Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 133. (Read 40721 times)

"The Bitcoin law is ambitious, but simple," Bukele said on Twitter. "Futhermore it is well structured to have zero risk for those who do not want to take risks. The government will guarantee the convertibility to the exact value in dollars at the moment of the transaction."

I have always taken a more cautious approach when compared to the other users. $250K is "reachable" in this cycle, but I would not say that it is "probable". Having an exchange rate of $250,000 per coin would mean that the market cap of BTC alone would be in the $4.5-5.0 trillion range. If you add in the altcoins as well, then there is a good chance that the cryptocurrency market cap may even move past that of gold. Once again, such a scenario within the next 6-7 months is possible, but not probable.

A lot of the optimists assume that things will remain the same for the next 5-10 years. But I can foresee a lot of conflict from the establishment. El Salvador's announcement to make BTC as the legal tender is very significant. It means that Bitcoin is directly competing against the US Dollar. Being a skeptic, I would predict action from the US government authorities to stunt the growth of Bitcoin. Now I don't want to dampen the mood here.. but I don't expect the next few years to be a cakewalk for cryptocurrency.

In my case... Bitcoin has already made me rich from my investment in 2012. In case the exchange rate rises to $250K, then it will make me insanely rich. And if your prediction of $3 million is realized... then I will be unimaginably rich.  

I see reason with you. Since El Salvador stopped use of its own currency
some years ago and adopted the United States dollars, it has been at the mercy of the united states. Adopting bitcoin is just another economic strategy to help soften or dampen the effect of an economic sanction from the US if the need arises.

Also Because El Salvador is a country with a high rate of crime, drug and weapons smugglers and street gangs just like most countries in central America, there are concerns particularly that this acceptance will only further aid crime lords and smugglers to move money around more better.

Only countries that are relatively poor are incentivised to accept bitcoin as legal tender.

The big players like US are unlikely to do the same because accepting bitcoin as legal tender means that bitcoin is officially defined as a "currency" which means they won't be able to tax it. What are the incentives for US to accept bitcoin as legel tender if they can't tax it?

It's finally official! This is really great news as El Salvador has become the first country to make this happen. I wonder whether it will use Bitcoin as a currency for a long time. Maybe big countries won't do the same in the future but still this is great news for Bitcoin adoption I think.

It is logical and natural that the process has begun. The first swallow in a chain of countries that realize the benefits and necessity of such a solution. Sooner or later, everyone will come to such decisions in one form or another. Especially those countries that are experiencing problems in the financial sector or have problems with financial sovereignty. I hope this process goes faster.

Considering the quick market recovery as a result of this rumour I must say that I like it. If it really is true and a full public disclosure on this follows then it will be a cause for celebration as it will make way for many more to follow.

El Salvador will only be the beginning of the new great crypto era.

Fair enough... I largely already responded, and sure you can consider sneaky motivations of El Salvador, which might not be completely untrue, but it still seems to paint a kind of quasi-irrelevant skew to the matter for you to seemingly be getting all worked up about whether El Salvador may have bad motives, and I doubt that king daddy gives any shits about whether their motives are good, bad or indifferent... so probably a more important point remains the extent to which this is good for bitcoin's development of various kinds of services that might spring through these kinds of government incentives, including whether some of the copy cat influences might take place, too.. and perhaps, we might need way more folks learning about bitcoin and going to these various places around the world (starting with El Salvador) to help build various kinds of bitcoin related infrastructure. 

Sure, the initiative could all peter out, and sure the US Govt and IMF might consider bitcoin activists who are helping El Salvador as enemies, but in the end, that kind of hostility (even though you claim to not be hostile) or attempts at moralizing towards these kinds of bitcoin developments, seems to be getting caught up in nonsense in terms of not being willing or able to appreciate how bitcoin is quite likely a very good tool for this whole situation, and especially good if you can recognize and appreciate bitcoin's likely ongoing  developments and maybe even either getting some bitcoin if you do not have any or getting a few more bitcoin if you had not expected how quickly bitcoin is getting adopted in a variety of scenarios including increasingly being endorsed by various governments, whether you consider them as good guys, bad guys or some other variant... bitcoin gives no shits about if they are good, bad or not nor if you or I consider them to be, either.

i'm not being negative, i'm just saying that El Salavador govt seem to be doing this in order to prepare and circumvent the next US sanctions (it wouldn't be the first time that a country from south america does something crypto related when facing potential foreign sanctions, venezuela with their Petro cryptoscam is an example of that, but at least el salvador were smarter and didn't waste resources on making their own centralized crypto) and that not many countries will not follow suit because countries from central america are not perceived as role model.

