Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 120. (Read 40837 times)

It appears this president is motivated with strong convictions in an ideology which also can be speculated that he will never listen to the IMF’s demand to remove bitcoin’s legal tender status in El Salvador. I support this tweet, however, I am afraid that Bukele should begin to be cautious for his family’s safety and his own. Those bloodless vampires behind the IMF will do anything to maintain the existing state of their monetary system.

I reckon the other South American leaders should unite and push back.



Wanna see hypocrisy?

Look at the ones supporting a President who wants to go to war to boost his approval ratings, sending gas prices to the roof in the midst of a global inflation that will send hundreds of millions into poverty.

But they’re concerned about McDonald’s jokes

Source https://mobile.twitter.com/nayibbukele/status/1485754688628789249?s=12

https://mtmcrypto.com/2022/01/25/imf-urges-el-salvador-to-remove-bitcoins-status-as-legal-tender/

IMF urges El Salvador to remove bitcoin's status as legal tender, stating it can cause risks of financial stability...


El Salvador make bitcoin a legal tender but citizens can choose accepted payment to be in US dollar, it is not that bitcoin is forced on El Salvadorians. Making bitcoin a legal tender in country like El Salvador is not the same with making bitcoin legal but both have some similarities.

The similarity is that anyone can choose payment accepted to be US dollar which is the currency the country is spending.

This is a very great news, this will be an advice for people that bought bitcoin at high price but thinking they have lost all because the price decrease in this period. Organizations know that buying the dip in steps as the price is reducing is a good ways of bitcoin investment rather to not know when the bear time is over and lose for the bull time. El Salvador president has shown courage and brilliant bravery that could help his country, he should be a very good president. He is not following what others are saying, what they could not say when the country has always been in dept and the dept is increasing which was massive in 2020 before El Salvador adopt bitcoin in 2021. I hope bitcoin bull time is coming, a time when that will favour El Salvador if the country continuously buying the deep. Bitcoin buyers which are for long time purpose should always have it in their mind which is true that bitcoin holders will never lose but again make profit.

This is what Bukele should be doing instead of showing arrogance. This shows that we are in this together from the bull market to the bear market. He might only be joking, however, this also shows that he wants to be part of the community and his intentions for bitcoin and the cryptospace are not short term and not only in during the good times, out during the bad times.



#NewProfilePic

https://mobile.twitter.com/nayibbukele/status/1485031106982428677?s=12

@El Holdedor (El Salvador) just bought another 410 BTCs, which is close to their maximum purchase batch of 420 BTCs made last October, and that brings the alleged total held to the 1801 BTC mark. I figure it’s buying the dip from dipping into the Bitcoin Trust …


see: https://twitter.com/nayibbukele/status/1484651539587289091

It would be really nice to see some official balance from the Government, instead of Tweets that need to be tracked and taken for granted, specially for the local population’s benefit (as in knowledge).

Theere is no crisis of public confidence. Only FUD. Ignore the FUD and you will be fine. 1 btc = 1 btc. No one can change this fact. If you see some one telling you that 1 btc isn't 1 btc, just hit him in the face or ignore him. Your call.

Bitcoin has gone through worse situations than this before. It will go through this one too.

In the end when these are all over, bitcoin will absorb the whole fucking thing. Imagine the price when that happens. I don't know If I can type that many 9's or 0's. So, a lot.

Where are you going with your argument? Who in this community does not want bitcoin or the cryptospace to succeed? My comment was on Bukele. He should be silent about the downgrade or make a more empricial argument than being arrogant and tweeting does not give a fuck in public as if that would help El Salvador’s finances. Are you praising him for tweeting DGAF? Is that a step forward for the global adoption of bitcoin?

It should be. Since El Salvador has legalized Bitcoin as a legal tender, it automatically becomes their national currency. Sure, we are all happy with this because this indicates the great adoption of Bitcoin. With big support from one of the government in the world, we are more confident about the future of Bitcoin adoption around the world.

Regarding the possibility of BTC price $100M, I don't think any strong correlation with El Salvador. It purely depends on the demand on the market, and how the trend in the future. If Bitcoin is getting popular and more people are interested to buy Bitcoin, then $100M is possible to reach although we don't know when it is.

