Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 2. (Read 40377 times)

However, if you have witnessed the most special occurrence in the cryptospace is bitcoin is not only financial. This is also community, social and political. Did Nayib Bukele buy bitcoin to become rich? It will be very much headshaking if your reply is yes.

I predict a united South American community under the flag of bitcoin. Bitcoin will help accomplish what Che Guevara has failed to accomplish.

The situation is sticky, to say the least.
But we need to believe in its result being positive.
El Sal is the master of their own fate. And they are right to decide what would suit them for the better.

That's how IMF manipulate certain countries and make sure that they are still in control. But good thing that what possible may happen there is they are just pulling out the bitcoin payment system on local merchant. They can still invest and do what they want from their money get from IMF.

So even if that incident may happen I guess it cannot give much negative impact to Bitcoin since El Salvador still known for its good policy made for Bitcoin. We don't know what they want to do with $1.3 billion they asked from IMF, but there's huge chance that some part of it will go to their Bitcoin investment.

This agreement is quite interesting not only from the point of view of interaction between financial authorities of the two Latin American countries.
Another interesting factor of the agreement is that despite all the efforts of the government of the new president of this country, Millei, inflation in Argentina is extremely high. And the option of using such a rather interesting financial instrument from the point of view of preserving citizens' savings as bitcoin and other cryptocurrencies may well turn out to be not just effective. It may even be the only practically feasible option now, if we all take into account the initial limitation of bitcoin emission as an obvious deflationary factor. I think that the idea of ​​combining the efforts of these two countries is very promising for Argentina.
Simply because El Salvador already has practical experience in legalizing and officially using bitcoin as a means of payment. But Argentina needs to solve the problem of inflation and there are simply no real instruments in the Argentine economy for this. The industrial potential is small and it is not growing. Of course, except for this very option. I hope that in a few years this experiment will give good practical results. 
By the way, regarding the agreement, even the well-known bitcoiner Michael Saylor also expressed some positive assessments of this event.
And the event itself is apparently significant, first of all, for Argentina.

This is a very interesting concern you are mentioning here as interest rates are the most powerful tool of any governmentally controlled organization to enforce agendas and exert power over the people. Now some people will tell you that the IMF is not a for profit organization, but the reality is that the IMF is a gigantic apparatus employing a lot of people that want (more than adequate) salaries and in order to sustain their salary levels and increase them over time, the IMF is financing itself through profits made from its operations.

Hence, the IMF does make profits and in a sense the shareholders are the employees. So there is still an incentive to make a lot of money. That is why bitcoin could indeed be a threat as it has the potential to grow enormously, soaking up value from other assets classes that are purely based on fiat considerations. This could bring countries like El Salvador closer to self-sustainability in financial terms, meaning they don't need loans or have a better position in negotiations, eating away at profits from institutions like the IMF.

However, the stance on bitcoin is not that negative if you read this working paper.

But it has been very typical for all organization to first bash bitcoin and once they realize this is going to backfire, they slowly start to embrace it somehow while still attacking it here and there in a more disguised way. I would like to see the best bitcoin guy from the IMF to debate some of the best bitcoin advocates like Erik Voorhees. They would not it because it would become utterly evident that the debate would end in a catastrophe for the IMF as they are clinging on their business model at all cost and have to be ignorant for the sake of financial incentives even when they understand that bitcoin is fostering idealistic values to become more and more tangible over time.

Remember, they will not provide any assistance to El Salvador. This happened when El Salvador first started to recognize Bitcoin as a currency. Look at today, the IMF is starting to soften (probably). I think the IMF feels at a loss because they will not benefit from the proceeds of the loan disbursement. In fact, I heard that Bukele had discovered Gold Mining and it was predicted that Bukele would spend the gold to buy Bitcoin. Will the IMF loan also buy Bitcoin? We'll see if this news really happens. 

El Salvador will reportedly dial back its bitcoin ambitions to secure a loan from the IMF

El Salvador may pull back on a mandate requiring businesses to accept bitcoin as payment, the FT reported.
Sources expect this could unlock a $1.3 billion IMF loan.
El Salvador embraced bitcoin as a legal tender in 2021, prompting IMF concerns.

https://finance.yahoo.com/news/el-salvador-reportedly-dial-back-184623205.html

This will certainly be the beginning of something quite very big for South America when more countries join and cooperate in this partnership.