"taking the side of IMF and US Govt"? oof! no, i'd rather not take any sides in this matter (:

You are kind of negative, tomahawk9, and taking the side of IMF and US Govt (seems a bit presumptuous on your part), which are likely known to have been ongoing bullying tactics for more than 20 years at varying levels for many countries, not limited to South America...

So yeah, there is a kind of passive aggressive war going on, and I would not assume that IMF and US Govt is going to win this war in all kinds of ways, even if these entities might team up and ramp up some of their pressuring tactics on El Salvador and any copy cat wannabes...

I am not going to proclaim to know how all of it is going to play out, but we are ONLY less than a week into the legal tender proposal announcement (that seems to be getting activated fairly quickly - 90 days from now.. and sure various kinds of building up in the next 90 days, too) and we are also showing a variety of signs of solidarity from some other government leaders in other South American countries (who is to say that such solidarity might not spread to a variety of other countries.. still early days, early days, early days.. and who's to say if other countries will follow or not?.. and maybe some of them would not mind a bit of a war (or battle) in the financial realm and use bitcoin as a kind of leveraging point..

Is this good for bitcoin?  time will tell, but seems to be good for bitcoin, at least in the short to medium term.

Are there casualties in war? of course. 

I would be a bit reluctant to presume that the IMF and US Govt would be able to completely get their way in this kind of matter and a lot of the changes going on in the world and the multitude of actors in a pretty complicated and increasingly decentralized world.. with king daddy having quite a few preparations already in its systems to be used as a leverage in these kinds of possible battles, but I am also not going to presume that they (on either side) would be giving up without any kind of fight.. move, countermove and can you tell the future exactly, or are you going to presume the status quo just stays the same and bitcoin plays no part in this?

Who said the the developed countries would follow? 

hmm, i wonder how many times other countries have followed what the government of a developing country from central america does? i'm gonna say not many. Btw, part of el salvador's cabinet are facing severe sanctions from the US govt for corruption^[1]. No wonder the bill passed so quickly  

1. https://apnews.com/article/latin-america-el-salvador-1d089ae377a6d8ef401fd898081a14ce

grim

To not have bitcoin no matter what seems like a pretty irresponsible move in terms of your own personal finances.

I understand that there are people who are so damned poor that they have trouble investing in anything...

Probably no sense in arguing with a nocoiner without ambitions, but there are ways that you could invest $10 per week or some low amount like that, if you happened to be poor.. but seems to me that you do not have an excuse for being poor - but instead your excuse is because you believe the risks of bitcoin going to zero outweighs potential benefits of it going up.. which seems a pretty ill-informed point of view for anyone who acts like they know something and knows about balancing risks (which you, Kittygalore, seem to be presenting yourself as if you were knowledgeable but seems that you are not).

The more knowledgeable approach in thinking about bitcoin would be:  You might want to get some bitcoin in case it catches on.


You are right, virtualdn... even if some of the prices are not guaranteed, $100k to $200k seem to have really decent odds for this cycle and $1million for the next cycle and $5-10million for the cycle after that.. So $5 to $10 million seems to have decent odds for less than 10 years - even though of course no guarantees and of course, the numbers could get overshot, too.  

On a personal level, it is hard to really know, and my suggestion has not necessarily been to invest a whole lot, but instead to take a meaningfully aggressive investment approach, but of course, if you are skeptical, even a somewhat whimpy investment approach of 1% of your investable assets, or something like that would still end up doing pretty well in the various bullish cases, and with a fairly whimpy investment into BTC such as 1% of your investable value, you do not have a whole hell of a lot to lose if the more bullish cases do not end up playing out.


O.k... This post shows that you, Kittygalore, might be more receptive to investing in bitcoin than your earlier seemingly dumbass nocoiner post was implying.

Many of us who follow bitcoin should realize that you do not have to invest lump sum into bitcoin - or all or nothing, just invest what you can do, and if it is a low or whimpy investment, at least you have some stake in the game for a potentially world changing asset class.  

