Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 71. (Read 38876 times)

Bitcoin still seems to serve as a great talking-point in order to attempt to facilitate sound money kinds of ideas.. and responsibility and a lot of the things that go along with sound money as compared with the various shallow values that seem to go along with fiat money, debt and also fake pumpenings of systems to make it appear as if there is value when the values do not have a sound basis, except that it is using money borrowed from the future to make it look like the present is sound when it is not..

So I don't know.. if it is fair to say that bitcoin all by itself is not doing it, even though technically you are probably correct, yet a real true attempt at bitcoin does seems to facilitate stronger talking points over various aspects of our current status quo systems that are imploding upon themselves because of the extent of the debt that continues to be allowed to build and the failure/refusal to incentivize sound values (which seems to be what bitcoin does).

Given how polarized can some communities be on Bitcoin, it is probable that eventually someone who would not be very friendly towards Bitcoin takes the presidency, that is why Bukele has to take very seriously his work and incentivize people not to be afraid of new technologies and opportunities to put their country in the Map and catch the attention of both tourist and investors.

Also, I believe that the price of Bitcoin would not have much of an impact in long term comparison to what a well developed touristic industry, investor-friendly and crime free society can do for the future of the people of El Salvador.  We are talking about macro-economics after all, the realized profits from speculation can help but the development of whole industries is what make countries great.

El Salvador's legal tender law is about bitcoin, and not about "crypto."  You use the term "bitcoin" one time in your post (maybe that was an accident?), but you use the term "crypto" 5 times.  Are you trying to sound "smarter?" or are you just confused about what is going on in El Salvador?

Maybe you should reconsider your post and learn how to focus on at least what is going on in El Salvador, which is bitcoin first - especially since El Salvador has been trying to focus on bitcoin first (and to any extent that "crypto" might be tolerated in El Salvador, it seems to be a side issue, and not the main thing that is going on in El Salvador," but probably you are too busy wishing that El Salvador were to be promoting shitcoins.. so you frame your post in a confusing way.. and refuse to use the word bitcoin (except once) - even though Bitcoin happens to be what El Salvador is doing...

Are you doing that on purpose? or are you merely confused?


Sounds like you are "eating up" the propaganda, no?  Are you saying anything that makes sense?  Do you know the subject matter well enough to proclaim that El Salvador is currently failing and is going to continue to fail?  It surely does not seem that the facts are sufficiently on your side, and you are largely just spouting out conclusory claims that are from hostile international entities that do not like the idea of El Salvador attempting to employ some sovereignty through attempts at getting its financial house in order, and surely any country (or even any institution or any individual) who might start out by getting into bitcoin, but they might have debts or they might be in a bad financial situation, it can take a wee bit of time for things to get turned around (such as getting into an improving state), and you seem to be ready to judge both current failure and also continued failure and that really does not seem to line up with actual facts on the ground... at least you have not really backed up your assertions of El Salvador's supposed failure - beyond that it is your opinion and your speculation.

El Salvador did manage to attract a lot of attention by adopting BTC as legal tender sometime back, but that didn't really improve their economic situation in a big way based on what I observed.

Many tourists think twice before going there due to moderate crime rate and their statements about low crime rate are utter nonsense. The OHCHR stated their concerns too regarding these issues recently.

It will probably take a miracle for them to become a BTC centered tourist friendly nation.

I guess the move to remove taxes from tech innovation is aimed at encouraging local adoption of the tech sector in the country and since the president is a young star that knows the importance of technological innovation to nation-building in the contemporary time, but for the fact that the country adopted bitcoin as a legal entity sometime 2021 which was a great milestone that places El Salvador among the most tech-friendly countries.

-The move to give tax holidays for tech innovations will help attract young El Salvador to get involved and help build locally developed software that could help I'm solving many problems facing the country and its economy.

-This will also attract visitors to explore the proposed Bitcoin city and the rest of the other projects initiated by the government to help promote Bitcoin.

Update:

El Salvador removes all taxes on technological innovation. That's the news I just found on the Bitcoin Archive twitter. Searching several news sources to ascertain what caused the decision to be made by Nayyib Bukele, it turns out that the El Salvador government has seen developments since legalizing Bitcoin in very many positive directions in the progress of economic growth.




Source: cointelegraph

This image from the dailymail.co.uk article you have attached shows the prison situation as El Salvador's congress extends its year-long anti-gang crackdown.

Quoting from reuters.com published on February 16, 2023 that it is true that El Salvador has a high crime rate where 2% of adult El Salvadorans are behind bars. But since President Nayib Bukele asked the country's congress to approve a state of exception in March last year, the murder rate has decreased by 57% in 2022 compared to 2021.^[1]
That's what I can see from the news and it could be based on government data.

I can see Nayyib Bukele's tweet inviting us to move to El Salvador as a signal that he and his cabinet in government are serious about bringing economic change.

Source:
[1]. https://www.reuters.com/world/americas/el-salvador-vows-gang-crackdown-will-go-citizens-cheer-safer-streets-2023-02-15/

I did't know that the creminogenic situation has improved so much in El Salvador lately. Well, this is very good, since a decrease in crime will help improve economic performance, and an improvement in the economy will help attract investment in the country.

I like Bukele for his consistency and commitment to bitcoin, and although I think that his policies have not yet had a strong impact on El Salvador, the most important thing is that he is moving in the right direction. His consistency will certainly contribute to the development of the country and if he manages to build Bitcoin City it will be a place that millions of tourists will want to visit.

