Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 18. (Read 38876 times)

Although currently the price of bitcoin has increased very significantly. However, if the El Salvador government sells the bitcoin it has now, I don't think the profits obtained from bitcoin will necessarily be able to cover all the debt that El Salvador has. So selling bitcoin now I think is inappropriate for the government of El Salvador. So continuing to do Hodl is indeed the right step for El Salvador. Because apart from that, we have to remember what Nayib Bukele said when El Salvador first adopted bitcoin.

Source: https://time.com/6236899/el-salvador-bukele-bitcoin-crash/

So it is clear the meaning or content contained in Nayib Bukele's words, that the El Salvador government will continue to make regular bitcoin purchases (DCA), without a specified time limit. Because I have read a lot of news about the adoption of bitcoin in El Salvador, but I have never found any news that says that the El Salvador government will sell bitcoin. So I can conclude that for now the main goal that Nayib Bukele and the government in El Salvador want to achieve in adopting bitcoin is simply to continue making purchases. Because as I said above, the current bitcoin sales will not have a big impact in El Salvador. Therefore, in my opinion, El Salvador definitely has a long-term bitcoin investment plan so that the bitcoin assets owned by the El Salvador government can be sufficient to overcome the problems that exist in El Salvador, such as debt.

Does Peter think he has anything to offer to the country if the economy isn't moving as expected, he has no place to even advise Nayib Bukele on what decision to take, maybe he should go an learn from the IMF and the US government who had portray lots of threats concern the bitcoin adoption and nothing is done or shifted from  their decision on adoption, while Peter here is just making a fool of himself advising on sell when he knows nothing about why they have invested already, people like Peter will not mind if others are loosing as long as they have nothing to gain as well, i like the most interesting aspect of the whole tweet which talks about the way Nayib Bukele responded to his request, Cry harder.

Of course he will continue his bitcoin hodl. He also said that El Salvador has no intention of selling bitcoins. After Twitter saw this message today it's sure to tell you how committed they are to the Bitcoin hodl. This tweet said Nayib Bukele was asked by Peter Schiff to sell them bitcoins. Then El Salvador's president Nayib Bukele told Peter Schiff to "cry harder".

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The president of El Salvador Nayib Bukele said that his country's bitcoin holdings are now worth more than $147 million, resulting in a profit of over 40% on their bitcoin holdings. The President of El Salvador Nayib Bukele said on his social media platform that the price of Bitcoin has increased so much that even if they sell Bitcoin at this price, they will be able to make more than 40% profit from that Bitcoin. Nayib Bukele  also noted that the main source of bitcoins in his country was the citizenship program that gave bitcoins to El Salvador.
https://www.coindesk.com/markets/2024/02/28/el-salvadors-bukele-says-value-of-countrys-bitcoin-holdings-up-over-40/

He confirmed it on his Twitter/X account today that El Salvador will continue to hodl:

https://twitter.com/nayibbukele/status/1762867369217532125

It's interesting that he mentions that the "main source" of BTC for El Salvador was actually the "citizenship program". So the holdings could actually be significantly above to the estimations of sites like Nayib Tracker.

I once read an article that Nayyib Bukele was firm in his stance on holding onto the Bitcoin he owned. With El Salvador's total Bitcoin ownership, when the Bitcoin price reached the current price of $60k, El Salvador's investment profits would have doubled.
If it's like this, then Nayyib Bukele will be a person who should be happy because his stance on Bitcoin has never been in vain.

What else do those who oppose Nayyib Bukele's attitude regarding Bitcoin investment think? Indirectly, those who oppose Bukele can no longer assume that Nayyib Bukele's decisions are bad.

I think not. However, the main lesson is definitely BTC for other things like shitcoins in the coming period...
Yes. Elsafdor is very smart in reading movements to improve their economy indirectly and I think the results have been felt for now. everything at the beginning always gets its place. and we just have to wait and see which new faces will appear soon.

I don't think he is referring to other cryptocurrencies anyway from the context as long as this is coming from El-Salvador and not any other place, the government will make sure that nothing is being taught in schools than bitcoin, i have that confidence in them, but am against the general use of the word crypto because its symbolizes the inclusion of other shitcoins, more better to use bitcoin which is the subject matter of discussion.


In this context, i want to believe they are not considering the bitcoin data here alone, other cryptocurrencies were also into consideration, but you cannot have a retrogress with bitcoin in adoption and utility in El-Salvador, if we are to consider the bitcoin only analysis, then we are going to have a lot to write about in its increase ever since.

Protip:  Never go full BTC.

