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Even if there's a change in power today in El-Savador, bitcoin has gone far beyond what can be stopped by any new government in power, nobody is protesting against it like the first ever, the people were already getting used to it and their children were having the best of education about bitcoin freely in schools.

As i was going through the El-Savador's bitcoin adoption as a legal tender today and in checking various comments, informations and replies that people have made over time, i could see that there's nothing showing interest on bitcoin adoption going on a low priority in El-Savador than the continuous adoption and development backing it up already, i also join in the conversation and give some reply on the discussion to come over here and remind us about nothing is recorded as a failure yet, El-Savador is going well with its economic activities without having any form of set back from it decision on bitcoin adoption and as a legal tender.

Mainstream media are on governments' and central banks' side. They will do anything they can to discredit Bitcoin as much as possible. People tend to believe what they're told by mainstream media these days without doing their own reasearch beforehand, so any negative news tied to BTC would surely affect its market price in the short term. At least, El Salvador is on the right track by adopting BTC as legal tender.

If the "Bitcoin Experiment" becomes a huge success, it's likely the Salavadorian government will ditch the USD for good. This won't look in the eyes of the IMF and big banks. After all, they want to remain in power/control over the global economy. Imagine what would happen if a considerable amount of countries adopt BTC as legal tender. It will mark the end of Fiat for good.  Who knows if El Salvador will be the one laughing in the end? Just my thoughts

Since El Salvador accepted bitcoin as a legal tender, most developed countries and their press have published hundreds of articles talking about the failure of El Salvador, and El Salvador will soon default on accepting bitcoin. But by January, El Salvador had officially paid $ 800 million in debt, and interest, especially no newspaper wanted to mention this, they are trying to hide. Bitcoin has yet to make El Salvador rich, but it has done what USD will never do, if President Nayib Bukele had not risked bitcoin and continued to use USD, that debt would have run into trillions of dollars.




https://twitter.com/nayibbukele/status/1617983798037327876

It makes little sense to focus on short-term price moves, and any investment into bitcoin should be a 4-10 year or more timeline and probably for countries the timeline should be longer than for individuals  - even though we have already discussed that there are no successorship guarantees when we are looking at governmental entities making investment plans.

Of course, anyone has the right to reconsider any investment that they make (whether we are talking about individuals, institutions or countries), yet it seems that individuals are going to have the most flexibility in terms of their getting in or getting out of an investment - and of course, institutions and countries can attempt to act like individuals, but it surely looks more silly for either countries or institutions to be making in and out rash behaviors - unless they disclose from the start that they are getting into an investment (such as bitcoin) as a short-term trade and just for the lols.. but most serious and grown up countries (and institutions) are not going to purposefully engage in those kinds flip-flopping kinds of behaviors  - even though we do see examples of such flip-flopping behaviors happening.. flip-flopping does not tend to be the responsible and/or grown-up way of going about something that is set-forth and described as an "investment."

Their decision was not just of investing in bitcoin, they adopted it as a second official currency in the country. It has multiple effects and not all of them are directly connected to nowadays exchange rated of bitcoin. For instance we know that statistically lots of Salvadorians still have no access to a bank service and still need to pay huge fees while transferring their salaries from abroad job. So using bitcoin they can save some money even if they will change it to dollars after transfer. Moreover as far as I remember Chivo Wallet gives an opportunity to operate both bitcoin and USD, so Salvadorians can have a bank with all those options right in their pocket in smartphone. So until El Salvador doesn't sell its bitcoins it was not so bad idea to start even at the low market.

I agree with you, timing wise it was a bad decision for El Salvador to adopt bitcoins when they were so expensive. Nobody could have known how bad 2022 is going to get, but in my opinion the project didn't fail yet. There is some public opposition against bitcoins that doesn't make much sense. Selling all the bitcoins now will only result in a big financial loss. It would be much better to keep holding and sit the bear market out. I am still convinced that long term El Salvador will succeed with bitcoins as a legal, if they can withstand the political pressure until prices are going to recover. The dress of Miss El Salvador looked amazing, I hope they can use more public places to promote bitcoins for their use. And once the next bear market comes we will talk about the success for El Salvador and hopefully other countries will follow.

You're right JayJuanGee, many thoughts they have a clue behind what El-Savador is upto but to their greatest surprises things weren't just as they thought, all i wonder is that people carry the wrong informations with the bitcoin adoption in El-Savador and work nothing about it in confirmation, but I don't think El-Savador is in for giving attention to those rumors than rather concentrate more on the more possible outcome that may come through it adoption, but permit me to hear more clarification about this old article i saw online, how genuine could this be.

More reasons to why El-Savador adopted bitcoin as a legal tender emerging.
https://twitter.com/DocumentingBTC/status/1613591151872806921?t=RqPTtGz_XQozqgC94VqPVg&s=19

El-Salvador is a poor country subject to sanctions by major powers such as the US and the West. Bitcoin adoption  may not make El-Salvador the richest country in the world but it will make El-Salvador a rich country, a developed country, and a chance to become a strong economy in the future without having to worry about sanctions or overdependence much on the great power.

El-Salvador is like the poor, like us, bitcoin is our chance to catch up with the rich people's lives. Without bitcoin, it would be difficult for us to change positions with other investments like gold or real estate but with bitcoin it will become easier.

