Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 131. (Read 40721 times)

I am afraid that President Nayib Bukele is walking on a very thin line here. By awarding the status of legal tender, he has set Bitcoin and US Dollar on a collision course. The Americans are going to be really pissed. And remember that the CIA has overthrown regimes in Latin America for far less serious "offences". If everything goes well in El Salvador, then it creates an existential threat for the US Dollar. There are 7 countries apart from the US where USD is used a legal tender. But the real danger comes from the 14 countries that peg their currency to the USD. Unlike the first group, the second group consists of economic power houses such as Saudi Arabia and the United Arab Emirates. I would like to see for how long Bukele manages to remain as the president.

Imagine what would happen If a country like USA or Germany declared that they won't be using USD or Euro starting from tomorrow. Bitcoin would hit $10 million in a few hours probably. I don't think this is beyond the realm of possibilities. You'll never know what will happen tomorrow. These are interesting times.

This is very good news but it still cant make the market stable because untill now the price still keep going down, i hope more and more big country will doing this so the bear market will end.

It is politics.

If they join the Alliance, it is because they want to break down the US dollar power but whether they will succeed, it is a different aspect.

It will be a biggest challenge in global economy after the Gold standard collapse many decades ago. US dollar took over the Gold standard and help the US have biggest position in the global economy.

This challenge does not help China or Russia to take down the USA because they need to make noise and need Alliance.

They can always decide to dump their position before they act. If China and USA can't get along, that is probably going to happen. I don't know if China really going to join the Bitcoin Alliance but I can predict that they are not going to hold the US debt forever. At some point they will want to get rid of them. Actually I don't know why they didn't do it already. Just dump them worthless papers.

China will never join this rebellion because China is one of the largest foreign hodlers of United States treasury securities. A failure of the American economy and the dollar will be a failure on China’s own investment in the trillions hehe.

The man Knows what he is doing and what he risks for His country . He even make this ready before the announcement and the sending to the congress for approval?

Wondering how many things EL Salvador will make it for bitcoin and surely we are looking into this to make happen as our country hopefully will consider same as this also in the near future.

It's like everyone else is adopting the "wait-and-see" approach before El Salvador went in with guns blazing.

For those superpowers, it might take a while; China plans its digital Yuan while many other China-based cryptos (VET for instance) have been complying with the government regulations.

Interesting.

The southern countries are going full Sparta on the Dollar of the north. Maybe China, Iran and Russia will join this rebellion against the dollar in the future too. Nobody really likes the dollar other than the Americans (probably many Americans don't like it neither)  and yet everybody still uses it. Apparently that's a contradiction which must stop.

Well, they are speculated to be mainly American (South/ Central) territories according to this article.



https://www.cityam.com/more-countries-line-up-to-make-bitcoin-legal-tender-which-one-will-be-next/

Triggered?

Are there any news which I am not aware of? Which countries exactly are considering doing the same thing? Do you have a source? If that's true, that is big news. In other words, big if true.

Agreed. However, similar to what Carlton argued in the press subforum, there are people behind the IMF who has the political connections in government, military intelligence, and in business to topple regimes that do not bend to their will. This is more of a political movement that the movers are unaware of. I reckon Jack Mallers should begin hiring bodyguards and he should be careful of women suddenly inviting him to dates and parties hehehe.

El Salvador has become the first one and it seems like it won't be the last also. Some Latin American countries are also aiming the same thing and Mexico is one of them too. But IMF made a statement about its worries. It thinks that this action may cause harm to El Salvador's economy.

Thanks to all who have left their valuable thoughts on this thread. It has been a very intense week. Although I am Latin American, I had heard from El Salvador about the problems that its population has had due to the lack of work caused by the civil war and that caused a large number of Salvadorans to immigrate to the United States.

It is worth refreshing the idea of: Why Bitcoin for El Salvador? This is an important article that makes us understand Bukele's plan that suddenly became known in all corners of the world. He is a President with fresh, innovative ideas and great charisma.


