Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 15. (Read 40390 times)

I think Nayib Bukele's decision to remain steadfast in strengthening his resolve towards bitcoin adoption in El Salvador is the right thing to continue to do. Because if Nayib Bukele does not stick to his determination (bitcoin adoption) and for example obeys the wishes of the IMF, I think El Salvador will definitely experience another downturn and Nayib Bukele's plans will definitely be completely destroyed. So Nayib Bukele definitely needs to avoid this. The reason is, the bitcoin adoption plan carried out in El Salvador has enormous potential.
Because I read some news related to bitcoin developments in El Salvador. And in a news article I read, I was very interested in what a figure who expressed his opinion about Bitcoin in El Salvador thought. The person said that El Salvador's debt to the IMF can definitely be paid if bitcoin reaches a price of $100K. This was stated by one venture capitalist

Source: https://www.cnbcindonesia.com/market/20240316000444-17-522442/el-salvador-jadi-negara-terkaya-gara-gara-bitcoin-ini-penjelasannya/amp

So the point is that right now Nayib Bukele must remain steadfast in his goal of making bitcoin successful in El Salvador. Because if Nayib Bukele remains strong in maintaining this goal over a long period of time (bitcoin adoption), I also believe that El Salvador will definitely become a very developed country. However, I believe that Nayib Bukele is a leader who is very committed to what he has started. So he will definitely not be influenced by the advice given by the IMF.

THE IMF IS STILL DEMANDING CHANGES TO EL SALVADOR'S BITCOIN LAW: REPORT

The IMF is insisting that El Salvador should reconsider the country's policy on Bitcoin for them to secure a $1.4 billion loan. Negotiations about the loan have been stalled because of El Salvador's pro-Bitcoin policy. According to the IMF's communications director Julie Kozack, El Salvador has to revisit and amend its Bitcoin policy for negotiation to progress. For two years El Salvador President Nayib Bukele has resisted this pressure and it seems he is not willing to back down on the country's pro-Bitcoin policy. He sees this pressure as a calculated strategy to undermine the country's monetary sovereignty. By tying loans and grants to changes in El Salvador's Bitcoin law, the IMF is showcasing how it influences the economic policies of developing nations.

It is reported that the First Mining Company in El Salvador Volcano Energy will  operate its own power plants from 100% clean energy sources.

 In interview "Diario El Salvador" Josué López, the company's CEO, said that the renewable energy plants they will use to power BTC mining are in an advanced stage of construction, so mining will begin in the coming months.
 Volcano Energy has decided to build its own renewable energy sources, with photovoltaic and wind power in the first stage, as well as geothermal generation, but will bring it into operation in the next 4-7 years.

 Volcano Energy will start mining BTC in El Salvador in 2025.  At the same time, 23% of the company’s income will be transferred to the country’s treasury, the government of El Salvador, as provided for in the agreement concluded in 2023.

 Volcano Energy's plan is as follows:
 When all sources of energy generation are put into operation, including geothermal, which operates continuously 24/7, the company will supply excess energy from the wind farm and during the daytime from photovoltaic panels to the general national energy grid of the country, which will even allow a little  reduce electricity tariffs for the population.
 With the PV plant, which is expected to be ready and begin production in January 2025, it will have a capacity of 85 MW, while with Wind power plant will begin production in the second quarter of 2025 with a capacity of 49.6 MW.

 “We hope to reach more than 130 megawatts.  However, in this combination between wind and photovoltaic systems, we can even reach ~242 mW over time,” the CEO elaborated.

 On the other hand, when the geothermal power plant is completed, it will be able to generate approximately 35-45 MW more.

 According to López, this fact will allow Volcano Energy to reduce operating costs by about 20% and increase efficiency compared to other mining companies, giving it greater ability to withstand Bitcoin volatility.

Yeah, Bitcoin is one of the reasons why he gained our attention and why we like him. It was a very smart step from him. He lowered the crime rate and gained worldwide attention via Bitcoin adoption, this was a perfect combo for attracting people in a country like El Salvador because this country is very violent and it's hard to push people to move here, so when you try your best to lower crime, then best promotion remains to accept something that no country has done ever, I mean Bitcoin payments.
 