You need to figure out a proper allocation and then perhaps attempt to focus, learn about it and manage it, especially while we are in a kind of transition stage between fiat and bitcoin, and even though the wealth is likely going to transfer from the no coiners to the coiners, even the coiners can end up fucking up if they are too greedy and they don't figure out how to reasonably balance^** their own transition, whether we are talking about countries, institutions and/or individuals.

**Note: I am not even suggesting that there is any need to allocate any of your value to shitcoins, and if you cannot resist gambling then at least don't allocate anyh more than 10% of the size of your bitcoin holdings to shitcoins.. including don't be cheating either by losing your money to shitcoins and then reallocating.. be careful with thoughts that there is any need to get involved in shitcoin, beyond maybe just small portions of your BTC, for maybe just transactional purposes or some other limited kinds of ways.

The Node Nation initiative is one of the initiatives El Salvador has taken to popularize Bitcoin in their country. The government of El Salvador has taken important steps such as Node Nation and pilot programs to educate their country's students through hands-on learning about Bitcoin and Bitcoin education. But important steps such as El Salvador's pilot program have been initiated by their country's Ministry of Education to make various topics related to Bitcoin a part of their country's school curriculum in 2023. Those who have been able to implement in 2024. This is another important initiative by them to make Bitcoin more popular in their country. The pilot program they undertook was to train 150 teachers to teach Bitcoin and the pilot program was implemented in 75 public schools in El Salvador.

Through Node Nation and the pilot program, students in El Salvador are learning how to generate their seeds and store them securely in a hardware wallet, and through this program students are learning the intricacies of running nodes and Bitcoin mining. Students from El Salvador have already made their first transaction using SparrowWallet on the testnet.

Students in El Salvador are very excited to receive and use these Bitcoin related teachings. Maybe these students will gradually become more experienced about Bitcoin and make Bitcoin more popular to people around the world.

The point of the Node Nation program is as follows:

 The initiative teaches high school students how to program Bitcoin nodes and process transactions on the Network. About 75 young people from the General Baccalaureate Educational Complex of Ignacio Pacheco Castro, located in San Marcos, San Salvador, joined Node Nation

 Node Nation is a project with a completely technical and practical approach. It not only seeks to impart concepts related to digital asset to students, but also focuses on the application of blockchain technology and the installation of nodes, on computers that maintain copies of the network and process transactions, a key element of a decentralized  nature of bitcoin.

 Students receive lessons on computers they received from private investors and install the necessary software to see the bitcóin network using other tools provided by the project.

 It is important to note that one of the main goals at the end of the program is to leave the hardware installed in schools so that students continue to be in contact with technology.

 The plan is for five years.  There will be 6,000 schools in El Salvador, with an average of 60 young people per school, meaning 360,000 young people knowledgeable in technology and programming will be trained specialists.
 There is still a shortage of specialists in the country to develop Bitcoin technologies, and with this knowledge they can enter the labor market with better opportunities.

source

The steps taken by the government of El Salvador for the adoption and popularity of Bitcoin are very important and unprecedented. In particular, the governments of Nayib Bukele and El Salvador have taken various programs and initiatives to make Bitcoin more popular in their countries. We have seen all the Bitcoin related plans and actions that El Salvador has taken and they have proven to be real.

Another important initiative they have taken recently is to give students in El Salvador hands-on education, in-depth knowledge and experience with Bitcoin through the pilot program and through the Node Nation program. They took this initiative in 2023 then they continuously worked to make that initiative successful and finally they came in 2024 to fully reflect their initiative and teach students about Bitcoin i.e. intricacies of running nodes and Bitcoin mining. This means that if they take any initiative about Bitcoin, they must prove it in reality.



On November 21, 2021, Bitcoin City was first mentioned by Nayib Bukele at the Bitcoin Conference.
We also saw in a news a few days ago that in 2024 El Salvador plans to launch a profitable Bitcoin bond offering.
Source: https://www.forbes.com/sites/digital-assets/2023/12/30/el-salvador-to-add-bitcoin-bonds-to-its-profitable-offer-in-2024/

A report on 21 December 2023 stated:
source: https://cointelegraph.com/news/el-salvador-passes-law-offering-citizenship-bitcoin-investors

El Salvador is the first country to accept Bitcoin as legal tender. If they can reflect these important plans very quickly then they will be the most successful country to adopt Bitcoin.

