Topic: 44 countries will meet in El Salvador to discuss Bitcoin - page 3. (Read 1476 times)

By third day of the Meeting representatives from different central banks have gathered in the Bitcoin beach and has shouted bitcoin. Nothing positive as we expected have come out of the meeting. Few central bank representatives have stated it isn't the way to discuss about bitcoin in such an environment. Anyhow soon we'll get to see what has happened out of the meeting.

We need to focus on how these talks will benefit bitcoin. If positive decisions are taken as a result of this meeting and the majority continues to have positive ideas about bitcoin, I think that this will be a factor in the rise of bitcoin and may cause a price increase. otherwise, the decline and negative opinion increases may continue.

It isn't maybe, I am sure lots of investors are accumulating in this dip, taking advantage of a lower priced Bitcoin.



I am sure they are having this meeting to take advantage on how they will milk the cryptocurrency market.  When countries gather in a meeting like this, they always talk about stuffs on how their institution can take advantage on the laid concept.  If these institution come into agreement, we might see a massive adoption, thus creating a new waves of investors and may be a possible turning point of the BTC market.

Central banks and financial authorities from countries in Africa and Asia want to meet in El Salvador to discuss about several things, among are financial inclusion, digital economy, banking the unbanked, bitcoin rollout and its benefits in El Salvador. The OP title makes it look like it is majorly bitcoin they want to discuss about, but not. But if bitcoin is also discussed, probably some central banks might be convinced but I doubt that because most central banks prefer their local currencies. I hope the central banks and the financial authorities that will go for the meeting will soon realize how bitcoin can help their citizens during inflation.

Wow these are really a lot of good news. All this news will bring a lot of benefits for Bitcoin.If 44 countries accept Bitcoin together and launch the facility, then of course Bitcoin will move to a very good position.But Bitcoin will one day bring benefits to everyone. Bitcoin will be introduced in every country. But that is not far off.

Imagine you are selling a product and need customers, so you gather hundreds of people in a room to show your product with the final goal of convincing those people to buy it. In order to convince people, you need to show statistics, and practical experiences of those who have already used the product and the product being used live, before the eyes of the public.

That is what Bukele attempted to do, not because he is the owner of bitcoin, but because he has invested million of dollars of public funds on the cryptocurrency, and of course he wants positive returns from it for the good of his country's economy and for the good of his political career.

The issue is that right now he doesn't have positive results to show to the audience regards the practical adoption of bitcoin by El Salvador. Most citizens just grabbed 30$ in btc from Chivo wallet and exchanged it to dollar currency, without using bitcoin after that. Public investments in btc are heavily negative and the whole establishment turned against Bukele, what is really painful for a leader. So, how is he going to convince all those foreigners efficiently bitcoin going legal tender is a good idea on the present moment?

Developing countries are well known for having corrupt leaders. Actually, citizens from these countries are usually in miserable financial and social situations because of the corruption of their leaders. I can't see how bitcoin being adopted by corrupt authorities would help those citizens. I can talk with property regards this matter, because I'm one citizen from a developing country and to say the truth I would feel unconfortable and suspicious if governors here developed interest for bitcoin.

Not that every tier 1 countries should participate the meeting, but the total lack of developed countries is really frustrating... I think balance is needed.

This is a really good piece of news for Bitcoin and all Bitcoin hodlers. However, as optimistic as I want to be about this news, I doubt that a single meeting will convince any leader of an entire country to adopt Bitcoin as legal tender just yet. El Salvador has yet to show everyone their own specific use cases and adoption cases for Bitcoin. Simple hype is not going to be enough. Except perhaps for the marketing aspect of Bitcoin adoption.

I do think that El Salvador has benefitted a lot from making Bitcoin legal tender, however they could boast about their achievements a bit more. At this point it almost feels like their adoption of Bitcoin was nothing more than a short-lived hype (even though we know thats not true).

That would be great, and I feel that out of those 44 countries maybe even more than just 1-2 countries could choose to adopt bitcoin as legal tender.