Some new data on the situation with the migration of the population of El Salvador to neighboring countries in order to get good and well-paid jobs in these countries. 

And then send part of the money you earn to El Salvador to your family, parents or other close relatives. 
This process has been going on for quite some time, and in particular, with the introduction of BTC into legal circulation in El Salvador, the Bukele government planned to reduce by transferring money in BTC the cost of commissions for cross-border payments, which in the case of payments in $ with the participation of international financial corporations were very large.  Sometimes these fees exceed 25% of the $ amount transferred.  However, Salvadorans still make very few cross-border transfers using BTC conversion.  But let’s hope that the percentage of such transfers in BTC will gradually increase. 
Since this is a good option not to lose your earned money on cross-border transfer fees.

In the summarized data of the public organization opposition to the Bukele government “Association of Human Rights “Maria Julia Hernandez” noted, that in the period 2019-2023:
  93.0% of remittances came to El Salvador from the United States, or $7,606 million.
  From Canada, Salvadorans sent $79.4 million to the country;
  From Spain with $48.7 million.
  From Italy with $45 million.
  From the UK with $13 million.

The report also notes that the Salvadoran economy is more dependent on generating foreign exchange for household remittances than on direct exports of goods or services.


Remittances total more than $1.2 billion in the last two months.

The experts who wrote the repot note that the increase in the flow of remittances also indicates an increase in the number of Salvadorans who are forced to migrate. “The most logical explanation is that more and more migrants are sending money to their families,” they wrote.

The development in El-Salvador since after its bitcoin adoption as legal tender has been magnificent beyond measure, there have been a lot of diversifications in terms of these development in all aspect o the country economy and financial levels, things have changed in many ways for good and the country is seen now as being improved from the way it first started from, the crime rate has been dealt with, there is open avenue for foreign investors to come in and make their business including other benefits with bitcoin adoption that has led to the development they have today.

Maybe that's the case or they just don't really know the exact scenario happening there since they just came there for few days so expect that they get limited information about current situation of El Salvador. Also maybe they do that just to create controversy for the views since we know that the more engagement they get the more income their videos can generate.

If they are failing for sure that their President will abandon bitcoin and will go back to their traditional fiats used. But since we see them prosper and decide to accumulate more then we can say that adoption of Bitcoin in El Salvador is successful since their President still in positive sides on the legalization they made for bitcoin.

Well, it can't be helped there are still people out there who will do anything to tarnish or spread false information and words that will destroy the image of bitcoin, and what ever we do they will not vanished there will be always there ready to bad mouth bitcoin and pull bitcoin downward, but the thing is we should not always believe in people commenting or writing comments about the said country that make bitcoin a legal tender, we must gather more information in order to see and hear the legal and good side of that country adopting bitcoin, I'm sure many people and investors are being interested in that country because they will see the opportunity as the government of the country is not treating bitcoin as illegal, I'm also sure many opportunities will be opened and the citizen of that country will benefit from this movement a lot. So let's just ignore those people who want to tarnish the image of bitcoin; instead, let's focus on being more successful in bitcoin because they will not help us in any way.

Maybe most of these bloggers are sponsored by anti-Bitcoin forces who are bent on tarnishing the image of the country. How can anyone claim that the adoption of Bitcoin has not brought any positive development to El Salvador? Bitcoin has attracted many crypto investors to the country and this has created some employment opportunities. The Bitcoin visa policy has also attracted more money to the country and we shouldn't forget that the country has made some gains from their Bitcoin Investment. These bloggers should also know that Bitcoin Investment is a long-term project, so they shouldn't expect a miracle.

The most challenging thing for Nayib Bukele was accepting Bitcoin as a legal document in his country. He was alone at that time when he was caught and the entire country and international media were against him. Since he is able to come this far by accepting that challenge, it won't take much time for him to implement his next plans. All of Nayib Bukele's few Bitcoin-centric plans have come to fruition. If he has any other plans for Bitcoin in his country then those plans will be implemented gradually. 

Every country needs a president like that because to be a president you have to take risks and you have to have courage if you are afraid to do the right thing for fear of losing power you are never fit to be a president.