In this Reuters article we can see how Salvadorans are starting to place their "Pay here with bitcoin" banners.
Today is El Salvador, tomorrow it may be some of our countries.

https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/

Unless a true miracle occurs, we could be one of the last. Even Cuba has higher chances.

Bitcoin represents freedom, it means The State getting out of the way. This is the opposite of the current Venezuelan regime. They made their own coin (like a CBDC) precisely because they didn't trust Bitcoin (in fact any altcoin is precisely that, worse when made by the State).

The over-regulation and creation of more bureaucratic institutions made it hostile for the small miner. What El Salvador did is what we have asked all these years instead of making that garbage Petro they just had to adopt Bitcoin, but they didn't listen since it goes against all they "learned" about "economy" which is simply "command economy", and of course they can't make more bitcoins when they please. We have the worst fiat coin of the world for a reason: Those currently in power are against economic freedom, they just repeated all the mistakes of the now extinct socialist bloc and many more mistakes from history, Ie. Roman inflation and fixing of product prices by decree under penalty of death (which didn't stop the inflation and made it much worse).

And many of them see the "economy" like some sort pseudo-science, capitalist lies, blah blah, at least that's what they say in public.

And yet, it moves...


Thanks to El Salvador, I do hope some other countries get jealous from all the foreign investing moving there, but this is more likely in countries with more economic freedoms not the opposite. Venezuela is where it is due to the State intervention, when they go over-budget they simply add more zeroes to their State bank accounts, printing is not even done anymore and we were forced into a cashless society and hyperinflation, by the time most noticed it was too late.

Cuba has better chance because they have been doing far longer what Venezuela is doing, and are becoming ready to do the next move into a more open economy, perhaps like Vietnam or China, they could start with Bitcoin tourism or such. Even their communist party has had discussions about Bitcoin and their youth see it with interest.

Venezuela needs the dinosaurs to go, the old fashioned politicians currently in power that dreamed for decades do the "utopian" socialism like the now extinct East Germany, they keep saying they can manage what the rest of the world failed at...


Make no mistake, there is a "Salvador" effect in the world, its starting to reverberate in the region with some politicians from neighbor countries starting the discussion. Not so much for Bitcoin, but because NOW they see so much foreign investments heading there.

Oh yeah, El Salvador has geothermal sources of energy (aka volcanoes). Large miners can simply build their own "carbon neutral" power plants and the country would be happy to keep them afterwards in the future, even sell the excess energy to starved neighbors. Win/win of course.

It is really a good start for bitcoin finally El Salvador president announced it to make BTC legal tender. I hope many other countries will follow sooner or later even many countries are allowing it to use BTC without any issue but still not legal tender. Everything needs to start from somewhere so this is the first step for the BTC hope we will see more countries will make it legal tender but it is not easy.

Seems the guy has it all figured out !

Already working on a 95MW geothermal power plant fueled from the local volcano and building a BTC mining hub around it ! Big brain president !
If china sends miners away I'm pretty sure who is waiting around the corner to welcome them.


https://twitter.com/nayibbukele/status/1402714926800674827

I was actually a bit of surprised when I first hear of that news. That right now, as of this moment, one nation on this planet is now brave enough to declare bitcoin a legal tender in their country. Finally a nation will now be able to mobilize its resources in partnership with a cryptocurrency company so that it will make Bitcoin be used by more people in el salvador than before. I think this has tremendous effect in the coin as other countries and institutions might also think of adopting Bitcoin.

If any of you want to acquire an El Savador citizenship here are the key points:


Let's make El Salvador, El Bitcoinistan!

Viva le El Savadorré!

Wow! Very good news has arrived into the cryptocurrency world!

I just looked at the Wikipedia article on Republic of El Salvador. This country is not large and has a GDP (Gross Domestic Product) of about $53 billion. El Salvador does not have its own national fiat currency. Its citizens have been using the US dollar since 2001. I also noticed that someone had already edited the Wikipedia page and mentioned BTC in the "Currency" field:


According to the laws of El Salvador, this bill will enter into force on September 7, 2021. As far as I understand, the "legal tender" status now obliges all citizens to accept payments in BTC. This means the mass adoption of Bitcoin. This is really amazing!