Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 22. (Read 38892 times)

El Salvador has been made Legislative Assembly approved a bill proposed by President recognize Bitcoin as legal currency alongside the US dollar.The law mandatory that all businesses in the country must accept bitcoin as a form of payment but the government has also provided mechanisms for converting bitcoin to usd instantly if they needed. They has launched the chivo wallet that government-backed digital wallet to facilitated Bitcoin transactions and provided citizens with $30 worth of its upon registration.
significant international attention and debate regarding the potential implications, benefits and risks associated with using bitcoin as legal tender in a national economy.

Nayib Bukele was re-elected as President of El Salvador



Presidential elections were held in El Salvador on February 4. Whereas El Salvador's Bitcoin President Nayib Bukele was declared the winner by popular vote before the electoral body announced the results.

In El Salvador's presidential election, Nayib Bukele received over 85% of the vote and won at least 58 of their 60 assembly deputies. According to CID Gallup exit poll data, 87% of people voted for Nayib Bukele.

CID Gallup

Nayib Bukele is a popular man in Salvador who first adopted Bitcoin as legal tender in his country in 2021 after it was declared legal tender.
Felix Ulloa, Vice President of Nayib Bukele, said that they will maintain Bitcoin as legal tender after the re-election of the government in El Salvador.
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Yes.. remittances might need to be self-reported.. and that might not be reliable.. but if there is a shrinkage in the remittances services, then maybe some of those people are using bitcoin to remit.


Sure each of them likely put upwards price pressures on bitcoin for different reasons... various forms of legalization and bitcoin recognition could also lead to other governments going down similar paths... and so surely we could talk about government by government acceptance of bitcoin, and sometimes there are also countervailing measures happening simultaneously, including the recent (likely unlawful and overreaching and oppressive) mandate in the USA that miners have to fill out an invasive survey about various details of their operations...so even within various administrations there can be a lot of contradictions, even though it seems that a clear creation of a legal tender law should be considered somewhat unambiguous in terms of welcoming bitcoin at the transactional and also the direct holdings level.. yet even ETF approval is not directly acknowledging anything about direct holding of bitcoin, even though bitcoin's value does come from abilities to directly hold it and transact with it without getting permission of governments and/or any third parties...so the level of tension in regards to rights involving directly holding bitcoin are not unambiguous and likely contributing to many folks not recognizing and appreciating a lot of bitcoin's power comes through the various direct holding mechanisms... even if sometimes there also might be interactions with custodians and other kinds of third party players who may or may not put obstacles in the ways to directly hold and/or transact with dee cornz..

It is not an easy job for me to be able to answer your question regarding records showing the inflow of Bitcoin since the El Salvador government legalized it as a means of payment because if I say I can show you that data, be assured that the record comes from search results on the internet. Why? because I am not a resident who lives there.
If you still want it, I will try to find sources that are not necessarily completely trustworthy. How?

Bitcoin in El Salvador - Wikipedia
This is one of the sources of results from my searches on the internet.
You can also find other sources that show Bitcoin inflow records since El Salvador legalized Bitcoin as legal tender, such as on x.com.

It will be very difficult to get comprehensive data about the inflow of Bitcoin into El Salvador because some transactions will be anonymous and might not be easily tracked. The only data that can be accessed is through centralized platforms which will not be reliable. The move by Bukele has attracted some crypto firms into the country which has also created employment opportunities. There has also been an increase in tourism and Bitcoin remittance. Of course, there has been an increase in El Salvador's Bitcoin hodling because they are still buying more Bitcoin and have also started making a profit from their past purchase.

The only similarity between these two events is that they promote Bitcoin. They lead to Bitcoin awareness and adoption but they are different. El Salvador is a country that made Bitcoin a legal tender which means that it is now a currency that is backed by the law that must be accepted for financial transactions. However, the ETF is the US SEC approval for people to invest indirectly in Bitcoin. It is an approval that a firm can manage people's Bitcoin.

Is there any record showing how well Bitcoin inflow have been in EL Salvador since they legalized it? One would have expected that such move by the government will encourage more investment in Bitcoin on the side of the citizen and even the government themselves. I would have love to know if such increase in Bitcoin holding is noticed in El Salvador.

