Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 16. (Read 38876 times)

El Salvador moved more than 5,000 BTC to a cold storage wallet worth about $400 million dollars.

El Salvador started buying the first bitcoins as treasury assets in 2021. They said they would buy at least one bitcoin per day and they have maintained that streak. When El Salvador first started buying bitcoins, one bitcoin was worth around $50,000. But currently the price of Bitcoin has increased and touched $73 thousand which is the highest price ever.

"We have decided to transfer a large portion of our bitcoins to a cold storage wallet and store that cold wallet in a vault within our national territory," You can call it our first bitcoin piggy bank. El Salvador's president, Naib Buckley, said on his Twitter.

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https://www.coindesk.com/policy/2024/03/15/el-salvador-has-thousands-more-bitcoins-than-previously-known/

People here are not going to know what you mean, unless you explain how you happen to be so supposedly smart in regards to the soundness (or lack thereof) of El Salvador's finances.

If you are making extraordinary claims then you need evidence (perhaps extra ordinary evidence), and more than just mere assertions of supposed logic that is based on your feelings about how the world supposedly works.

El Salvador is a fool for doing this. I highly suggest everyone to sit back and watch how this country will crumble because of Bitcoin. Encouraging Decentralised currency and making it tax free is not a good idea at all. There are so many things wrong with this but I seriously can't be bothered typing all that but anyone smart enough and knows how the world works will surely know what I mean 

I guess it will take a long years before the government will sign such bill  into law because, that is where the government use to make money from users in the country to establish all those things that is making their government to bear a good name in the El Salvador country.

But if El Salvador government can lower the tax rate in the country, I believe it will increase their foreign investors and it will make others countries see El Salvador country among the developed country in the world.

That's the reality dude. June 2021 Mr President made Bitcoin legal tender with a process that did not involve coercion. The result is that El Salvador is now a role model for other countries in terms of advancing the economy through Bitcoin.
At that time, we were very happy with Nayib Bukele's decision and continue to support his decision until now. They also got a record as a country that made Bitcoin legal tender.

Continue following developments even if you are surprised to find this information.

Wow, this is an amazing news and a welcome development.. we hope this will extend to other countries expecially developed countries and by so doing, it will facilitate the way developing countries see Bitcoin and utilize it's potential..
 
It came as a shock to me considering the fact that even many developed countries are yet to fully see Bitcoin as a mode or means of transaction.. Bravo to the people of El-salvador

This are all proves that the acceptance of bitcoin and investing in it early or when the price is down, can indeed make a significant difference in the economy of any  country that chooses to adopt it(bitcoin).
I am indeed happy for El Salvador and all they have been able to achieve through their bitcoin adoption.
Before them investing in bitcoin and making it a legal tender, literally very few persons around the world knows that a country like El Salvador exists, I personally and with all honestly, never knew the name "El Salvador" until they started appearing in news about the president investing in bitcoin and also making bitcoin a legal tender in the country.
They have not only made good profit from their bitcoin investment, but have also entered into the real map of the world for most of us who never new they exist, they have become extremely popular and by now, I believe there will be a lot bitcoin holders and enthusiasts who will be touring to El Salvador to have a real experience of that it feels like to freely without any form of restrictions, spend their bitcoins on goods and services easily.

As far as i am concerned, El Salvador is the hero when it comes to bitcoin adoption in terms of countries, they have made a name for themself in this regard, and history will continue to remember and talk about El Salvador for this, same way Satoshi Nakamoto has made history for himself or theirselves by inventing bitcoin.

The quite real profits from several investments made by El Salvador have indeed provided quite extraordinary results and one of them is Bitcoin investment which can be taken as a good example for other countries that previously did not dare to invest in Bitcoin. Now the income tax law reform has also been done quite well and has also reduced the income tax rate from 30% to 0%. This was revealed by @nayibbukele on his X account so that international investors can immediately feel the benefits of this now.

You don't need to disagrees with this, when making strategies to help boost an economy, then you have to adopt a means that will make such attractive to the potential and intending investors to all come into making investments in your country and also do this without having high levied fees of taxation on them, this will make them to have a suitable environment to make business and profits awhile what El-Salvador stand to gain is the increase in numbers of these investors and thereby boosting its economy and they will indirectly make the recover of the discount made through the increasing numbers of these investors, they are not doing this because they wanted to lose, but are being considerate to make the country a business and commercial hub in boosting the economy through its bitcoin adoption, such could indirectly increase their revenue generation income as well and every other persons remains unaffected with this. 

I cannot agree with your argument, since lowering the income tax rate in El Salvador will only reduce the revenue in the economic government coffers. But those with low incomes will benefit the most. And the lower the earning rate the more people will move to Bitcoin in any direction. So as per your suggestion there is disadvantage in one aspect but advantage in all other aspects, so I would be in favor of reducing income tax rate. The President of El Salvador, Nayib Bukele, is knowledgeable enough about cryptocurrencies, that the law he passes will be the best for the people. Because he made laws thinking about the people of the country.

El Salvador is about to approve a new law lowering tax rates. This can lead to foreign direct investment in the country, job creation and economic expansion. I think there are some risks and challenges in the bold steps they are taking. Lowering the income tax rate may reduce government revenue. In many cases, income inequality may be exacerbated, as the wealthy benefit more from tax cuts than low-income individuals.
Lowering the income tax rate could be a strategic move by El Salvador to attract global investment. The key challenge now is whether this move can sustain the economy long-term in the future.