Where bitcoin develops there will still be shitcoins developed by people, this is not about not having fundamentals about these coins or not talking about the dangers of trusting shitcoins, but rather the revolution in the crypto industry is growing and bitcoin is seen as a rolling model for other developments.
If asked whether shitcoins have an influence on the journey of bitcoin, then indirectly there is because people will see development opportunities where every bitcoin will definitely and must have challengers.

Even though it has no direct connection, the existence of bitcoin also means that shitcoins will continue to be developed by anyone.
I see this as an assumption that the process of Bitcoin's journey paved the way for any current shitcoin, even though in the end they died and were abandoned by the community and development itself.

If we go back to the past few years we have seen the growth of their remittances through the use of cryptocurrencies especially bitcoin. One of the surveys found that there was a 13.4 million US dollar increase in the value of personal remittances over the previous year. Which was a 5.11 percent increase. in November 2023 It increased from 651.10 million  to 789.96 million in December. In And this continuity continued. But I am not worried if the remittances have decreased a bit in recent times. Bitcoin is likely to have a bull run soon. So the number of Bitcoin holders definitively will be increased. Otherwise Bitcoin market volatility could also be a factor. But I hope that the steps Bukele has taken for Bitcoin adoption, if not visible in the short term, will definitely play a big role in economic development in the long term.

Remittances through cryptocurrency wallets to El Salvador are down 19.1%.

State financial entity statistics indicate that remittances received reached 6.77 million dollars in January 2024, which was 8.37 million in January 2023. El Salvador's household remittances received through cryptocurrency wallets fell 19.1% last January compared to the 21st month of 2023, according to data from the Central Reserve Bank.

The difference in the currency transferred to digital wallets was 1.6 million dollars less than the equivalent of 19.1, according to official data.  January earnings through currency wallets represented just 1.13% of the total household remittances recorded at 594.14 million.
And throughout 2023, household remittances received through Salvadoran cryptocurrency wallets fell by 34.5% compared to 2022, from 126.72 million to 82.93 million.

Information: https://forbescentroamerica.com/2024/02/23/en-el-salvador-las-remesas-con-billeteras-de-criptomonedas-caen-un-191

Just the whole idea of incorporating bitcoin into various student-appropriate, age appropriate and even culture (economical situation) appropriate ways would likely be a challenge because in several senses bitcoin has a lot of technological aspects, and surely phone and/or technology adoption would not be very high in the country, and then also with students living with parents and likely not having incomes, then parents could become concerned regarding how monetary subjects are taught - so there can be some fine balances, which also include concerns that some of the better ways to learn about a topic comes through application and practice, so maybe students would not have enough money or technology at home, so they would go to labs to learn about nodes and about computer programming and maybe figuring out ways to earn money (or bitcoin or satoshis) that parents could approve, and of course, parents would be more open to also learning about bitcoin and adopting bitcoin if there might be ways that they are able to improve their own economic's situations.

Shitcoin will definitely come into the forefront of the teaching although since Bitcoin is the main adopted coin in El Salvador,  it may be difficult to have such academic activities without mentioning Bitcoin,  even though there will be a lot of distractions to mention shitcoin along the line because many El Salvadorians are after quick bulk so they are mostly shitcoinairs,  and that will directly influence their mindset towards learning.

I guess the government would have put mechanisms in place to check the academic activities and how the Bitcoin knowledge is being fought in the schools,  anyways,  along the line,  there will be a tin line which will distinguish Bitcoin knowledge and shitcoins in general discussions.

Teaching about shitcoins here, avatar will tell what is being taught here. But I can never relate it to Bitcoin from the environment. Although there is doubt whether the image is from the country of El Salvador?

Hopefully they are not learning about shitcoins.

The actions taken by the El Salvador government in adopting Bitcoin are truly extraordinary. Because what I like most about the El Salvador government under the leadership of Nayib Bukele, when it makes plans regarding the bitcoin process in its country, is that it's not just empty talk, but everything is actually proven. The reason is, last year the El Salvador government made plans for students/youth in El Salvador to study Bitcoin specifically at school.

September 2023
Source: https://www.google.com/amp/s/voi.id/amp/308461/el-salvador-mulai-ajarkan-bitcoin-di-sekolah-umum-tahun-depan

Now this has been proven in El Salvador that students there are taught Bitcoin in their schools. Maybe if Nayib Bukele and the government in El Salvador continue to be consistent with the plans they will build regarding Bitcoin, such as

• Creation of bitcoin city
• Bitcoin bond launch
• And provides citizenship to bitcoin investors who make donations

Maybe in the next 5 or 10 years if El Salvador really realizes all these plans very well, it is very likely that El Salvador will definitely become a successful country in adopting Bitcoin.

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