Another thing, is there a correlation between the Bitcoin ETF approvals and EL Salvador legalization of Bitcoin? I'm just curious to learn how both could play complementary roles. Sorry if my question sound dump, but I'm just looking at the bigger picture.

Yes, the elections are going to be this Sunday. Yes, he is going to win...

Now, no, if you to believe the story that bitcoin influences his reelection. Bukele enjoys popularity for his management as president in different social-economic-security areas, etc. and those referring to bitcoin are in the background, that is a palpable reality, the 4-year stretch for his next mandate is really uphill to move forward, the bonds, the bitcoin city, mining, and especially investors.

Bitfinex Securities starts operations in El Salvador.
Bitfinex Securities operates the platform on which Volcano Bonds will launch in the first quarter of this year.
 The company allows you to invest in other investment funds and crypto companies, such as Bitfinex, Kraken and others.
 In general, Bitfinex Securities is an international company that has its own platform for issuing blockchain-based tokens.
 On Wednesday, January 31, the company announced the official launch of its operations in El Salvador as part of actions arising from its license as a digital asset service provider in the country.

 The firm's chief operating officer, Jesse Knutson, said that with its license in El Salvador, Bitfinex Securities accepts client requests and has already built a solid portfolio  potential emissions that are expected to hit the market this year.

 Among these issues is the Volcano Bonus, a government bond backed by Bitcoin announced by President Nayib Bukele and which will be issued in the first quarter of this year, according to the National Bitcoin Authority.

I think the statement of Felix Ulloa who served as Vice President El Salvador to commitment to Bitcoin will be seen as a political statement by the opponent as an effort to seize the sympathy of the parties who are pro to Bitcoin in El Salvador.
If I am and live in El Salvador, I will be together in the ranks of people who support Nayyib Bukele's policy because from my perspective, El Salvador was successful in the investment field.

In addition, the current view of the El Salvador government can be accepted by common sense if they remain firm because the potential investment of Bitcoin will be more intense after ETF is approved.
I see the IMF too much about El Salvador's government policy towards Bitcoin.
However, the statement of Felix Ulloa is in accordance with the fact that maintaining Bitcoin is something that can bring positive values in the eyes of the world.

Continue ... Nayib Bukele.

El Savador president Nayib Bukele have been popular since make legal bitcoin transaction in his country, seems easily for him get the first list name of popular latin president keep consistency make bitcoin progress become legal in his country. First time his ideas got bad respond but he gives proof how more advantage when bitcoin success adopting as legal payment currency and El Savador tourism get significant without few years after bitcoin method payment acceptable.
Next election is not problem for Nayib Bukele to be winner and defend his position as El Savador president, he will continues for adopting bitcoin as legal payment currency and he make El Savador become popular Latin American country around the world.

I think the name Nayib Bukele is not only popular with the people of El Salvador but this name is known and popular with people all over the world who know about Bitcoin. El Salvador will probably have presidential elections on February 4. We hope that Nayib Bukele will definitely win this election as his popularity is highest And the people of El Salvador like Naib Buckle's promise to maintain Bitcoin as an investment asset for the future.

You can understand how popular Nayib Bukele is among different Latin American countries and different presidents.

picture X

This image Said that Nayib Bukele will be re-elected as President of their country and Bitcoin's progress in El Salvador will be much more widespread.

A good system must be maintained and improved, not slowly eliminated.
El Salvador became the first country to legalize Bitcoin as legal tender and during this period, investment in Bitcoin experienced a large increase according to sources accessible in various media.
The one who started it was Nayib Bukele and other countries outside El Salvador are already trying to imitate this concept because it has good potential.

I think the pros and cons of something are always interrelated parts and can never be separated in democracy. Everyone is competing for good, not for bringing down. Good concepts that have proven successful in implementation must be maintained.

Félix Ulloa addressed a whole lot of issues about El Salvador including the fight against gangs and crime. He acknowledged that the government made some mistakes in arresting some innocent citizens. But these mistakes are gradually been corrected with over 7000 people released from detention and others still going through legal processes to gain freedom.

