Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 32. (Read 40390 times)

Yes timing is everything as they say and this is a prime example of it. With the halving
happening next year and the possible approval of Bitcoin ETF's its perfect, one of these
is definitely going to happen and if they both happen its a bonus.

Its clear that Bukele had a roadmap when he launched his plan to make Bitcoin legal tender.
Another event next year is the elections set for February, by then we will be well into the
pre halving bull run and everyone will be on a Bitcoin high, he will surely benefit from that.

Why did El Salvador choose Bitcoin for remittances?

We know that El Salvador is the first country in the world to officially recognize Bitcoin as a legal currency in their country.

In a vote in El Salvador's Congress, the country recognized Bitcoin as its official currency. They acknowledge that Bitcoin can be used as legal tender in their country.
El Salvador's enactment of this law will allow bitcoin to be used as legal tender in all financial transactions in the country.
The President of El Salvador, Naib Bukele, said that it will now be much easier for the people of El Salvador who live in the diaspora and send money to the country.
There are other coins in crypto currency other than other coins Why did El Salvador choose Bitcoin in their country?

I know that there are different opinions on Nayib Bukele and I think having discussions about politicians and their decisions is important, but some of the things he is doing can't all have been that bad.

The second line below the headline on Cointelegraph about El Salvador is this:

"The rise in El Salvador’s bond prices “almost defies gravity,” and it may soon have access to Eurobond markets, said Santander Bank."

I think a large country wouldn't be able to dare to take an action like Bukele did for El Salvador, but I am happy for the country that this move starts to pay off for them. Someone had to start being bold about BTC and it is great to see how Bukele approached the inclusion of BTC into El Salvador's budget.

It is already assured that the great people of El-Savador will never be ungrateful, they will appreciate their interest in the life of their incubent president, Nayib Bukele in winning for the second tenure of the presidential race, they have already had a taste of what the second tenure could be all about with their first experience from the first tenur, for so many El-Savadorans that have left home, it's time for them to come back because things have already changed alot since the start of the Nayib Bukele regime, no more crime rate, physical abuse or assaults, there's free education, free chivo wallet with $30 worth of bitcoin, bitcoin enabling environment, economy growth, settlement of debt and even more opportunities for international immigrants to have a residency opportunity, just to mention few.

Following the approval of Volcano's bond issue by El Salvador's regulatory authority, the details of the process are now being worked out.
 The placement date has not yet been precisely determined (it will be determined by President Bukele by his decision), but it is already known that Bitfinex Securities will be involved in this.  It is the first company to be licensed to provide digital asset services in El Salvador under the Digital Asset Issuance Law.
  Interested investors can already register on the company’s website: https://www.bitfinex.com/securities/.
 Stacey Herbert, director of ONBTC, explained that work is currently underway on the size of the proposal that will be issued.  At the same time, market demand, according to her estimates, will be at least $1,000 million.
 In addition, she indicated that the coupon and interest rate that the investment instrument will have are about to be determined.
 The organizers of the bond issue are also assessing the possibility of finding an American partner capable of offering bonds in this jurisdiction.
 The choice of the first quarter of 2024 is based on two factors: the expected launch of the first Bitcoin ETFs in the USA, and the upcoming Bitcoin halving.
 The organizers decided that the first quarter was the best time to launch these bonds.

 Summary of this publication

A university poll of 1,512 nationals in the Salvadoran presidential election between November 11-29 found NI (conservative) with 91% of the vote. FMLN (left) is second in the statistics with 4% votes. But Nayib Bukele's party is far ahead in Salvador's presidential election only to implement the president's far-reaching plans.


Info see details

BTC mining through renewable energy sources is one of the most promising applications to foster economic growth in all places of the world. Particularly in rural areas and there were talks about how poor African countries that lack infrastructure for energy grids could attract investment into energy facilities engaging in BTC mining when there is surplus energy produced by those facilities. I think the biggest problem to set up those facilities in rural African areas with lots of sunlight is the security of those facilities. The potential is there, but if facilities get raided by criminals, the investments are at risk.

