Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 3. (Read 34450 times)

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.

I think El Salvador government wants to borrow a lot of money from the IMF but they are having a tough time because of some issues with Bitcoin. El Salvador made Bitcoin legal tender a few years back but not many people there actually use it. The president Nayib Bukele s really popular because he's cracked down on gangs, which has helped the economy grow. But now the IMF wants El Salvador to make some changes like cutting spending and raising taxes which Bukele is not too keen on because it could upset people. But his recent huge win in the elections might give him some leverage in the negotiations.

🎉 𝟏 graduation with 𝟏𝟐𝟎 students in 𝟏 minute!

On Tuesday, we celebrated the final steps of our 10-week learning program from our #Bitcoin    Diploma classes.

📍  San Bartolo, El Salvador 🇸🇻
Source & Video Link: https://twitter.com/MyfirstBitcoin_/status/1775924253042397193?t=ZtTIdumyT0fiH-Ewo0Kidw&s=19
In case you didn't know: we educate an entire nation with open source materials! 🚀

El Salvador is always one step ahead in terms of Bitcoin education, because they are so trusted and a real place to be educated. Learning about Bitcoin is sure to ensure success in the future. I am more than happy with the crowd of students and the interest in learning is huge, so I hope more students will come.

 The government of El Salvador reported on the results of work over the past year in the field of economy and finance.  The year turned out to be very successful.

 El Salvador reported its fastest economic growth in 30 years in 2023 at 3.5%, according to data from the Central Reserve Bank (BCR).
 2023 was also the third year in a row that multinational companies with operations in the country reported profits in excess of $1.4 billion.  The most important thing is that these companies decided to reinvest the profits back in El Salvador instead of taking them back to their parent company.
 The basis of such positive processes, of course, is primarily the actions of the Bukele government to combat crime and create increased security.
 Also in 2023, El Salvador received $759.7 million in foreign direct investment, the highest level in the last 10 years.
 In addition, private investment is not far behind, last year amounting to $6.628 million (up 5.4%).  By the way, the forecast for 2024 is $7,400.

 The country's government firmly believes that the economic climate will improve, as well as security and tourism.  And they will be the main drivers of investment in the next five years.

 The image of “Bitcoin country” is also a fairly significant factor in this process.

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The CUBO+2024 Programm event-based classes officially started yesterday in El Salvador with a keynote speech by renowned Bitcoin Core developer Luke Dashjr. The event kicked off in the auditorium of the National Library of El Salvador yesterday with a speech by renowned Bitcoin Core developer Luke Dashjr, reflecting that the next generation will become a national asset if the younger generation is enlightened with Bitcoin education.



Famous Bitcoin Core Developer Luke Dashjr mentioned in his speech that the event program will greatly help the next generation to build a better society and country by ensuring the growing activity of Bitcoin and ensuring the widespread use of Bitcoin and Blockchain technology in the world.

They are smart enough to NOT be teaching "cryptocurrency" in schools, so surely you don't seem to know what you are talking about.

In udder words.. fuck shitcoins... hopefully you actually know the difference - but I am going to have my doubts when people choose to use the term "cryptocurrency" when we are talking about bitcoin.. what would the reason be?  Just a slip up? and why should anyone be making those kinds of supposedly "innocent" slip ups?


As I mentioned in a couple of my earlier posts, they don't really own that much BTC, given the size of their budget (annual revenues).

Can't imagine how loyal hand and keep consistency accumulate bitcoin every day did by El Savador government, seems still not has planning for selling awhile with bitcoin holding since 2021 after becoming legal payment transaction there and El Savadro president keep optimistic with bitcoin price potential in the future.
El Savador have create most amazing dreaming with braveness make bitcoin become legal payment transaction and every days since bitcoin have been legal transaction never miss for reinvesting although purchase 1 bitcoin in daily day.
The amount of 5700 bitcoins holding awhile seems get increasing more depend on Nayib Bukele keep optimistic for holding bitcoin with long term investment assets.

El Salvador's steps in creating wealth for its own generation can also be implemented by other countries if the other countries have a desire that is not much different from what El Salvador wants. It is amazing when a country has that much Bitcoin and has also implemented financial literacy and cryptocurrency in schools, because this will be quite ideal for their own generation in the future and can create independence for each citizen of the country themselves. I am not that surprised by the amount of Bitcoin owned by El Salvador because the country's government has long believed in Bitcoin and still tries to buy Bitcoin every day.

Gradually, then suddenly.
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Just imagine how much trust of their President to the system of Bitcoin. That one decision he had made him insane before, but now that his investment is good he is now turning into a good investor. It is great because that also help his countrymen have a massive improvement in their economy which is evident on them building schools, improving education, and facilities. Their president seize the opportunity and now it is benefiting the whole country.

Teaching financial literacy and cryptocurrency at school is a great move. El salvador is not only holding 6K Bitcoins but also creating generational wealth.

