Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 9. (Read 40702 times)

This news is old and it is news from November 2022, El Salvador country to accept bitcoin in 2021.  And they started using bitcoin as their main currency and around half a hundred people in the total population of the country are using this bitcoin. Just this short success has taken the country of El Salvador a long way, and raised their country's name among the whole world just by accepting this Bitcoin.
They continue to hold their holdings until now the country of El Salvador has the total bitcoin holdings (estimated at 5900 plus). The main reason for their success is to follow the DCA method, because Nayib Bukele started holding regular bitcoins due to which small amount of money has become a huge treasure of bitcoin holdings in the country of El Salvador.

::/ There are several post before that I would surely mention/quote, anyway/::whoever the glove fits//:: While it is true that El Salvador is changing, a large part of it has to do with management in matters of security primarily, consequently tourism rates have changed radically, El Salvador is a small country not only territorially, but in its GDP, so achieving what this president did is admirable, bitcoin was (is) a flag of "cleanliness" to talk about something other than the negative aspects related to security, in a country that was number 1 in per capita violence.

So, yes! Bitcoin is still an ideological banner, but we have to be honest and understand that Bitcoin must begin to walk more through the social and ideological push of Salvadorans, and that has not yet arrived.

Experience is what everyone needs to stay strong enough in the space, because it's never consider an easy run, imagine during the bear and bull seasons. The future of bitcoin is here, there have been incredibly good stats of crypto in this particular country. They're fully in and educated towards the space and basically knows what's coming their way. El Salvador accepts bitcoin and they're now consider to be one of the country with amazing tech features. They're gradually growing in all rounds, despite the legal authorization given to bitcoin by the government, there are quite existence of new projects and we know it's been open and run up for development.

When the price of Bitcoin was $16k, the President of El Salvador, Nayib Bukele, announced that his country would start buying 1 BTC per day. They implement this move and from then on regularly buy one bitcoin per day.
Over time the price of bitcoins has increased as well as their invested bitcoins.

Bitcoin is now almost $67.5k, up over 320%.

BitcoinMagazine

This announcement was made on May 10, 2023, when President Nayib Bukele was celebrating a year without homicide. This year's data has not been announced but my guess is that might not be different from last year because the same policy is still in place.


The goodnews is that some politicians in the region are now adopting the same approach to combat crime. Honduras, President Xiomara Castro suspended some constitutional guarantees and dramatically increased the role of the military in public security. In Ecuador, President Daniel Noboa announced that the country will construct two maximum prisons and the same company that built the El Salvador mega-prison will handle the construction.

The country of El Salvador was not crowded with tourists in the past as it is today. More and more businesses are attracting more people just because of the increasing use of Bitcoin. But mostly due to the decrease in the level of terrorism, the number of Bitcoin usage has increased more, because nowadays the country is full of peaceful people. For this, the government of El Salvador should give the most thanks to Nayib Bukele, who is still teaching bitcoin to a wide range of students and adults, men and women, and children in various educational institutions.  So that later future generations get a wide experience about Bitcoin.

Bitcoin Surfing Tourists Are Flocking to El Salvador—What’s the Big Deal?
Murders have dropped massively in the Central American country, attracting lots of tourism. Thank its Bitcoin-loving president for the turnaround.



Tourists are flocking to El Salvador in record numbers, according to the country’s tourism minister.

The announcement comes as the Central American country ramps up its PR campaign to show the world that it is no longer a tiny backwater plagued by hyper violent street gangs—but rather a Bitcoin and surf paradise.

Source link:
https://decrypt.co/139944/bitcoin-surfing-tourists-are-flocking-to-el-salvador-whats-the-big-deal

On Thursday, President Nayib Bukele, the country’s social media savvy, millennial leader, posted a cinematic video on Twitter announcing that El Salvador had just gone 365 days without a single homicide.

Talking about opportunities, it is good to always explore the bounties of opportunities that usually comes with new projects in the financial sector especially as far as the Bitcoin and other cryptocurrencies are concerned. They have opened an entirely different way of doing things in the decentralized manner. What people used to see as impossible is now possible as you can now make cross-border transactions without the fear of the government's interference or better still the banks headache.

I use this scenario to remember how we used to find it difficult to send or receive funds from our family and friends in the Diaspora before the introduction of the Western Union and Money Gram which were also hectic in their ways. Now, everything is absolutely seamless, fast and simple to use courtesy of this new innovation. What I have to say at this juncture is that the El Salvador Government had seen these bounties of opportunities through their lens of wisdom and decided to tap from it

And here goes the myth about crypto enthusiasts actually verifying and not blindly trusting a source and having an understanding of the basic economy! News flash about what you consider to be a great deal and showing economic growth and prosperity:

Lesson number one:

The spike is in negative value territory, which means people are selling bonds worth $1 for 85 cents!