Last time I checked, El Salvador is a sovereign country, and therefore it can set forth its own regulatory framework, which it seems to have done in regards to bitcoin (which has been a point responding to your post - already raised by jokers10).


You seem to NOT know what the fuck you are talking about.   El Salvador already passed laws in June 2021 in which Bitcoin would be implemented as a legal tender in September 2021, which already took place.

There have been various kinds of ongoing usage and building of bitcoin related practices in El Salvador in the past year and a half, and even the passage of further legislation related to the issuance of bitcoin related bonds and clarifications in the past month or so, too.

Of course, you are not incorrect in your suggestion that El Salvador's citizens and institutions are interacting with people and institutions that are located outside of El Salvador, so surely there has been ongoing adjustments in which bitcoin is one of the possible available options for people and institutions who might figure out ways to employ such options, whether we are talking about remittances or other ways in which value might be transmitted and transacted from outside of El Salvador towards destinations inside of El Salvador. 

El Salvador has been doing a pretty good job promoting the use of Bitcoin within its borders. Not only that, but it's also helping BTC reach mainstream adoption worldwide with its tactics. I'm pretty sure the country will become the biggest Bitcoin hub in the world within a few years from now. It hasn't failed simply because it hasn't sold any BTC yet. You can't lose if you don't sell. The government just keeps buying and accumulating BTC to increase its chances of profit in the future.

If President Bukele stays in power, it's likely El Salvador will become a very rich country in the long term. With Bitcoin-backed (geothermal mining) government bonds, and now a Miss Universe model from El Salvador promoting Bitcoin, I wonder what will come up next? Just my thoughts

Maybe I don't exactly get what you want to say, but which country should adopt a law? El Salvador is a sovereign state and adopted a law about bitcoin, so it is already legal to use it in the country, it is a legal tender in it. Can you clarify which exact laws and where should be adopted from your point of view?

El Salvador government is all out support on bitcoin since maybe they don't want to miss out the global economic changes in future and they want to grab the opportunity while bitcoin is somehow in early stage where adoption to other country didn't happened yet. Good to see how they introduce it on beauty and fashion industry since Miss universe is a big stage bitcoin at that time get a huge exposure for that scene.

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I don't expect it to work for cryptocurrencies at large because that's the name that include every other shitcoins together under the same umbrella being crypto, we are dealing with bitcoin and bitcoin alone here, what sort of regulatory framework could be more favourable than the government giving the opportunity for both bitcoin and fiat to serve as means of payment, rendering free chivo wallet with some coins to have a good start up, allow every businesses to accept bitcoin as payment media without leveraging embargoes on them.


Cryptocurrencies are not legal means of payment in El-Savador, bitcoin is the only cryptocurrency accepted as a legal tender in El-Savador


When we are talking about bitcoin Which is a digital decentralized currency you don't made mention of banks here, they are centralized, the volatility is what bitcoin price is made of, not a misfortune if you study bitcoin well, you will understand it operates both on market demand and supply.

Bitcoin would never make any country the richest. One of the benefit of Bitcoin is that it gives the citizens a viable and superior financial transaction alternative. It can also free nations from external influence from global financial institutions like world bank. Every nation must ensure they develop other sectors of the economy because relying only on Bitcoin for economic growth is unacceptable. People should be gainfully employed, there should be good infrastructure,  less corruption and stable currency  in any country that wants to be rich.

Bitcoin adoption has failed to take off within the nation of El Salvador because its regulatory framework is largely unfavorable towards cryptocurrencies. At this time, there are no regulations in place that recognize cryptocurrency as legal tender or deal with taxation and licensing of businesses related to Bitcoin. In addition, due to the lack of protection through financial regulators like the Central Bank or Securities Commission, El Salvador’s citizens are reluctant to invest in digital currencies which present many risks including fraud and volatility.

Furthermore, recent political events that have taken place in El Salvador has made it harder for people living there to access banking outside of the country and make international payments. Bitcoin holders rely on exchanges like those located inside El Salvador for trading but without a proper framework in place transactions done through local marketplaces pose significant security risks. Finally, since most crypto transactions occur online it can be difficult for users from El Salvador who may not have reliable internet access or devices capable of securely recording and storing their details regarding transactions.

Until such time as measures designed to regulate cryptocurrency usage within the country become law Bitcoin adoption will remain limited within El salvador’s borders despite its potential advantages over traditional financial systems present worldwide currently.

That's to much and impossible to see since we didn't see a currency symbol place on a flag in any country so if their government do that maybe there are people will do a protest since its like insulting their country. Maybe in the side of adoption they do all  to make this currency circulate on this country and for now they are doing a good track since for sure what they experience on early days of adoption is great things need to learn to improve more.

When we are talking about bitcoin making El-Savador the richest country, it's not something we should expect within a blink of an eye else people will as well term it a ponzi scheme, it has to go through some process because it's just on it second year journey in El-Savador, why not we ive it time to exercise patience, growth is as good as when the maturition time begins, i believe with the little ones we have seen there's no argument about it that El-Savador has been benefiting from it bitcoin adoption in a number of ways evident enough.

Oh we can see that they are trying to develop in different directions. Tourism attracted by bitcoin, they try to improve it. Volcano mining is not just bitcoin mining, it is about generating green cheap power for which huge initial investments needed — if bitcoin will help with that it is wonderful. And each one project like that can have a significant impact on economy of such a small country like El Salvador. Hope they'll succeed.