Regarding the continuation of Bitcoin policy in El Salvador, he stated that it is a done deal. The country is not abandoning Bitcoin as a legal tender regardless of the pressure from the IMF about the $1.3 billion loan negotiations. He gave an example of the US institutionalizing Bitcoin through the approval of Spot Bitcoin ETF, which is an indication Bitcoin is now a force that cannot be overlooked.

NEW: 🇸🇻 El Salvador VP Félix Ulloa says that the country will keep its commitment to #Bitcoin    if his party is reelected, per Reuters.
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IMF urges El Salvador to reconsider #Bitcoin    for 💵 $1.3B loan, but government remains firm, citing enthusiasm for 🇺🇸 US #Bitcoin    ETFs 🙌

I think that currently there are still many El Salvador citizens who like Nayib Bukele and his commitment to maintaining Bitcoin as a future investment asset that can be used in the lives of its own people. Because everyone will probably assess and see how the state of El Salvador developed while being led by President Nayib Bukele. So there is a possibility for Nayib Bukele to win again in this election if the trust of his own citizens is still very high in him in terms of returning to lead the country of El Salvador.

With what we can see on ground as at now, there's nothing stopping the re-election of president nayib bukele ass El-salvador president for the second tenure not even the opponents, what he has done to El-salvador right from the time bitcoin was adopted as a legal tender down to how the economy was boost, loan reconciliation payments and debts cancellations, reduced poverty and crime rate, all these have made a clear ground for the situation of bitcoin economic activities for the suitability of the people and foreigners to enjoy bitcoin adoption under a conducive environment, within this, you can see that l indications were pointing at his re-election into office.

El Salvador seems to be small potatoes compared with coins that other countries get through various seizure practices.

There is a list of government holdings in this article:  https://river.com/learn/who-owns-the-most-bitcoin/

Just yesterday there was an announcement of between $2 billion to $3 billion coins through UK authorities (61k BTC) and also from German Authorities (50k BTC)

Look at these announcements:


https://www.coindesk.com/policy/2024/01/31/uk-police-seize-nearly-18b-of-bitcoin-from-investment-fraud-in-china-ft/

https://www.dw.com/en/germany-police-seize-bitcoins-worth-2-billion/a-68121384

El Salvador's president, Nayib Bukele, said he loves Bitcoin and that his country's people love Bitcoin. Bitcoin has given a lot of benefits yet El Salvador Basi supports Bitcoin and can become self-sufficient by investing in Bitcoin. This time Halving El Salvadorans who have invested in Bitcoins must have the opportunity to be successful because they have invested huge money, and the President of Salvador Nayib Bukele has arranged everything for them to gain enough knowledge about Bitcoin. And different educational institutes are teaching about cryptocurrency to awaken the interest and desire about Bitcoin to the next generation.

Gang inmates in El Salvador face life in prison. Most of the 76,000 people arrested in El Salvador's tough crackdown on the country's gangs will spend the rest of their lives behind bars, the man running for a second term as vice-president has said. The tiny Central American country declared a state of emergency nearly two years ago, giving security forces broad powers to arrest anyone suspected of involvement in gangs that have killed and extorted people for decades.

https://www.ft.com/content/5ae644b9-8c07-40fd-acfb-2018c88db510

Sharp decline in crypto payments El Salvador

Despite El Salvador being a bitcoin-friendly country, El Salvador saw a sharp decline in cryptocurrency payments in their country in 2023.
Their cryptocurrency payments have declined even as the value of Bitcoin has increased, despite significant efforts by their governments to accept Bitcoin.

The central bank of El Salvador said that El Salvadorans living abroad sent "remesas," or remittances, to their parents and families. The amount of those remittances fell from $116.4 million to $82.93 million in 2022, from a high to a low level. However, their country's total household remittances amounted to $8,181.8 million, an increase of 4.6% over the previous year.

According to El Salvador's official statistics, Salvadorans sent less than $30 million in remittances in crypto compared to the previous year, 2022, and only 1% of their total remittances sent in crypto for the entire year of 2023. This ratio is worse than the 1.7% registered in 2022 year.

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