South America might be impossible to be united politically, however, this continent can be united under special agreements on the cryptospace.



El Salvador and Argentina are partnering to help develop the crypto industry in Latin America.

Juan Carlos Reyes, El Salvador’s top crypto regulator and president of the Comisión Nacional de Activos Digitales (CNAD), and Roberto Silva, the president of the Comisión Nacional de Valores of Argentina (CNV), on Tuesday signed an agreement for the two countries to collaborate on crypto regulation.

Read in full https://www.coindesk.com/policy/2024/12/10/el-salvador-and-argentina-regulators-sign-agreement-to-help-develop-crypto-industry

As this thread is about El Salvador, I think one problem of getting bitcoin going in an economy that has very low average income is what Reuter's describes in this article. People there live hand-to-mouth and if they got some bitcoin incentive, I think the majory would choose to sell quickly because they may not have the same resources to educate themselves and many of them don't actually have a true choice I suppose.

The dumb fucks you are bringing up are mostly those who try to trade against the market when in reality they could afford to hold. That's certainly not smart. I seriously know some very stupid examples when guys are very well situated financially and got shaky hands when BTC went 2x years ago, but then they bought some other trash assets that crashed.

I understand when people get their own families and obligations of all kinds, but I am talking about guys were literally single, fully able to take some risk and yet they sold it. They think it is a privilege to be able to own many and be able to sell many anytime, but the real privilege is to be able own many without having to sell any at all.

Photo Source link: https://x.com/nayibbukele/status/1866245123786326271?t=zo6n3YQ49LFIE36txDjDbA&s=19

El Salvador has recovered 3 trillion dollars worth of gold in the country, this is good news for El Salvador if they sell gold and buy Bitcoin. However, since this news was spread on social media, Nayib Bukele shared his Twitter X and he asked what can be done with this asset and the most people supported selling gold and buying Bitcoin.
Because everyone who is a conscious citizen has posted with the intention of buying this Bitcoin, and I support Bitcoin holding the most. Because if this is true, of course Bitcoin holding will be able to strengthen the goal and target and they will be able to hold more assets Bitcoin for a long time.

Those of us who have bitcoin likely need to have some sympathy (and empathy) for the low coiners and no coiners, especially since they are about 99% of the world's population, including that even people who have bitcoin do not necessarily realize what they have (and they don't sufficiently understand bitcoin), and that seems to be part of the reason that so many folks who have coins end up selling too much too soon.. or being dumb fucks trying to trade it rather than accumulating it through ongoing buying techniques..

So any of us who have coins, likely need to be careful not to sell too many too soon.

Sure, I am not against spending bitcoin (especially to attempt to support the bitcoin infrastructure), and also there is no problem selling coins once you have enough or more than enough, yet at the same time, each person needs to be looking after his/her own financial interests, and yeah, a lot of folks screw up by selling too much coins too soon, and also failing and/refusing to sufficiently/adequately prepare themselves for up...also getting distracted by shitcoins.

Sure low coiners and no coiners will continue to onboard themselves onto bitcoin so some of the no coiners might be precoiners rather than no coiners, yet it still may well end up taking them a few more cycles before they realize that they should be either holding BTC or accumulating it.

This is the worst group of people who fate when many people feel happy and celebrate the Bitcoin happily through the price of $ 100K. Groups of people who do not have coins might make this situation an experience to look at the future.
For those who sell too fast in too much quantity, an experience can also be taken in the future about how they respond to the market conditions with the Bitcoin they have.

He has received a warning from the IMF. Even El Salvador is threatened not to receive assistance from the IMF or the World Bank regarding Bitcoin as a currency. But today while Bukele provides proof that his decision was not wrong. I am currently waiting for what Bukele will do, because I feel confident that he is investing to benefit the progress of his country.

I just read the news that El Salvador will agree with the IMF. They changed the Shrimp-laws on Bitcoin. With this change, they will get a $3.3 billion loan from the IMF, the World Bank, and the Inter-American Development Bank. El Salvador also has to make spending cuts and tax hikes to reduce its budget deficit to 3.5% of GDP over three years. Then Bitcoin transactions as a currency are not mandatory for traders as they are today.