The only thing that can improve is the trend of wise men, the president of El Salvador, Nayeb Bukele, is wise enough to adopt Bitcoin in a modern way. He may have planned for the future how it could be improved, and to improve, he legalized Bitcoin and made Bitcoin free of all transactions for the people of his country to use. School efforts to teach children about Bitcoin is a positive aspect I think, if young children can get proper knowledge about Bitcoin from early stage then it will definitely bring success later on. He took all measures to impart all kinds of education to the people of his country. And currently he has accumulated around 6K bitcoins which will hold for a long time,

It seems that there must be a "guinea pig" so that everyone can open their eyes and minds about how big the influence of Bitcoin is in managing a country's finances.
for example, like El-Savador, which used to be controversial because it implemented bitcoin as an official means of payment there and was looked down upon, now what is happening is the opposite and it is in the world's spotlight.
Soon, maybe several other countries will also implement the same thing because they see El-Savador's success.

Here's a link to an interesting 1 and 20 minute link to a Canadian Bitcoiners Podcast that involve Jaime Garcia talking about some on the ground matters related to El Salvador's bitcoin adoption and also talking a bit about Mi Primer Bitcoin, about Bukele's re-election and some of Bukele's policies.. including talking about El Salvador as location that has to import a lot of its food and energy.. and having some challenges in terms of natural resources and challenges of being quite densily populated in the areas of the country that are habitable.


Oh?  Jaime Garcia makes an interesting point about whether other countries are going to follow El Salvador, and he suggests that a lot of other countries are likely not to follow El Salvador exactly because they will end up getting targeted if they were to say that they were doing that, so instead they are likely just to be a bit more passive in regards to their allowance of a variety of other currencies to be used in their countries, which will end up also allowing bitcoin.

If truly we have being seeing as well as learning many things about El-Salvador bitcoin adoption, then we should be able to put into practice some of their actions on investment with bitcoin along some other developments happening from what we have been hearing concerning their bitcoin adoption, there's no doubt that El-Salvador has been a world center and global hub on bitcoin adoption and its applicable uses, while learning about all these, we need to as well apply them where necessary to se the effect of the change we want in our financial economy. 

FIRST NATION TO BUY BITCOIN EL SALVADOR PASSES $400 MILLION IN HOLDINGS
El Salvador, the first country to make Bitcoin legal tender, has now accumulated over $400 million worth of Bitcoin, data shows.
Source Link: https://bitcoinmagazine.com/business/first-nation-buy-bitcoin-el-salvador-passes-400-million

El Salvador, the first country to make Bitcoin legal tender, and to adopt a Bitcoin investment strategy for its national treasury, has now accumulated over $400 million worth of Bitcoin.
President Nayib Bukele led the effort to pass a law making Bitcoin legal tender in 2021. Since then, the country has purchased Bitcoin through daily and periodic purchases announced by Bukele on X.
In addition to direct purchases, El Salvador also generates Bitcoin through a passport program, converts BTC to dollars for businesses, and mines Bitcoin, all of which demonstrates the country's commitment to building a circular Bitcoin economy.

Let me add a little information to this information:

 As of this Wednesday, March 27, the address of the government's cold wallet - a wallet that is not connected to the Internet to prevent possible attacks on access keys to funds - contains 5702.75 BTC.  Moreover, several additional satoshis came from more than 200 anonymous donations from bitcoiners.

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“We decided to move the majority of our bitcoins to a cold wallet and store this cold wallet in a physical storage facility on our national territory.  You can call it our first Bitcoin piggy bank.  It’s not much, but it’s honest work,” the president wrote about this.


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El Salvador adopted Bitcoin as legal tender in their country in 2021, since then El Salvador's Bitcoin (BTC) holding program has continued and may continue in the future. The President of El Salvador, Nayib Bukele said on his popular social media Twitter that El Salvador currently owns 5,700 bitcoins, up from about 5,690 bitcoins in mid-March.



We have seen in the market that the price of Bitcoin has started to rise again after a few days of decline i.e. after touching the all time high the price of Bitcoin fell and is currently rising. Bitcoin price has already touched 70 thousand once again. With the current price of Bitcoin above $70,000, El Salvador's Bitcoin value has grown to over $400 million.

Nayib Bukele previously stated that his country El Salvador's Bitcoin holdings are kept in cold storage even as the wallet is stored in a physical vault within El Salvador's national territory, and Naib Bookel revealed the Bitcoin wallet address.
source= https://www.coindesk.com/business/2024/03/26/nayib-bukele-update-on-el-salvador-bitcoin-holdings-shows-growing-stack/

New news published 16 hours ago invested 5700 bitcoins in El Salvador. 5700 Bitcoin equals 400 million dollars. Here in El Salvador 5700 bitcoin investment profit is 80 million dollars which is a nice profit. The success of Bitcoin investment in El Salvador creates a new dream in the mind of every investor.



Source: https://twitter.com/BitcoinMagazine/status/1772554983549874465?t=0eySBzCPGqjYZwbFDymRtQ&s=19

El Salvador has not only experienced progress in the crypto sector, but has also experienced more progress in other areas in recent years so that the country's government is still quite consistent in continuing new things that can make the country of El Salvador more advanced and also become a role model for all countries when it comes to crypto. Just look at how the government continues to eradicate bullies in the country by relying on the police within the country to keep El Salvador in a peaceful and safe condition from anything. It is also an important step forward for the country of El Salvador in addition to their commitment to decarbonization that allows safe and secure nuclear use.
Source: https://twitter.com/rafaelmgrossi/status/1771211319246508053

Yes sir I understand. My mobile is android maybe that's why it looks like this on my mobile. I will try to watch from a unique location with my mobile. If I can see it I will definitely let you know here. Thank you very much for answering me with your valuable time.