El Salvador now holds more than 7,800 bitcoins, and the news has been getting plenty of attention in the square. $BTC , meanwhile, hasn't done much: currently at 82,229, up 0.65% over 24 hours.
A country stockpiling coins is like an old-timer saving money in a piggy bank. The bank may get heavier and heavier, but that won't make produce prices at the market go up that very day. It signals a long-term stance, not short-term buying pressure.
The market action backs that up: trading volume is down for now, and there are fewer people in the market than usual. Next, don't focus on the headlines—watch for when trading volume picks up. If volume doesn't return, no matter how much buzz the news gets, the price will probably just drift sideways.
#ElSalvadorBitcoinHoldingsSurpass7800
A country stockpiling coins is like an old-timer saving money in a piggy bank. The bank may get heavier and heavier, but that won't make produce prices at the market go up that very day. It signals a long-term stance, not short-term buying pressure.
The market action backs that up: trading volume is down for now, and there are fewer people in the market than usual. Next, don't focus on the headlines—watch for when trading volume picks up. If volume doesn't return, no matter how much buzz the news gets, the price will probably just drift sideways.
#ElSalvadorBitcoinHoldingsSurpass7800