I've also come across this news recently, but establishing a 40,000 maximum capacity prison in El-Savador does not mean there have not been a reduced crime rate in El-Savador, i want to believe nit would have been a long term plan that had been in place when things aren't good enough before the total turnaround we bow had with El-Savador in terms of crime rate, just take it as a long time plan that probably had undergone through a MoU that such should be sited in El-Savador for some reasons that may not be clear to us as the public, with that yet El-Savador is well conducive for a good living now because tourist wouldn't have wanted to visit the country if the crime rate hadn't been dealt with, the Bukele administrative knows what it planned when they make everyone enjoy both fiat and bitcoin currency for payment while including every other bitcoin attracting developments in the country to boost it economy, no more violence as before in El-Savador because bitcoin has help reduced many means liable for citizens to partake in such.

It was opened as a part of campaign of fighting with criminal structures in the country. The crime level has significantly gone down last time but it is just the beginning and there are some questions about if innocent are probably being hurted during this campaign as well. But as for now it is true, homicide rate went down more than 10 times for last few years, El Salvador becomes one of the most safe places in the region. Hope they can make it to go on.

Anyway economy is tightly connected with security. So if they'll maintain low lever of criminality it will help bitcoin adoption in the country which will help entire economy development also.

Nayib Bukele creatively invites you to move to El Salvador, while naming such advantages as "the lowest crime rate in America, no shootings and robberies, excellent coffee, beaches and weather", it seems to me that he exaggerates about the low crime rate, because recently the largest prison in America for 40k prisoners was opened in El Salvador.                                                                                                                                       

https://twitter.com/nayibbukele/status/1640168857800253441

If we do look back on what they have done when the market had been dripping down then they do even tend to buy even more.
Remember that they had bought when the price hits up 19k.
https://www.coindesk.com/business/2022/07/01/el-salvador-purchases-80-additional-bitcoin-at-19k-president-bukele-says/

This does really shows on how dedicated and optimistic the president or the government on such place in regarding about Bitcoin.
They are really that indeed putting up their trust.

Bloomberg and every other website with figures on how much BTC El Salvador owns all got their calculations from various tweets from Nayib Bukele, he usually tweets whenever El Salvador purchases BTC, but not everyone would believe only a tweet without any other proof, such as transaction ID, or the wallets holding the funds.
That prediction is not even possible, except there is a total collapse of the banking system in many countries, and the money people could save from the collapse flows into the BTC network, which i don't think can happen.

I totally agree that less crime will lead to the development of the tourist sector which can indeed contribute to the development of the El Salvadorian economy. But the government is really crackling down on these gangs and many of them have been arrested and imprisoned. Hopefully the efforts of Bukele to reduce the crime rate in this this Bitcoin friendly nation will bear much fruit.

According to Bloomberg El Salvador owns about 2,381 Bitcoins which worth about $41.5 million. Let's assume that Balaji Srinivasan prediction of Bitcoin reaching one million dollars in two months becomes real, El Salvador will have about $2.3 billion. Most of these funds will go to debt services and provisions of basic infrastructures. El Salvador needs more than this amount to achieve economic development and it will take more than Bitcoin investment to give them such funds.

https://www.bloomberg.com/news/articles/2022-11-10/el-salvador-s-bitcoin-holdings-devalue-60-amid-crypto-selloff#:~:text=The%20country's%202%2C381%20Bitcoin%20are,Tweets%20from%20President%20Nayib%20Bukele.

"BTC paradise" and not "crypto paradise", they made only BTC a legal tender, and it is a BTC city they plan to build, their plans are all around BTC and not crypto. Their economy has not changed much from what i have read, i know 'BTC tourists' who want to spend BTC and can go to El Salvador, may do so, and it surely has increased revenue from tourism; but i don't know if it is enough to boost their economy so much.
I don't believe El Salvador can ever become one of the richest countries in the world. I know if we believe Nayib Bukele's tweets on BTC's they've acquired, then they have bought a lot of BTC's, if BTC rises in price they will make very good profit, but it is not enough for a 'poor' country like El Salvador that's in debt to now become of one the richest in the world.

El Salvador wants to become a "crypto paradise" just to help boost its economy. I'd say Bukele's efforts are starting to pay off, as tourists are visiting the country like never before. It was pretty smart to add Bitcoin to the government's balance sheet. If BTC "explodes" in market price, El Salvador could become one of the richest countries in the world. Everything will depend how long Bukele stays in power. If he is replaced by an "Anti-Bitcoin" successor, then all efforts achieved so far will be nothing but lost.

Central banks are already failing, so it should only be a matter of time before more countries follow El Salvador's footsteps by adopting BTC as legal tender. Who knows if we're closer to "hyperbitcoinization" than we've thought before? Just my thoughts

El Salvador is one of the countries in terms of Bitcoin investment.  San Salvador, and El Salvador 2 New Yorkers accused of being chief adviser to Naib Bukile on Bitcoin acceptance.  Max Keizer and Stacy Herbert also invested in Bitcoin ventures in Central American countries and founded a crypto exchange backers that linked to Bitcoin.  El Salvador helped manage the sovereign debt sale.
Bitcoin Salvador

I want to be optimistic, but I believe El Salvador is rather aiming to become a crypto turistic place for people around to world to visit an move to, also some businesses with Bitcoin as core may feel like having their headquarters there eventually.

I think this way because it would make sense with the security plans which have been taken lately by Bukele to cripple the criminal organizations that historically operate in El Salvador, with less crime and more financial insentives, there is more chances for a financial/turistic Hub to form, but it may take years.

I don't know any more articles that contain data about some crypto-friendly countries and among the number of countries mentioned are Germany and America. My question is will these two crypto-friendly countries be forced to backtrack?
Then what kind of "forced back" do you mean. If in the economic sector, maybe Asia is currently included in the continent called the continent that strengthens the crypto increase since the pandemic is declared over.
When likened to a parable, this is clearly a confusing matter.

El Salvador might become in the future financial centre