Great news, and it's another positive thing in the cryptocurrencies market. No one can now stop the flow of bitcoin as many people accept it.
I googled "El Salvador" and found Bitcoins on their Offical Currencies, which makes me happy.
We're slowly growing, and soon we'll reach the $100M, and that's the dream of every bitcoins lover.

the figures that you present for salvador's debt to GDP ratio are low, much lower than developed occidental countries, that are largely above 100 percent presently.
but apparently there has been an upward tendancy recently.
this could eventually be due to the present government, that invests a lot in permanent structures.

hence an evident difficulty for developing countries is that they cannot control sufficiently their currencies quotes, in front of dollar and euro for example;
adopting an independant international currency could eventually be a great advantage, if the horse chosen is adequate.

Unfortunately the link is not working.

But if my understanding is correct, it's just right that the interest is low because bitcoin is a high volatile asset, it could end up a borrower paying more than 100% of his original loan if he spends the money and bitcoin will have its bull run during the due date period.

As a next move El Salvador government have planned for bitcoin backed loan for small and micro businesses. Here the interest rates were calculated to be more less than the present ones. The details about the loans weren't disclosed for now, as the news happened through a facebook live from Taher who is the advisor for El Salvador government.

El Salvador explores low-interest loans backed by Bitcoin

El Salvador is a developing country, developing countries are used to borrowing and El Salvador is not the only country in dept, developing countries that do not make bitcoin a legal tender are also in dept, they all borrow.

If El Salvador has adopted bitcoin earlier, will the country foreign dept be up to $22 billion? Do not get me wrong in this direction, I understand that before a country will accept an asset like bitcoin as a legal tender, there are some things to consider. El Salvador would have grown more than this if the country adopted bitcoin earlier and their dept will not be up to this.

When did El Salvador made bitcoin a legal tender? that was mid 2021, but see El Salvador's dept comparing it with gross domestic product in the country from 2012 to 2020 which is what you are talking about:

El Salvador Government Debt to GDP

https://tradingeconomics.com/el-salvador/government-debt-to-gdp

Is bitcoin the cause of the dept? EL Salvador has not made bitcoin a legal tender in 2020 but the dept grew as years passed by. If president Bukele know all these, it is frustrating which could be the reason for his tweet.

If bitcoin adoption continues, do you no think this can not help El Salvador? It will help the country. if your answer is no, then you might be one of the people that did not support bitcoin in the past.

Yes the president should be silent, however, if he really wanted to say something about it, do you think DGAF was really the response on it? How much is El Salvador’s debt load? There was an article that said that the debt load is $22 billion. That might be 90% of the country’s GDP and his response on the downgrade is DGAF? I shake my head to those people who praise him for it.

Also, how much bitcoin is El Salvador holding? It might be less than $100 million. That will not be enough to cover their debt load. We want to witness adoption of bitcoin, however, president Bukele should not be arrogant.

You are a funny character, it is easiest to blame others for what you do - so if others do wrong, it gives you the right to do the same? Are you still wondering why your thread about Tonga in the Bitcoin discussion is locked?


I heard about the first confirmed death 2 days ago ( January 17, 2022), but I'm not going into whether you could have found such information before your post - besides, there will be more dead (for now 3) because many people are still missing.

El Salvador president tweeted 'El Salvador don't give a fuck' (DGAF) in response to that dept degrading or whatever. I did more research to know that this kind of action against El Salvador is not new

July 31,2021
Moody’s downgrades El Salvador’s long-term foreign currency issuer rating, and it has a Bitcoin connection
https://blockchainbarista.com/moodys-downgrades-el-salvadors-long-term-foreign-currency-issuer-rating-and-it-has-a-bitcoin-connection/

LatinNews Daily - 03 August 2021
In brief: Moody’s downgrades El Salvador
https://www.latinnews.com/component/k2/item/89453-in-brief-moody-s-downgrades-el-salvador.html

The president should be silent for what reason? He is a Bitcoin Enthusiast and know bitcoin is having a brighter future. El Salvador is no much different from countries that make bitcoin legal because citizens are allowed to either accept Bitcoin or US dollar. But just that it was a great news that a country adopts Bitcoin.