Source: https://www.coindesk.com/policy/2024/12/09/el-salvador-to-change-bitcoin-law-as-part-of-new-imf-deal-financial-times

He can only fool newbies or those a total bitcoin critics, but he cannot fool people who have knowledge about Bitcoin. Petter Schiff is well known critic and I don't expect him to say something nice about bitcoin if we look at his podcast we can figure out easily that his traditional dude. He didn't bring some impact even if he criticize bitcoin for so many years so that really means no one cares about his opinions.

He's a good leader and he show that he cannot be easily get scared by those institution warns or try to sanction them about their adaption on Bitcoin and by continuing their stints on Bitcoin those people know that they cannot manipulate the mind of this man.

And look at the result of the investment effort they have done for Bitcoin.


Source https://www.bitget.com/news/detail/12560604405741

El Salvador would never earn this, if they have a weak leader.

The comments or thoughts of these Bitcoin skeptics are not inconsequential. Bitcoin has grown to the level that their negative views will have no effect on the market. I also think that they should be overlooked.   

I don't see Bitcoin as a very risky asset for government to invest in for a long time. From the years of its existence, Bitcoin has kept appreciating significantly after every four years. Some governments engage in more risky investments. Sponsoring a war is riskier than investing in Bitcoin . El Salvador has set the pace; I predict that others will follow after the bull run.     

I think that we shouldn't care abotu what Peter Schiff or Paul Krugman think because their thoughts are meaningless. They say all of these just to gain media attention and the attention of people, which they successfully do and I think, we shouldn't let them succeed. One good thing is that I hope their wrong prediction makes them less favorite person to hear from.

By the way, El Salvador and what Nayib Bukele does in this country, is a very good example for the whole world. I don't particularly mean Bitcoin because I don't think it's possible for many countries to follow El Salvador's plans because it's too risky but the most interesting part is that Nayib Bukele become the President of the most dangerous country to tries to completely reshape the nation.
The plan of buying 1 Bitcoin every day is a good plan. It's not a huge money for El Salvador and the time has proved that this strategy works like a charm but a small country like this and with that small quantity.

Further, since El Salvador money is exchanged on the Forex, is it possible to exchange Bitcoin through ES money right now... through the Forex?

I would like to see the reactions from people like Peter Schiff and Paul Krugman now that Bitcoin has hit 100k and even planing on soaring higher. El Salvador is a very good example that a nation can actually make good profits in collaboration with Bitcoin as an invested asset because I could recall when all these bitcoin haters were up and saying that Bitcoin would never reach this height now and many are still placing doubt on possible investors out there about the price moving further than this but we the Bitcoin faithful will always have an upper if later they end up joining the race because am certain so many will still end up buying Bitcoin @ Micheal saylor.

They are not happy because their personal interest didn't meet and even if they spread lies about bitcoin many people still don't believe on everything what they say that's why the success of bitcoin always hit their ego's that's why they always not happy if they see bitcoin reached new high.

I guess its not important to pay attention with those people or entities if they hate bitcoin then be it. Their numbers became more lesser and lesser each year since little by little some of them starting to adopt bitcoin now. What good thing to look forward is the success achieve by people or country like El Salvador since their success and courage upon dealing with Bitcoin is very notable. We are really happy with the results we are seeing and hopefully other entities would also realize that and start to take good decision to adapt or either invest on bitcoin.

It is not uncommon to have bitter no coiners and low coiners. Some  of them have never bought any bitcoin, and others had owned bitcoin previously and sold too much too soon.

Most of them are not very educated about bitcoin, except maybe repeating some nonsense that they might have read from some other no coiner/low coiner and considered their research to be meaningful.


Surely it seems as if one of the solutions is to join in rather than whining about the matter.  Some of these folks will end up jumping on board later down the road in this cycle or the next cycle or the one after that, yet it seems quite likely that they are going to be disadvantaged by their whining and delay... and so yeah, folks who get on board early and spend some efforts on accumulating bitcoin are likely going to end up much better off than the no coiner and low coiner whiners.