Currently, the president of El Salvador (Nayib Bukele) has also embraced all elements to develop every important sector in his own country. And apart from what you said, yesterday Nayib Bukele also said through his post on Twitter that they have also launched a RE PURCHASE offer for our EXTERNAL DEBT which matures in 2025 to 2029. Which can be accessed directly by all bond holders of the Republic of El Salvador publicly and voluntarily on prnewswire.com, so Nayib Bukele is truly a young president who has extraordinary thoughts in making his own country better, such as in education and other things.

The man who contributed the most to the legalization of Bitcoin in El Salvador is named Bukele. Bukele is the current president of El Salvador. Due to his relatively young age, this president has considerable propensity to take risks. He risked going against his own media and people in his own party to accept Bitcoin as a legal document in his own country. Basically he gave more importance to the educational qualification of their country because their country's education rate is very high so Bukele used this opportunity to reach the people easily. At first everyone criticizes and opposes his decisions, but later everyone realizes that the president was always right in his decisions and those who opposed him were always wrong.

How to increase velocity of #bitcoin   ? @nicolasburtey

- Don’t convert it back to fiat

- Orange pill your supplier

- Make it easier to buy bitcoin

- “Upcharge for fiat” - @BTCsessions

He's really cool imagine he's giving his people a opportunity to gain from bitcoin and that make him unique compare to other world leader since he has good vision towards future growth or tech. While other government leader seems their thinking is backwards and they want traditional that's why there are so many poor people in the world since they are not been handled well by their corrupt leaders. If global leaders will think the same with Bukele for sure there would be a great changes will happen to a lot of people especially for those people who adopt the great potential of bitcoin. But in the case of advisory I guess Bukele should work for that so they can attract a lot of bitcoin users to travel in their country.

The Salvadoran press, which opposes Nayib Bukele, reminds its readers that the country's authorities have not fulfilled their obligations to issue Volcano bonds, which administration officials, as well as Stacy Herbert and Max Keiser (ONBTC), promised to issue in the first quarter.  
The journalists found the reason for this to be that it would most likely simply not be possible to place bonds worth $1 billion or there would be too few people willing to purchase them.  Another reason is the fact that the legalization of spot Bitcoin ETFs in the USA in January automatically led to greater investor interest than such bonds.  As a result, all potential investors showed no interest in the bonds and preferred what they considered a more reliable and profitable investment in these ETFs.

source

There are different opinions regarding Bukele, we like him because he is loyal to Bitcoin and because he has his own opinion, that he knows how to defend, but perhaps there are those who do not like him. I looked at reviews of bloggers who came to El Salvador, they wanted to look at the country where Bitcoin was legalized, but to be honest, I didn’t see anything there that could encourage me to come to El Salvador as well. But it is important to local residents that Bukele was able to reduce crime, and for many of them the idea of Bitcoin is not as important as security.

Bukele is very serious about his country, it's almost impossible these days to find a dictator who takes care of his country, every dictator only abuses people. Bukele is really the cool one. Highly skilled scientists, engineers, doctors and people from other major fields help the country in developing, they are the core who drive countries forward and improve our lives but I am still frightened about people who plan to move in El Salvador because it's a very dangerous country. According to travel.state.gov, El Salvador is a Level 3 (Reconsider Travel) country.

JUST IN: 🇸🇻 President Bukele announces a plan to provide 5,000 free passports as part of program to attract highly skilled scientists, engineers, doctors, artists, and philosophers from abroad.
Source Link
They will facilitate relocation by offering 0% taxes and tariffs on moving assets.
Today (Bitcoin News) a news has been published that El Salvador will distribute 5000 visas to users in Bitcoin for free. This is a good sign and I like this strategy a lot, every strategy that Nayib Bukhele has adopted has been successful.

The El Salvador Bitcoin adoption have come with a lot of emphasis and features that do not only require international politics but also some monetary financial inadequacy that have lead to so much economic crisis that have made the impact of Bitcoin adoption in the country to be perceived as negative and in such manner that the global scale are beginning to see El Salvador Bitcoin movement as a dead trap.
But what we should note in this situation is that, we have to clearly outline and itemized what the economic situation in El Salvador was before Bitcoin adoption and what are their rate of importanttion and dependency on foreign imported goods.