You do realize that we need to start somewhere, don't you? Or were you expecting to see countries like the US, England, France, etc to be the first ones to adopt bitcoin? I think it's even good that it's happening in Central-South America and Africa because it's easier to get a domino effect over there, there are less regulations than in the first world countries and if they want to do something, they just do. If we begin to have 3-4 countries next to each other accepting bitcoin, well, things will get very very interesting!

The Middle East could incorporate crypto into their economies despite gambling being haram because the argument would be that crypto currency usage doesn't incur risk for profit. The interpretations of crypto currency's compliance to Sharia also depend on what scholar wants to opine on the matter, and that usually involves arbitrary interpretation of the Quran. I don't have any expertise on the matter, only looking at what some scholars have talked about. None of it makes any sense to me. Most muslims seem accepting of crypto currency, but not the theocrats that govern Islamic countries.

We don't know the result yet, but maybe in the near future. But don't expect that the meeting will only discuss specifically about bitcoin because I think there are other interests that will be on the agenda of the meeting. It might be good to expect something spectacular to happen for bitcoin's future ^{[adoption in many small countries],} but there are stages that countries need to consider before adopting it.

I hope this will be a good fundamental for bitcoin in the near term so we can expect a price recovery. But what's great now about El Salvador is that they have become an important country to get more information about whether or not bitcoin adoption is good for a country's economy, especially regarding the financial system.

investors who have more funds are sure to buy more bitcoins during a dip (a few days ago)...

after 2 weeks ago bitcoin price fell to $26k+, today bitcoin price corrected up to $30k+. This bitcoin price increase of course happened because investors bought more when the price fell (they took advantage of the opportunity), I think the news about the meeting that will be held in El Salvador (@OP) to discuss bitcoin is really good news.

According to the event’s calendar, the event is still running today, although it may have a shorter agenda as often closing days do.

So far, the closest I’ve found in terms of details on the event can be seen in the news section of the AFI site. There are also three speeches in the corresponding section, that date back from the opening date (16/05/2022):

https://www.afi-global.org/newsroom_speeches/25th-dfswg-and-18th-smefwg-meetings-opening-remarks-by-afi-policy-programs-implementation-director-eliki-boletawa/

https://www-afi--global-org.translate.goog/newsroom_speeches/25th-dfswg-and-18th-smefwg-meetings-opening-remarks-by-banco-central-de-reserva-el-salvador-lic-douglas-rodriguez/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

https://www-afi--global-org.translate.goog/newsroom_speeches/25th-dfswg-and-18th-smefwg-meetings-opening-remarks-by-miguel-kattan-secretary-of-commerce-and-investments-of-el-salvador/?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Note, the latter two were in Spanish, so I added the GT links to them.

I left some further more extensive info in a couple of posts on the large El Salvador thread:
https://bitcointalksearch.org/topic/m.60173206
https://bitcointalksearch.org/topic/m.60173914

Positive news in bull market will be big booster but positive news in bear market is like nothing. Nobody care to believe such news can change the bear trend. They only read and digest news like entertainment.

Positive news are helpful in bull market to make noise, attract investors and get new capital flow. Negative news in bear market are helpful for Market makers and who follow them. I believe if this meeting and news occur in 2021, it would result in massive blow off Bitcoin to the Moon.

This news alone can't change the mood of investors and change the bearish trend. This will take some time if the theory of bitcoin cycles is correct. Of course, this news will be included in the treasury of events that have a positive impact on the crypto industry, but the effect will most likely not appear immediately.

By the way, I would like to know the results of this meeting with representatives of 44 countries. What decisions ended their discussion?

Maybe many investors will take advantage of buying the dip because so far the market rarely crashes below $30k, I have also been waiting for the current dip price condition because maybe after it recovers there is no chance to buy it before the market is bullish.

This will certainly be very positive for bitcoin and its future. Indeed we will have good news if many countries regardless of their economic status will try to adopt bitcoin as a means of payment and legalize it. This will specifically help bitcoin get a lot of users to achieve its main function as a currency.

I honestly just think that when there are a lot of small countries starting to do it for bitcoin, then the best thing we can hope for is countries with big economic power will try to do it sooner or later.