See the recent inflation of 7% recently in US which some people say it is higher than that, see the progressive devaluation of dollar from over decades ago. What makes fiat better? What makes dollar better? Fiat that is controlled by the government to make its value to reduce.

El Salvador is having over 700 or 1000 Bitcoin now, I do not know the amount. This is because their president knows that this will benefit El Salvador. People still do not want to understand that fiat is the killer not bitcoin. I do not mean killer directly but you should get me.

This might be the best moment for the president Bukele to be silent instead of finding recognition and the approval from the bitcoin community. I am aware that it is not yet certain, however, we might be witnessing the beginnings of a bubble pop. This downgrade on El Salvador’s sovereign debt might be a risk on the country’s economy and might also put the country’s financial condition in danger.

Also, this 3rd world country consists more of poor people than bitcoin holders.

I did not just make the post, the quote below make me


I posted yesterday and your news you post was published today, what I read before in the early hour of yesterday or two days ago was that no death was recorded. I would have more appreciate this if you said two deaths are now recorded rather than saying someone is wrong but your post is good though.


El Salvador’s Bitcoin wallet onboards 4M users with Netki partnership

https://cryptoepic.org/el-salvadors-bitcoin-wallet-onboards-4m-users-with-netki-partnership/

There might be some value in capturing aspects of public sentiment early on in the bitcoin transitioning process, and many of us who have been in bitcoin for a while likely recognize that some of the compounding  benefits of being in bitcoin could take a while to be really felt - maybe even in the 4 year to 10 year time horizon.  On the other hand, in El Salvador, there are various actions being taken right away.. and of course, those short term actions are going to direct and incentivize various kinds of short-term changes. .that surely could be felt in more immediate ways...


Bitcoin does not need any of these things.


Sure, there can be some benefits to bitcoin in terms of increased adoption, but bitcoin is going to survive whether it is adopted or not...and most likely, in terms of Gresham law type principles, people, businesses, institutions, and governments are going to come to bitcoin whether they want to or not.   The soundest of monies attracts capital into it, even if there are a lot of people failing/refusing to appreciate that bitcoin is the real deal in terms of the soundest of money out there.

Don't get me wrong.. greater levels of adoption in various levels (also could be referred to as network effects) does likely cause bitcoin to get BIGGER faster, but whether bitcoin goes faster or slowly does not really change too much of anything in terms of a certain amount of ossification that already exists in bitcoin and tik tok every 10 minutes another block comes, whether you jump on board and appreciate its value or not.


Fair enough.

There is a certain amount of value that comes through actual actions - including the way that El Salvador is attempting to facilitate the building of various bitcoin infrastructure.  There are also several countries that have had representatives making statements, and the actions surely vary in terms of none of them really going in as bold as El Salvador, and some of these matters will take time in terms of attempting to learn from the experiences and practices of various other jurisdictions, whether at the city level or even smaller jurisdictions such as cities that end up making some moves towards bitcoin adoption/acceptance.

Here in El Salvador, sociology was rolled out and if you believe the survey "what citizens of the country think about Bitcoin" conducted by the Institute of Public Opinion of the Central American University (UCA) and published the results on January 14, it turns out that so far only 27% of respondents believe in Bitcoin, a total of 1,298 citizens participated in the survey.

In particular, 25.6% believe that it has benefited the rich, 20.5%  the government, and only 10.9% believe that the adoption has benefited the residents of the country. Approximately 60% of respondents say that the $70 million spent on the purchase of bitcoin did not affect the economic condition of the country. Despite this, there was hope for a better future.

Only 20% of respondents believe that the economy has improved, and 57.2% believe that it has remained the same.
Also, 6 out of 10 citizens oppose government spending on BTC. In general, respondents indicated that the use of Bitcoin in the country should be voluntary, not mandatory

https://uca.edu.sv/iudop/wp-content/uploads/Bol.-Eva-de-ano-2021-MOD.pdf