Lesson number two:

So Bukele is asking for a loan from JPM, yeah the guy who said the country will not run a deficit again and is of course not taking a loan from the IMF is seeking a pay 9.5% to get a loan to buyback his debt to issue more debt. How can a mortal comprehend the greatness of such a financial guru! /s

Lesson number three

Another great move, issuing 10 years of debt at 7.6%, debt in USD while US bonds are at 4.5% and declining, because yeah, that's how you get out of debt, by claiming you pay your loans while in reality, you take more expensive loans every month to cover the previous holes you have made in your budget!

El Salvador’s Bonds Spike Despite Bitcoin Criticism
The Central American country has been slammed for its unorthodox ways—but foreign investors are bullish, it seems.

Institutions and politicians have frequently slammed maverick Bitcoin booster Nayib Bukele, president of El Salvador, for his handling of his country’s finances.

But things may be paying off for the eccentric leader of the tiny Central American nation: the country’s bonds are booming.

Bloomberg data shows that the bonds rallied after the country asked holders of nine, dollar-denominated transactions to tender their notes. Simply put, the government put an offer to buy them back from investors for cash—one way countries can restructure debt.

El Salvador said in a Friday statement that it would issue new notes as “part of a refinancing transaction to realize savings and promote certain conservation and sustainability efforts.”

Source Link: https://decrypt.co/284994/el-salvador-bonds-spike-bitcoin


This is how the government of El Salvador can move its country forward, and make Bitcoin even more prosperous.
 Because he has a good understanding of Bitcoin and is most optimistic about how Bitcoin will move his country forward in the future.

Finally, some very positive information has started to appear about the development of scientific and technological progress in El Salvador in recent years.

Here is one such example.

In 2019, El Salvador had only 25 fintech companies, a small ecosystem with slow growth; Four years later, in 2023, that number reached 185 fintech startups present in the country. Significant growth has arisen within the framework of the implementation of two innovative and unique financial laws in the world: the Bitcoin Law and the Law on the Issuance of Digital Assets.

 For Eric Chacon, president of the Fintech Association of El Salvador (Asafintech), these “regulations have created a scenario to attract investors” that has allowed the country to position itself as one of the fastest growing in the region.

“These two Laws alone have led to the creation of almost 200 fintech startups, which has put us in an interesting position in the region. I think the regulation issue is key, and we are going to discuss it at the fintech forum this Thursday. Certainly, regulation in El Salvador, thanks to these government initiatives, has led to the rapid growth of our ecosystem,” he noted.

Banking has been around for about 200 years, and in El Salvador it only covers 36% of the population. Banks have not been able to reach the middle and bottom of the consumer and business pyramid, and it has been a slow evolution. This is where fintech startups thrive, because technology helps reach a lot more people because of the cost barrier, since it is very expensive to provide financial services to a large number of people.  “Technology helps create these large-scale services, and you can enter these markets that are unserved or underserved,” he also said.

While El Salvador’s ecosystem is made up mainly of cryptocurrency and blockchain companies (there are 91 of them), startups created by national talent in other aspects, such as digital payments (36), also stand out. The latter has companies like n1co, which in less than two months has reached 200,000 users on its new financial app that allows access to a digital and physical Visa card to make payments at any business worldwide, and has managed to process more than $600 million in transactions with its POS.

El Salvador business has started. Coffee Roastery from US used Bitcoin to buy coffee from El Salvador. And the coffee is one and half ton. The trading process was smooth and there was no middle man or third party and it was a direct trade with the United States and El Salvador government. They paid $39.59 as Bitcoin to get the coffee. Salvadoran Embassy was involved to fast track the trade. And according to the news they have done such transaction in the year 2022 before.
Compass Coffee has been involved in Bitcoin activities and was in Bitcoin conference 2024 and also in most times addressing issues on the Bitcoin community.
https://www.google.com/amp/s/bitcoinblog.de/2024/09/24/international-coffee-trade-first-time-paid-with-bitcoin/%3famp=1

Besides adopting Bitcoin as a legal tender, President Nayib Bukele has been an economically sound leader. When he became president in 2019 the budget deficit was $1.2 billion but it has reduced to $338 million in the 2024 budget. I don't doubt his ability to achieve this feat because he has shown from records that it is possible. The country needs to invest in infrastructure because that is what will attract investors, so I wonder how it will be funded.


https://www.bnnbloomberg.ca/investing/2024/09/16/el-salvador-bonds-soar-after-bukele-signals-zero-deficit/   

The announcement that the 2025 budget wouldn’t be funded by issuing new debt caused El Salvador bonds to soar. The yield for the bond dropped over 40 basis points to 10.7%. According to Bloomberg country’s dollar bonds which due in 2035 experience a massive rise of 2.2 cents on the dollar, reaching their highest level since 2021.

