this is re

              • Lmao. Where do you think you are exactly?

              • Why? What is wrong about that?

                A whole lot. If you can't even fathom the possibility of being wrong, there's nothing really left to discuss here.

                Should I be careful not to shatter some fragile egos?

                Yeeeeahhh, about that...

                • There Is no possibility of being wrong. You're like a creationist arguing against evolution. We are way past the debate stage. That happened when it was revealed the tether isn't actually backed by US dollars and the crypto market which is based on tether didn't crash. That shows how completely disconnected the crypto market is from reality similar to how the mortgage backed security and credit default swap markets were in 2008. This is why we don't want crypto to bleed into the economy proper. We have actu

              • I know, because I was one of them. Until at some point I put in the weeks of effort to learn about it, what it does, what it means, and at some point it clicks and you understand how in several ways this is revolutionary new technology.

                Yeah, that doesn't sound like any sort of cult/religious "awakening" *at all*.

                /s

              • That's not a bad effort at saying nothing factual but throwing the emotional support behind your argument.
          • You need to understand what a credit default swap is and how it crashed the economy in 2008. Basically you take a lot of bad debt and you combine it into a security that you sell. Here is security is just something that is considered valuable and that theoretically has an asset backing it.

            In 2008 companies did this with mortgages that they knew were bad. Twould take a whole bunch of mortgages where they knew that the first time there was an economic squeeze the homeowners were going to be forced to defa

        • You canâ(TM)t create Bitcoin credit, there is no Bitcoin printer like the Fed that can inflate the currency. The credit swap bubble was created by government mandate.

      • Hey, I was an early adopter! The guys on IRC were playing with sending each other 50BTC, just same as it's typical to verify a new hash collision or the like. I still "have" that piece, lacking just the keys that were deleted from the disk, together with any random piece of worthless crap. Meh.

        • I really regret not playing with bitcoin in the early days. I wanted to, but then I listened to the negative people on Slashdot who said it wasn't worth anything. I shouldn't have listened.

      • Re: (Score:2)

        by Xenna ( 37238 )

        "He plans to sell at $120k or so and then re-buy some at $30k."

        That's not a true believer. A true believer accepts that bitcoin's value is unpredictable in the short term but the trend is predictable in the long term.

        https://twitter.com/therationa... [twitter.com]

        Check out this graph that documents the past movement of the Bitcoin price. It spirals out towards higher prices but only when seen in 4 year cycles. A full circle represents a 4 year period (one halving per 4 years). WIthin a cycle a lot may happen, but so far

        • Well if he sells at 120 and it never hits 30 he's out for good it sounds like. You can't time the market no matter how sophisticated you think your math is. It's like predicting what dance will trend on TikTok. That goes for the regular boring-ass stock market as well.

    • this same argument could be used for "hodling" fiat currency. for holding stocks. for holding anything that fluctuates in value. always salty boomers who never got into crypto until recently, and have the worst FOMO i've ever seen. this guy posts practically the same thing over and over on every BTC post on /.

  • 420 dude! It's a sign!

  • You know there are plenty of detailed 3rd party trackers out there now? We don't need a ./ post giving the current value or when it drops/goes up. It was post worthy when it was new. Sure there are some newsworthy stories here and there now, but at this point, seems like a more investment story than a ./ story.

  • You'd think they'd be selling while it's high (although no one really knows what 'high' is with BTC because there is not a person on the planet that can give a valuation on it, and if anyone says they can, they are lying)

    • BTC is in a long-term upward trend as more and more people buy it. You'd be a fool to go against that trend, it's likely to persist for several years.

      • Legit question: you expect BTC to go up in price forever?

        History doesn't align with this. And i'm talking about like two months ago.

        • History doesn't align with this. And i'm talking about like two months ago.

          That's moronic. No one expects bitcoin to monotonically increase.

          • That's moronic. No one expects bitcoin to monotonically increase.

            There's a shitload of "BTC is deflationary, it can only go up" people out there, HODLing no matter what.

            • The s&p500 for example has been going up "forever". Why can't Bitcoin?

              • You might want to check recent history on that. 2008 was a lot of fun, f.ex.

              • "Why can't Bitcoin?"

                Because then some day one bitcoin would surpass the value of all wealth on the planet.

                Since that can't happen, the question becomes "when will it stop"? Because it will.

              • For people to buy things they must have value. A company generates economic value, the S&P is a measure of a group of companies. What value does BTC have? the only thing it does is allow people to transfer money between two people. There are many many other ways to do that. Right now it takes ~0.1% to run a transaction through BTC, I can do this through a bank or ACH transfer for free (albeit its slower). Even other blockchains are cheaper to process than BTC. From what I hear the BTC network is also s

            • Find me one who thinks bitcoin only goes up monotonically. There is no one who believes that, everyone understands it has fluctuations. You are a liar.

          • No, but there are a lot of idiots that think that it will increase on average year over year.

            • The current trend is that it has been going up for several years, and there is no reason to believe that it won't continue to go up for several more years. Hitting the peak is still several years out.

              • And that is exactly the kind of thing that makes the price go up. It doesn't matter what it is, mining stocks, tech stocks, some new commodity that can't be priced... They all do the same thing, they go up and up and up, until they crash. The crash happens when people finally figure out that there wasn't any value in the thing that they bought.

                That's why I'd never hold BTC with anything other than 'toy' money, because you never know when that moment can happen.

                What is the value of BTC anyway?

      • No, it won't. Right now people are speculating on its value. It's going up because people think BTC is in a long-term upward trend as more and more people buy it . It goes up because people have faith in it. The true value of BTC hasn't been seen yet, and may not be seen for years (some day it should level out), but it could be much much lower than it is now.

        They say that the value of BTC is it's a good way to move money around. Well, there are lots of other ways to move money around, in a decade will BTC

      • How is that not a ponzi scheme?
  • I don't see how that's enough to move the market. We know they have to buy more, it's their currency now.

    • Re: (Score:2)

      by Ecuador ( 740021 )

      It went up after the *announcement* of the purchase, not the purchase itself. The bitcoin price runs on hype, so this is BAU.

  • There's no way a tiny Salvadorian buy will do this. But media always need to have a narrative.

  • Who needs a stock ticker for Bitcoin when /. posts an article about every market move:
    • 10 Bitcoin's up: /. article
    • 20 Bitcoin's down: /. article
    • 30 goto 10

    • Who needs a stock ticker for Bitcoin when /. posts an article about every market move:

      • 10 Bitcoin's up: /. article
      • 20 Bitcoin's down: /. article
      • 30 goto 10

      Could be easily solved by /. offering an actual filter for those stories so those of us that don't want them polluting the main page could have an option. But there's a reason [slashdot.org] they won't do that.

  • At least it's a modestly interesting variation on the old tax haven shtick that Ireland et al are running with.
  • Hello there. It seems to me that bitcoin is not as popular as NFT right now. Now this is what helps many people to earn more money, for some it is freedom for imagination. For many, this is even a way to help our planet and make the ecology better. Yes, that's right. Actually https://myimpactpower.org/ [myimpactpower.org] this is the site where you can read detailed instructions on how to do this and already start helping our nature so that the future is clean for all of us. and konencho is the same for you yourself.

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