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Yes. I think Bukele can always read opportunities and knows how to be correlated by the president of El Salvador with bitcoin, apart from being able to be used absolutely as a legal means of payment, he is also able to integrate it into various sectors that have the potential to gain significant profits in the government sector.

I think with this second leadership there are many more ideas that will be realized to improve the economic prosperity of the people, which is a challenge and homework that Bukele must complete and reduce the numbers during his second leadership period.

According to Coindesk, El Salvador has an unrealized profit of $84 million. That is the accumulation from 2021. Nayib Bukele mentioned Bitcoin that is obtained not only from purchases. But there are from:
1. From Our Passport Program
2. Revenue from converting
3. BTC to USD for local businesses
4. From Mining
5. Revenue from Government Services


Source:
1. https://www.coindesk.com/business/2024/03/12/el-salvador-is-sitting-on-84m-profit-from-its-bitcoin-holdings/
2. https://x.com/nayibbukele/status/1767323587071947195?s=20

El Salvador has gained a lot of popularity by investing in Bitcoin. According to Twitter reports, El Salvador bought about 2,380 bitcoins and is currently in over $66 million in profit. El Salvador is currently seeing huge profits from investing in Bitcoin, and will see huge profits in 2025. Celebrating Bitcoin ATH in El Salvador News. Countries around the world that have not yet legalized Bitcoin should follow El Salvador.

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With the way the price of Bitcoin is starting to rise, it looks like it could reach $80,000 very soon. If the bitcoin price reaches $100k before the halving, El Salvador will be able to pay the IMF but I don't think El Salvador will sell its bitcoins if it goes to $100k because the El Salvador government has invested its bitcoins to hold for many years. El Salvador's success in holding Bitcoin has now caught everyone's attention, especially those who disagree with Nayib Bukele investment. Surely Bitcoin will reach $100k and El Salvador will be very attractive to people.

Once Bitcoin hits $100K El Salvador will be able to pay off the IMF and never have to talk to them again.

They will probably be the most interesting country in the world to live in, because they have accepted Bitcoin," said billionaire Tim Draper.


>>>: https://twitter.com/BitcoinNewsCom/status/1767559838685339653?t=GZY5nk5JJ_qJaxJFLGcklw&s=19

If there is anything to learn from El Salvador, it should be the fact that the only time to lose in bitcoin investment is if the investor sell at a lose and as long as the bitcoin is held and preserved well, there is no loss in bitcoin. Imagine buying some of the bitcoin in 2021, when bitcoin was at a very high price and continuing in buying more at different prices yet today they are 70% in profits. This something happening within a space of four years, a period they would have still been developing the projects should they had opted to invest in physical projects and not bitcoin. They would have needed additional five years to break even before thinking about profits. This can only show how good the choice of investing in bitcoin is over other investment classes.

The only weakness I see with investment in bitcoin by the government of the country is that it is not creating employment opportunities for the citizens like physical projects would have done through labor supply. But bitcoin is still a great option for governments to invest their reserve funds while using other funds to run their economies.

El Salvador’s Bitcoin Investment Strategy Proves Lucrative as Profits Surge by 70%

El Salvador’s Bitcoin (BTC) investment strategy is paying off handsomely, with the country now enjoying a remarkable 70% profit on its dollar-cost average purchase price.

Following a recent Bitcoin rally, El Salvador’s crypto treasury has surged to $85 million in profit, as reported by the Nayib Tracker website.

The impressive growth coincides with Bitcoin’s record-breaking surge above $72,000 on March 11.

Bukele’s Bitcoin Investment Strategy
President Nayib Bukele initiated the Bitcoin buying strategy in September 2021 when the Central American nation officially embraced Bitcoin.

During the initial purchase of 200 coins, Bitcoin was trading at $51,769.

However, the strategy faced criticism when Bitcoin experienced a subsequent decline from its peak of $69,000 in November 2021, plummeting to as low as $16,000 in the ensuing bear market and pushing the portfolio into deep losses.

Source Link: https://cryptonews.com/news/el-salvadors-bitcoin-investment-strategy-proves-lucrative-as-profits-surge-by-70.htm

Eventually I think they will release some for country operations. So I think Bukele has a target of when he has to release them. Remember El Salvador has a debt to the IMF, if the price of Bitcoin reaches $100k predictably it could pay off all that debt. But I don't think that's likely to be done with all the BTC they have.

Source: https://www.cnbcindonesia.com/market/20240312073123-17-521306/el-salvador-jadi-negara-terkaya-berkat-bitcoin


I still remember 2023 they had a crypto theme in their costumes. So I think this will continue, they will continue to promote Bitcoin. If not it will feel weird it should. If I'm not mistaken he was very supportive of the country's decision to adopt Bitcoin, he mentioned that El Salvador has a very clear vision and positive changes for the future.

Source: https://decrypt.co/119075/miss-universe-el-salvador-bitcoin

For anyone interested in hearing some words from El Salvador's 2023 Miss Universe candidate (Alejandra Guajardo - the bitcoin contestant), she is in this episode of Simply Bitcoin.

She also had a full hour video interview at Bitcoin Beach in this YouTube video.