I don't think the IMF would agree with his vision completely - and as long as they are negotiating with them, they are far from being able to say that they have gotten out of the problem.

El Salvador was the first country in the world to recognize Bitcoin as a legal tender. Following the adoption of Bitcoin as legal tender, the President of El Salvador Nayib Bukele claimed that it would improve the economy and simplify the banking system in his country. We found that in 2022, one year after Salvadorans adopted Bitcoin as legal tender, Salvadorans had more Lightning accounts than bank accounts. Nayib Bukele contribution to El Salvador's economic self-sufficiency after adopting Bitcoin as legal tender is immense. His country is gradually becoming the world's largest bitcoin holder through his important steps. It was his breakthrough move to buy one bitcoin per day.
 
https://x.com/BTC_Archive/status/1835627373586202940?t=64prWqfJkyByh4eC0sOCnw&s=19

As an emerging economy, the economic potential created by the adoption and massive holdings of Bitcoin by the President of El Salvador Nayib Bukele could be a model for the world to follow. Originally President Nayib Bukele primary objective of adopting Bitcoin was that it would increase the efficiency of remittances, reduce dependence on the US dollar and open up underbanked services that would reduce pressure on the domestic currency. Bukele positive initiative may take some time to fully implement and the world is looking at how they can make the use of Bitcoin more positive and effective. Meanwhile, Russia is looking to implement Bitcoin for its internal trade transactions and Panama may similarly legalize the use of the cryptocurrency for its internal trade transactions.

Today is 🇸🇻 El Salvador Independence Day 🙌

El Salvador gained independence from Spain on September 15, 1821.

200 years later, it became the first country to adopt Bitcoin as legal tender.here



The country of El Salvador has come a long way in terms of Bitcoin holdings, and El Salvador is the only country in the world to have achieved success in a short period of time. Seeing their Bitcoin holdings, other countries are showing interest in Bitcoin, which is the biggest positive point for Bitcoin. The country of El Salvador has found a future permanent address for holding these bitcoins.

In this case, Bitcoin simply turned out to be a tool that this person was able to use, because there are many similar applications, but only some become successful. And in this case, Bitcoin was exactly what was able to attract attention, because despite the fact that Bitcoin was approved as an official means of payment, not everyone was able to immediately adapt their activities with Bitcoin, and those who were able to do so received an advantage from this. There are always many opportunities in our lives, you just need to be able to find them and use them.

El Salvador’s Bitcoin Office Celebrates 21 Months of Success, Sets Stage for Renaissance 2.0

The National Bitcoin Office (ONBTC) of the Office of the President of El Salvador, led by Stacy Herbert, aims not just to help further integrate Bitcoin into El Salvador’s economy but foster a cultural, artistic and psychological renaissance.

By many metrics, The Bitcoin Office has already achieved much success since its founding in December 2022. It’s stockpiled 5,836 bitcoin on behalf of the country. It’s educated 80,000 Salvadoran civil servants on what Bitcoin is and why it’s important. It’s helped implement Bitcoin education from kindergarten to university levels through programs like Mi Primer Bitcoin and CUBO+. And it’s attracted entrepreneurs, investors and other bright minds to the country.
Source link: https://bitcoinmagazine.com/business/el-salvadors-bitcoin-office-celebrates-21-months-of-success-sets-stage-for-renaissance-2-0


More detailed information is available at the link above, but currently the government of El Salvador has introduced further improvements to education about Bitcoin. And they will definitely get the benefit of holding bitcoins because their benefit is built in these 5836 bitcoins. And the more it holds, the more it will see growth, so the government of El Salvador has placed the highest importance on Bitcoin holdings, and it is everyone's choice.

Individuals are a vital part of any process. Years ago, a well-known businessman in my area with whom I had establish a good business relationship told me: "I have built several businesses in my productive years, and there are always three essential things, money, the idea and people... and of those three, the most difficult to achieve in any of my projects is always the people."

And that is the case here, it is not just Bukele, it is not just bitcoin, and it is not the idea of ​​your (us) project, it is (are) the individual(s) who, with his talent, leads his venture to success.

On the other hand, regarding the news, you can see many people giving their opinion on the debate, blah, blah, blah, and it is important, because the United States, whether we like it or not, is a reference for many economies, but there are people who see more brilliance in that, than remembering September 7, or that there are people trying to use bitcoin as a way of life. (ojo: I'm not talking about people in general, I'm talking specifically about this niche, our forum)

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^{ojo x Ad}