That's why I think it is amazing to see countries like El Salvador making first steps in that area as well. It really makes sense for as long as we don't have efficient technology to store excess energy, to tie the facilities into BTC mining operations to not let them operate at temporary losses. I can only think of how much could be done in that area around the world.

It is the chicken and the egg problem. If an area lacks energy, industrialization can't be initiated or can't progress. Building energy facilities must be done, but if energy consumption is too low, investments in facilities don't pay off. That's where the mining comes into play and could make investments be worth the risk when in times of low consumption BTC is mined instead. Could be done everywhere where sufficient security for facilities can be granted. El Salvador can do that.

Volcano Energy

 Bitcoin Revolution
 The Sustainable Bitcoin Revolution

 Volcano Energy is a renewable energy and Bitcoin mining company driving El Salvador towards energy independence and financial sovereignty.

 Our goal is to position El Salvador as a leading global player in the Bitcoin mining industry while promoting energy abundance and global distribution of Bitcoin hash power.

El Salvador's progress toward economic freedom and energy self-sufficiency is gaining momentum as we harness our abundant and sustainable natural resources to create Volcano Energy.

 Our main objective is to position El Salvador as a leading country in the Bitcoin mining industry, while promoting energy competitiveness, and the diversification and geographic distribution of the Bitcoin network as part of our unwavering commitment to establishing a global standard. of Bitcoin.
Source link: https://volcano.energy/

What else should we expect than more of these, how many countries can we take a tour to and they will make provisions for our long time settlements in them with fare government regulations and policies for immigrants, right from the time i saw the new developments for citizenship and residency settlements scheme planned by the El-Savador's government, i know more are to come after it to boost the entire approach because it will be well acceptable by the people all over the world to finds El-Savador as one of the best place around the world that can host their settlements.

Image collected: Click

El Salvador President Nayib Bukele, the proponent of the introduction of Bitcoin City, proposed a Volcano Bond in 2021, but that proposal is almost on the way to implementation, and it is great news that Bitfinex has expressed confidence in the bond's security.
The bill to implement the bond has been proposed several times but has failed several times and was last introduced in November 2022. However, CNAD has assured that the Vulcano bill will be implemented in the first quarter of 2024.

World's first Bitcoin bond approved in El Salvador

picture from X

The El Salvador Volcano Bond was announced in 2021 by the President of El Salvador, Nayeb Bukel. When Nayeb Bukel passed a law recognizing BTCBitcoin as legal tender in his country of El Salvador.
In El Salvador, President Nayeb Bukel aimed to raise $1 billion in his country through bitcoin-backed bonds.
El Salvador plans to launch Bitcoin bonds in the first quarter of 2024, and El Salvador has taken steps to build a groundbreaking Bitcoin City powered by volcanic energy sources

Very soon the world will come to the realization that bitcoin energy is not an environmental disaster, it's the least compared to other means of extractions of natural resources, a bitcoin mining rig is always environmental friendly, some make use of the inefficient energy waste to constitute the required energies for bitcoin mining, which is a natural way of combining both the ineffective energies released to the environment causing alot of dangers to be utilized on bitcoin mining, El-Savador bitcoin city will serve in same capacity of ensuring an effective management and utilization of bitcoin renewable energies to be used in bitcoin mining.

The mining project is converting energy from a volcano to electricity. The project is one of the innovations of the El Salvador government towards Bitcoin mining. The project is financed through a public-private partner program where El Salvador will enjoy 23% profit and a private company called Volcano Energy will take 27%, while the remaining 50% will be reinvested for the project's expansion and sustainability. This project will keep creating jobs and attract more investors to El Salvador which would contribute to the growth of the nation's economy.

Although election polls might not fully predict the outcome of elections almost all of them are showing that Nayid Bukele will definitely win next year's presidential elections. Currently, he is more popular than most other candidates. I hope he wins so that the Bitcoin project will have his support for another five years.

