This is a welcome development and I know that's the purchases will affect the price of Bitcoin is in the marketplace. This will drive the price of Bitcoin higher as demand increases.
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This is exactly why most governments have started placing restrictions on crypto currency, they are simply trying to protect their local currency. In this case, I do not really blame him for making such decision, I think his advisors should be the one to be blamed.I agree with you.. I don't he was fully advised before taking such decision of investing such amount on cryptocurrency. I think there should be regulatory measures that they need to enact to protect their local currency.
I think it's rather too late because powerful countries like United States of America Russia and Canada already adopting the use of cryptocurrency.This is exactly why most governments have started placing restrictions on crypto currency, they are simply trying to protect their local currency. In this case, I do not really blame him for making such decision, I think his advisors should be the one to be blamed.
This was a decision that was made without proper planning and in the heat of the moment. This is the epitome of “crypto-mania” and it will take some time before we can all access bitcoin as a legal tender. The limiting factors on bitcoin at this time are too much for a country to take such a bold stepThe President of El Salvador announced the country's purchase of 150 bitcoin units, bringing the state-owned to 700 units.
What do you think about this step from the President?
For me, I think it is hazardous to mortgage the economy of an entire country on cryptocurrency.
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Yes you're absolutely right by saying this, I think there reason of investing on the coin is nothing but rather than to earn passive income from it as the case maybe.How much is 150 bitcoin that will make a country mortgage there ecomic on crypto currency. In my own view I think that they just want to invest in the coin
That is one thing that the government would have really lokked into before going for an outright adoption of cryptocurency as a legal tender in their country,because its value is never stable.El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The use of bitcoin in El Salvador appears to be low amid the market volatility. The country faces plummeting economic growth and a high deficit.
Yeah, if you want to earn passive income it would definitely require you to actively learn how to make better Investment decisions. Otherwise you may end up in loses.Yes you're absolutely right by saying this, I think there reason of investing on the coin is nothing but rather than to earn passive income from it as the case maybe.
It is a risky investment from El Salvador's government but if Bitcoin's price increases then they will have a big profit, I think many countries will invest in Bitcoin.The President of El Salvador announced the country's purchase of 150 bitcoin units, bringing the state-owned to 700 units.
What do you think about this step from the President?
For me, I think it is hazardous to mortgage the economy of an entire country on cryptocurrency.
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Yes you're absolutely right by saying this, I have seen instance like this, the person didn't learn all the necessary procedures that will guarantee him to earn money before starting the business, which let him to losing his hard earned money.Yeah, if you want to earn passive income it would definitely require you to actively learn how to make better Investment decisions. Otherwise you may end up in loses.
That is the negative side of investment. If you decide to just venture without making the appropriate analysis, it would be quite difficult to make money because of some psychological factors.Yes you're absolutely right by saying this, I have seen instance like this, the person didn't learn all the necessary procedures that will guarantee him to earn money before starting the business, which let him to losing his hard earned money.
Well we can't really say because they have the reasons they are trying to adopt cryptocurrency in the country, but I wonder what they are doing now in which the price of all cryptocurrency has dropped.