Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 86. (Read 38876 times)

The Bitcoin movement in El Salvador started in El Zonte, a small town on the south coast where surfing and fishing are located. In 2019, an anonymous donor gave a group of cryptocurrency enthusiasts there the first of many large donations in the form of Bitcoin.

No one knows who he is, but the deal is that El Zonte can keep the digital coins on condition that they are not converted into dollars. The government says they don't plan to force businesses to accept Bitcoin, even though they should do so under the country's Bitcoin Act. So far, the government's steps have been limited to offering incentives.

Cash still reigns here, with more than half of El Salvadorans unbanked, but President Bukele has funneled US$200 million in public funds into a subsidized Bitcoin wallet app, called Chivo. He hopes to raise money by selling bonds called Volcano Bonds worth $1 billion (Rp 14.7 trillion), which he planned to sell in March but have yet to appear. Officials say they believe they will be able to raise the funds - and pay off a bloated $800 million foreign debt bill.

But the fall of cryptocurrencies is adding to the pressure on governments as long as they continue to bet big on Bitcoin.

The status of El-Savador's bitcoin holding remain unpredictable to the public since everyone tends to come out to prove that it investment with bitcoin is not right and using from the country's treasury to buy bitcoin is against ethical of a leader but i think if holding up information about their current bitcoin holdings can make oeace in this regard then it's fine, as long as El-Savador or the administration led by Bukele is not having other intentions that could bring the country's economy into more worst then it buying decision, holding and being private with their capacity level with bitcoin is well considered a good steps altogether.

The BANDESAL is not denying that bitcoin has been bought using funds from the 150M $ Trust it custodies or otherwise. What it is saying is that, due to banking privacy laws, it cannot reveal any type of information related to its activity; more specifically, related to bitcoin purchases.

The BANDESAL has received petitions alike, like this one corresponding to end of 2021, and continues to deny providing information on the same grounds. On this most recent occasion, the petitionary was the Centre of Anticorruption Legal Aid (ALAC) of El Salvador, having no better luck at obtaining detailed information on the Trust than on previous occasions.

EI Salvador's development Bank "BANDESAL"  trusted $150 million convertible dollars for citizens and marchants of Salvador but recently market crashed development Bank of Salvador BANDESAL denied actual acquisition of bitcoin. But Salvador president Nayib Bukele announced several times on his Twitter account that Salvador government bought 2301 BTC which fallen it's value over the past year from $103.9 million to roughly $45 million.

Source

Salvador government bought Bitcoin different times at different prices..
Here the chart of bitcoin that are purchased by EI Salvador's government..



Nayib Bukele tweet

Back to El Salvador. There is another dispute between the Development Bank for the country of El Salvador and the non-Governmental Anti-Corruption Bureau of El Salvador regarding the purchase and sale of Bitcoin funds.
The Bank acknowledged that the $150 million earmarked for citizens to ensure dollar convertibility was rejected.



How do we view it in this regard?

Source: cointelegraph

One of the most defining elements of a survey is the time frame in which it was conducted. As you said, when the bull season comes, that is, when the time frame changes, the results will be different. In some surveys, the aim is to disseminate the subject of that survey. Polls like these are especially positive for bitcoin, which we all embrace. Results may vary at any time. I have read from many sources that El Salvadorans love their leaders. The link you sent is also very interesting. My guess is that El Salvador's revenues will increase greatly thanks to bitcoin. Already at this stage, his recognition has increased. Even that is a great success.

Yes, it was interesting for bv to look at what awaits us in the future and how the attitude towards bitcoin in El Salvador will change, including in order to discuss it and also to communicate their vision, there is even a corresponding thread   El Salvador will be the richest country in the world in 8 years?
 

El Salvador leaders really know what their citizens want in their country, because the animal hospital they build in the country has brought so much employment to their youths that is making them to celebrate their potential leaders for adopted Bitcoin for the people of El Salvador to feel the impact in the environment. I guess, their unborn leaders will do everything possible within their power to allow their citizens to continue using bitcoin to improve their businesses, and other things in the country so that it will bring more development to the country in a way it will attract more foreign investors to come and invest in their land to give more job opportunity to their youths. Since the green light is preparing to be stable for the bull market to come so that both long term investors and short term investors can earn a huge amount of money from bitcoin investment, and it will also create another opportunity for El Salvador government to increase their sectors in the country.