Hopefully this picture is true as much electricity in El Salvador and used for Bitcoin mining. This means that they are serious about the Bitcoin project. They made support about the project of president Bukele. This means that El Salvador has thought long and they have not made any losses in the use of electrical energy. They have supported the development of Bitcoin with various facilities created by Bukele. But El Salvador is about to hold presidential elections, I am afraid that this project will not continue.

Although people in El Salvador were not previously aware of Bitcoin, Bitcoin's popularity has grown the most since El Salvador's President Nayeb Bukele legalized Bitcoin as legal tender. Currently there are 1,09,175 published holders of Bitcoin which is about 1.75%/ (2%) of the total population which is subject to conception. Because it has gained so much popularity in just 2 years since 2021. Nayib Bukele has made everything free for Bitcoin transactions, which is more appealing to the people of El Salvador, and will help attract more holders in the future. More developed see a lot of energy generated by mining bitcoins with lots of workers from the volcano. and generated energy and benefited the people of El Salvador.

I see a bright future for Bitcoin in El Salvador. And more people will flock to Bitcoin.

Images collected from: BM
While the energy sector is facing threats in other countries of the world, El Salvador, the country famous for the first Bitcoin City in the world, is making proper use of 100% renewable energy for Bitcoin mining. This is where the proper development plan of a country will encourage other countries of the world to implement the plan of using renewable energy and energy on Bitcoin mining. Moreover, the use of renewable energy and fuel for Bitcoin mining is unlikely to have a negative impact on the environment and climate change.

I read news about El Salvador's freedom program. This is Visa's freedom program by investing into Bitcoin. It's like the same program with the Caribbean that starts at $100,000, and the EU costs over $800,000. But it seems that this El Salvador program is 10 times more expensive. They offer Visas and citizenship to anyone investing $1 million.  This is an interesting program especially for Bitcoin Investors, because they will get freedom about Bitcoin.

Source: https://cointelegraph.com/news/el-salvador-bitcoin-freedom-visa-more-expensive-citizenship-by-investment

I am very impressed by the way El Salvador’s president Nayib Bukele is making the adoption of bitcoin possible by all means. His recent residency visa and citizenship by investment initiative will actually help to increase the number of bitcoin holders in the country and those willing to use this offer to become a citizen of the country or looking for a residency visa. He is very clear in his objectives about bitcoin, that is why he continues to thrive amidst the challenges faced by the adoption he decided for the country.

The percentage of bitcoin holders in the country is actually poor but with this new initiatives that he is bringing up, we will soon witness more people owning bitcoin in the country. If the citizens are not willing to hold bitcoin, he has already pathway for foreigners to come and embrace bitcoin in the country and make use of it as they wish since the country is a bitcoin friendly nation. Those foreigners buying this idea will enjoy a bitcoin free environment and also have access and enjoy benefits of a normal citizen in the country.

There's one thing that i liked about this article, they are being sincere by mentioning crypto and not bitcoin specifically, we all know that when considering the entire cryptocurrencies in general, this could also as well constitute the shitcoins, but what we are after here is after what landmark improvement bitcoin has contributed to El-Savador in the past, present and the future to come as well.

So when we are to make any analysis about El-Savador's adoption and record breaking success, it had to be base on bitcoin and not other cryptocurrencies included because bitcoin is the only reason why they have gone this far, with it's recent launch of citizenship and residency permission through bitcoin holdings or Investment, this will also help in attracting more Investors coming to join in making a business hub in El-Savador altogether for prosterity.

Less than 2% of El Salvador's population holds crypto.

Crypto enthusiasm in El Salvador lags despite the country's ongoing pro-crypto initiatives.
Despite the continued efforts of the government of El Salvador to promote widespread cryptocurrency adoption within El Salvador, a recent report highlights the limited number of crypto owners in the country.
About 109,175 of El Salvador's population own bitcoins, which is 6.36 million. This represents approximately 1.72%. El Salvador ranks 55th in the Global Crypto Adoption Index.
The government of El Salvador is stepping up its efforts to increase crypto investment within the country.

It was reported that the country had launched a new citizenship-by-investment initiative, offering a residency visa and a path to citizenship to those willing to invest $1 million in Bitcoin or Tether within the country.