So a relatively whimpy investment level might including very small amounts of something like $10 per week, and you should hardly give any shits about dedicating $10 per week to something that has potential but also might go to zero... and with $10 week you might even feel as if you could ignore it for a few years before looking back at if your investment is up, down or sideways.  Sure, if you stick with such a $10 per week, after 10 years, you will have invested around $5,200 into bitcoin (that is $10 x 52weeks x 10 years), but so what?   There is upside or downside but if the BTC were to go to zero?  You have not invested a whole hell of a lot, so maybe you have not been sufficiently aggressive with a $10 per week amount, but whatever the amount would be should be something that you are comfortable with, even if you have a pessimistic viewpoint about the upside scenario while at the same time you acknowledge that some variation of an upside scenario may well end up playing out.

So, even if you were to start investing your $10 week now, and you end up having an average cost per BTC of $500k, but if BTC ends up going to $10million in those 10 years, you still have about 20x of your investment = $5,200 x 20 = $104k.


So what are you doing mindrust?  Do you have a plan?  Have you been buying BTC or some various shitcoins or "other projects" that you believe to be more promising?

Hopefully you are not just sticking with 1 BTC and think that is enough when you have capabilities to accumulate more BTC and if you have reservations about how much you want to put in, then you can either do a small lump sum, but the other possibility would be a relatively modest and ongoing DCA strategy (whatever would be to your budget and hopefully your reservations regarding over-investing when over-investing would not be necessary to still have decent chances of reaching richie status - or at least improving your lot, investing reasonably without too much gambling and getting the fuck out of various nonsense and shitcoins and other likely stupid-ass projects that might have distracted you in recent times.).


Oh my bc.. don't want to repeat myself here, but surely $250k is reachable in this cycle, $3million might be a stretch for the next cycle but is reachable in the next cycle (which would be ending around 2025/2026).. and then such $3million should be easily reachable in the cycle after that which would be 2029/2030...

By the way, I really appreciate your other comments about just HODLing and not panicking.. which kind of goes back to the point that some people invest way too much, and then they get worried, and bitcoin has shown us time and time again that investing relatively small levels of bitcoin can end up compounding upon itself with the passage of time and play out quite nicely.. so even if your bear-ass-ish view of $250k being a struggle, you are still going to profit quite well from coins that you already bought.. or even from any that you pick up right now, in case you might not have any or feel that you do not have enough.

Actually it is very simple. If you want to become rich from Bitcoin, then all you need to do is to make sure that you don't sell your coins in panic. If you are investing in stocks or bullion, then you need to check the financial statement of the company every now and then. With Bitcoin that is not needed. There is no need to check the exchange rates every one or two hours (on the other hand I would discourage it, because it makes people more susceptible to panic selling). That said, your target of $3 million is stretching it a bit too far. For me, I would be happy with my target of $250,000, if it can be achieved by 2025.

This might be the beginning of a price rise from $30k to $3 million. When the others join the party imagine how big bitcoin can become. We are all going to be rich, I guess. I am excited af. This is the beginning of the end for the USD. I hope the other countries follow El Savador's steps without wasting too much time.

Guys, don't forget.
Before any media releases it, Jack Mallers and the President of El Salvador Nayib Bukele will be live at 11 ET / 8 PT on CNBC

We are going to share it on our social networks.

Let's all do it together, we are with El Salvador, we are all Bitcoin.

As i have heard, it’s not yet confirmed. Just rumours and i mean strong rumours are pointing this statement.
Still i am happy that Bitcoin is getting reputation as it should get.
Moreover it’s also quite complicated to know how this will happen, as we already know that Bitcoin is decentralised currency that is cannot controlled by any government, but still we will see how it ends.
Also this might help to boost up the price of BTC from now on.
Really excited to see what happens next.
It’s time to make cryptos as national assets.

This is massive news now that the presidents bill has been passed.
I posted this a few days ago in the press section before it was passed.

So with 70% of the population being unbanked and owning a mobile phone
they now can become controllers of their finances.

A lot of ex-pats traditionally send funds home via western union etc. who take up
to 30% commission, by bypassing them and using the Bitcoin lightening network
more funds will reach the recipients in El Salvador.

They traditionally use the US Dollar which they have no controll over and while
the US print more the Dollar is devaluing, Bitcoin is an escape.

This is a pure example of how Bitcoin can help people!

10 years is the long term. But it can happen as fast as 5 years. You never know! There is no limit for the BTC. It can go as high as low the fiat goes Lower fiat, higher BTC! Imagine 10 more countries adopting BTC... madness.

I am not yet sure if I have the ability to be able to last for 10 years hodling bitcoin but I will try my best and do it, I don't want you to be right all along and I don't have any bitcoin in my wallet to sell, that's a financial suicide right there if it happens.