despite the hot discussion about the surveys that have been carried out. I will be more interested in the survey results a few years later when the bullruns come and when the bitcoin price breaks through its ATH again. I believe at that time the survey results will be reversed. and more supportive citizens. a survey conducted in the midst of a bearish market, and in the ongoing global economic crisis, of course the survey results will certainly be more inclined to contra against the adoption of bitcoin.

but it seems that the citizens of El Salvador still love their current leader because of the government's actions that are arguably quite successful in fighting local drug cartels and criminal gangs. So the homicide rate in the country has decreased. that's what i read.
and if talking positive about what results el salvador has obtained from bitcoin. So as we know that the increasing number of tourists visiting El Salvador has increased rapidly since the adoption of Bitcoin. and El salvador certainly benefited greatly from this and from that profit el salvador has managed to build a large animal hospital called Chivo Pets and it is open 24/7.
For the full news, you can read it at this source El Salvador’s Bukele Still Liked Despite Bitcoin Uncertainty (Survey)

I think that we have already recognized that countries can define legal tender or the specifics regarding what status that they are giving to bitcoin in whatever way that they like, so sure the claim that El Salvador was not the first country to legalize bitcoin is correct, but there are all kinds of variations of what countries have done - besides Japan and Germany in order to allow transactions to be done with bitcoin, and no matter which way the matter is sliced and diced, it should be appreciated that El Salvador is taking a way more pro-active stance in its promotion and pushing of bitcoin as an option for itself (as government even starting to stack sats) and its citizens, and figuring out various ways that El Salvador as a government can intertwine itself into bitcoin in a variety of ways.

So even if "technically" you (referring to Blawpaw) are correct it seems quite disingenuous to be trying to diminish El Salvador's efforts by suggesting that "other countries" were first or other countries were earlier and blah blah blah.. it's all the same... blah blah blah..

What a bunch of baloney.  It's not all the same.. Consider the specifics, and there are differences, including but not limited to levels of advocacy and attempts to intertwine bitcoin into pre-existing, current or future financial/social systems.


I don't really disagree with you point Doan9269 that Satoshi caused a kind of break through.. but there are only a few things that Satoshi actually invented... instead of putting together pre-existing ideas... so sure the putting together of pre-existing ideas is a kind of invention in itself.

Permit me to clarify this that what the world need us the first to set the pace, which is the country that first make bitcoin a legal tender, that enough is a tremendous success on El-Savador to the world, just as we have a number of scientist, researchers, cypherpunk, developers and engineers in all manner of professional technological development, who have in the previous years worked on digital currency and started the process which avail to nothing not until Satoshi Nakamoto work it out and bring in bitcoin, everyone is after Satoshi and not others that have been working over years without any results to back up their works, the world need those that will make history in presenting something new, not how far but how well, officially El-Savador still remains the first country to make bitcoin a legal tender.

Nevertheless, there is a difference between a legal tender and a means of payment (legal), if the former is legally used to pay any payments and the creditor is obliged to accept it as payment of a debt, then the means of payment cannot be accepted by the bank as payment for a loan and can only be used to pay for goods and services, and also as an investment. In addition, legal tender is taken into account in the state's gold and foreign exchange reserves and GDP calculations.

Ok, you may say that there is somewhat a big difference, but what we need to grasp here is that El Salvador was not the first country to allow for Bitcoin to be used as money, Even though it is not considered legal tender in Germany or in Japan, it actually works pretty much the same as legal tender. For me, this is the same as saying the colour is Red or it is Claret...

Nayib Bukele is still very optimistic about Bitcoin adoption and he is still continuing it to attract foreign investors. Of course an official statement from the government of El Salvador regarding their failure to adopt Bitcoin will not appear.

Indirectly, regarding success or failure as questioned, we must be on the side of the answer to success, because we are people who are active in campaigning for Bitcoin in forums and some of us even socialize Bitcoin in the neighborhood.
With the existence of parties from academics who conduct studies, at least it can be a consideration even though there are pros and cons in a survey on the subject being surveyed.

I doubt that we really need to take any sides.  Of course, many of us participating in this forum are more knowledgable about bitcoin than the average person in the world, and we likely have investments in bitcoin, so in that sense we likely tend to lean pro-bitcoin... but still we should be able to be skeptical of any information source, whether it is supposed data gatherers or the news or the academics or the governments of any country, whether El Salvador or some other government.