Yeah, and I actually agree with this hypothesis. It doesn't surprise me that the countries weren't those with well-developed economies. If a country has a relatively low poverty and unemployment rate, relatively high standard of life one can afford on an average salary and overall slow but steady growth of the economy, there's a lot at risk when going into new areas and little incentive to do so. In countries that are struggling, however, taking risks makes more sense because some sort of improvement is urgently needed. Cryptos can bring new investments into the country, create new jobs, make people more engaged in the economic process. So there's a lot to gain potentially, even though it might not work in the best envisioned way.

Good news in a market situation that is still red, this can make investors optimistic and of course will continue to buy, I'm sure more countries will immediately receive bitcoin as legal assets equivalent to other commodities, and some countries are currently open tender for Legalized Bitcoin.

hosting the meeting is not about the rise and fall of bitcoin volatility neither was it base on the fact that some make looses while others profit from it, no, they have to hold a meeting to deliberate solely about what bitcoin is, it role, and how they can maximize the opportunity in it to boost their economy, remember some discussions were better done in person, hosting a global meeting like this will as well encourages for more adoption, no one is looking at the experience that might have occured in the past but the major role bitcoin has come to in the global economy system.


bitcoin has gone beyond showcasing, infact it is not to please anyone or entice any country because it is decentralized and it has made justification to what fiat couldn't do, which is privacy, anonymity and decentralization. if the developed countries are not seeing the opportunity then the developing ones could maximize such to help their citizens and boost the run of their economy.

Huh?  Shouldn't they be able to determine for themselves what they would like to discuss or not discuss and how much of the discussion to have in terms of their topics and whether they believe it might be helpful to discuss ?

Why wouldn't a country be able to do more than one thing at a time, even if such country might be some rinky-dinky and hardly able to afford anything location?

Last time that I checked, bitcoin is not only for rich people.

Last time I checked, you do not even have to buy a whole BTC.

Last time I checked, there are a variety of ways that something like bitcoin could be adopted or implemented.


Surely, the lightning network seems to establish a lot of potential transactional mechanisms, and bitcoin's historical price performance and even various fundamentals related to adoption seem to establish that bitcoin is an ongoing asymmetric bet to the upside, so there are a variety of ways that governments might consider employing or promoting aspects of bitcoin without necessarily increasing their risk profile - but instead potentially cause their situations to be better, not only from and institutional/governmental perspective but also various ways that their citizens would likely end up having more (rather than fewer) options.

In essence, it seems that bitcoin increases rather than lessens options, and there are all kinds of variations in the ways that countries and/or banks might consider adding those kinds of options within their countries and/or maybe the ways that they interact between each other from the country, institutional and/or individual perspective.


Huh?

I agree with part of your point that some countries might not have very many activities or production that is monetized, but even poor countries have developed economies that include monetary components, and even if they might not have as much monetary activities in comparison to more developed countries/economies, bitcoin is still designed to be able to help within a variety of circumstances.. and surely, it would likely help some segments of any society more than other segments, but still would not justify that bitcoin should not be considered even though there could be some concerns about "how much" to adopt or invest in bitcoin as a country rather than "whether" to invest in bitcoin as a country.


It's too bad that you either fail or refuse to use the word "bitcoin" at even one point in your post, even though the title of the thread mentions bitcoin, and even though the legal tender law in El Salvador was ONLY about bitcoin.

Regarding your chosen word "crypto"  I don't really know what that is, but yeah, sure there are a bunch of shitcoin projects that are still likely hanging on the apron strings of whatever is done in bitcoin including having various interests in El Salvador and other poor countries (and people), too.

And, yeah sure there is a lot of confusion for a lot of folks to not know the difference between bitcoin and crypto, and hopefully your failure/refusal to use the word bitcoin in your post, TimeTeller, was an oversight (or maybe you did do it on purpose) rather than your actually not knowing what is bitcoin and unable to actually figure out how the focus of many of the serious (non-scam) financial institutional (and maybe even quasi-governmental) contenders is tending to be on bitcoin first (and bitcoin focused). .even though surely some serious and BIG financial institutions have also got diverted into various shitcoins too.. but hopefully, many of us in this forum are ready, willing and able to try to understand and appreciate how bitcoin is differentiated from various shitcoins and scam projects that are many times associated with folks who use the term "crypto" and not able to distinguish what is bitcoin, no?