Sure, many of us know that some kinds of data is more trustworthy than other kinds of data, and in that sense we sometimes want to see the raw data, or to know about the methodologies, but frequently it can still be difficult to understand the data - because sometimes we might not have the tools to analyse the data even if we get the answers to some of the questions, there are special kinds of data analyzing tools that can rearrange data in all kinds of interesting ways.. including if we might see  if several of the data points might line up for specific surveyed subjects like DdmrDdmr mentioned....

Of course, logically sometimes we might recognize that some assessments don't make sense and we might also appreciate that making comprehensive and good surveys are not easy to accomplish either, but we should not poo-poo all of the data as garbage merely because it might have had flaws in the ways it was taken, the ways the questions were designed or the way that the data was ultimately compiled.. sometimes the survey taker might come up with conclusions that differ from us based on the same data points, and sometimes if they have funding they can learn how to do the future surveys better, too.

We know that governments are not immune from spinning their data - even when they are able to actually conduct valid surveys or to hire companies or buy data from companies who have already done the work.

Many of us likely still have decent hunches regarding which way a lot of this is going to be going in terms of bitcoin adoption ongoingly increasing and knowledge increasing and both value and price increasing, even though in some of these earlier stages it can be painful to see the ups and downs in the process - and even the process in which it seems that information battles are taking place, and perhaps the seemingly wrongful spinning of the data can be frustrating to sort through too.

Wow! I wish my country will do same. Though a beginner but I so much believe in the potentials of Bitcoin because I can see many people adopting it. Even here in my school, students are very familiar Bitcoin.

I still disapproved this survey content to be true and real, for the fact that naming a university for the conduction of the exercise doesn't mean their may not be shady things funny enough beyond we can all believe, just as we all know how El-Savador has been attacked on several occasions regarding it's decision for the adoption of bitcoin as a legal tender, we need to here an official statement from the government in place that bitcoin adoption is no more a thing of success anymore, else what we've been hearing from the government is directly opposite of what the news are saying, which side should we now belong, definitely i will go by what El-Savador says and not the news.

I have downloaded the survey file in pdf format that you shared even though I need google help to be able to read.

The percentage who answered was no bigger than the questions asked about the success or failure of Bitcoin, but Nayib Bukele remains optimistic that the country's economy will be as successful as dreamed.
Good luck to El Salvador.

The said survey was carried out by the University Institute of Public Opinion (UCA – Universidad Centroamericana), during September, based upon 1.269 valid interviews (confidence interval 95%; error: 2,75%).

The interviews were held at the homes of those interviewed, and according to the last chart on the report, seems well balanced in terms of age, geography, gender and educational level distribution.

The questions strictly on bitcoin are:

1-   Bitcoin qualification given by the interviewed:
4,61 / 10.

2-   Citizen’s approval rate for bitcoin:
38,7% approves it; 61,3% does not

3-   Percentage of the population that have used bitcoin to buy or pay for something:
75,6% have not used it; 24,4% have use it.

4-   Should the government keep on spending money on bitcoin?
77,1% no; 14,9% yes; 8% doesn’t know/answer.

5-   Has bitcoin been a success or a failure?
16,5% success; 65,5% failure; 18% doesn’t know/answer.

6-   Has your family’s economic situation improved, worsened or stayed the same with the approval of bitcoin (as legal tender)?
3% Improved; 77,2% stayed the same; 17,8% worsened; 2% doesn’t know/answer.

7-   Citizen rating for Nayib Bukele’s government’s spending public money to purchase bitcoin:
2% Very much in agreeance; 19,6% In agreeance; 13,9% indecisive; 48,8% in disagreeance; 15,8% very in disagreeance.


What would be interesting to see is the correlation between those that have used bitcoin and the answers, since it’s likely that they are positively correlated (my speculation).

In addition, besides asking for the Boolean factor of whether they’ve used bitcoin to buy/pay, it would be interesting to have some insights that separate those made only using the 30$ BTC airdrop for downloading the wallet, the frequency and recency, as well as some simple wallet adoption questions (i.e. Chivo and/or other wallets) – for example.

That was in May 2022 (see the date on the article you link).

We have absolutely no doubts about Bitcoin from the beginning. The inclusion of Bitcoin in the Guinness World Record (GWR) has further strengthened the belief that Bitcoin is the best investment asset.

Regarding El Salvador which is also included in the GWR book, I have interesting news to share, namely the results of a study by José Simeón Cañas Central American University that 77.1% of respondents wanted the government led by Nayib Bukele to stop spending public money on Bitcoin.
That's a line I got from cointelegrhap.
Maybe this has something to do with the economy of the Central American country.