Topic: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻 - page 94. (Read 38876 times)

I also haven't seen the President of El Salvador reveal about his losses so far unless I read about it in some other media as explained by tribunnews on 27 June 2022 where El Salvador's economy started to collapse when the bear market occurred in Bitcoin. But if the President of El Salvador is still very confident in Bitcoin and its adoption all this time, I think the economy of El Salvador itself will also find gradual improvement if the President of El Salvador is still able to manage any losses from his investment as well as the economy at this point.

We do not get detailed details about bitcoin investment assets owned by the President of El Salvador. However, if you refer to the table and published details, it is clear that he suffered large losses, but we do not know whether the President of El Salvador has ever sold bitcoin or has remained an investor in bitcoin since it was first legalized until now. Coupled with the details of the price of bitcoin being purchased starting from the highest price of $60,000 and certainly experiencing a very large loss, but in detail there is no publication to the media whether the president of El Salvador really holds all btc assets both purchased at a price of $60,000 up to btc purchased with cheapest price at $19,000?

Well, I glanced at your profile aylabadia05, and I see that you have been registered on the forum since mid 2017, and maybe I can infer from that about your learning about bitcoin and wanting to learn about bitcoin since that time (so right around 5 years of learning, no?)  

I started in bitcoin in late 2013, so I am a bit more than 8.5 years of learning about bitcoin, yet I also had a decent amount of living back ground that included personal investing prior to my getting into bitcoin, too.

Each of us comes to bitcoin with our own set of experiences, and sure if we are younger, then we might not even have had any exposure to bitcoin at all, but bitcoin continues to grown in the world, and so more and more people are learning about bitcoin and learning about different ways that bitcoin might be helpful to their lives on an individual level and so those kinds of learnings have been moving into the spheres of various kinds of institutions and even countries too with the El Salvador example that only goes back a little more than a year for when El Salvador (as a country) announced that it had a plan to get into bitcoin more BIGGEDly by passing laws to make it legal tender and other developments that are associated with that (including but not limited to that El Salvador would spend some of its resources to buy bitcoin, too ... for its treasuries and also for some balancing of funds purposes too.. I don't claim to know the various ways that El Salvador is merely HODLing the bitcoin it bought or using some of that bitcoin in working ways to facilitate some exchanges that might end up going back and forth to dollars or stable coins).

In some sense your summary of what bitcoin is, and your rendition of its "main purpose" comes off as overly-simplified, even though you are providing an intro to bitcoin link, and sure if you are attempting to figure out some of the differences between bitcoin value and bitcoin price, then surely you are correct with any implication that you were making that people might not even be sure about whether bitcoin is overvalued or undervalued at its current price, and those assessments of value versus price can sometimes motivate people in terms of whether they believe that it would be fruitful for them to get involved in bitcoin through purchasing bitcoin or maybe trying to earn bitcoin.. or on the other hand to sell or to purchase items with whatever bitcoin that they have if they believe that the value of bitcoin is less than the current price.

For the past 8.5 years that I have been learning about bitcoin, I have also attempted to incorporate bitcoin into my life in terms of allocating a portion of my investment portfolio into bitcoin, and then considering that bitcoin has various kinds of value and potentially increases some of my options in terms of how I have attempted to balance my various bitcoin strategies and practices and ongoing learning more about bitcoin at the same time - while sharing some of the learnings in the forum or even getting some of my information and ideas about bitcoin through the forum.

Part of my point remains that you are not necessarily wrong in your attempted basic description of what is bitcoin aylabadia05, but your seeming reliance on getting a description from a basic introductory links gives me some sense that you may well have not been spending a lot of time building experiences around bitcoin in the last 5 years or so, which could possibly help you with your own attempts to summarize what bitcoin is from your perspective and how that might relate to topics being discussed in this thread (and surely every thread on the forum may well have deviance from its topic, but it seems to be the responsibility of members to attempt to stay on topic or to bring their deviations back to the topic of the thread, if possible).

I don't think that everyone who considers Nayib Bukele crazy because of the policy of accepting bitcoin does not pursue their corporate interests, but also many share the support of bitcoin by El Salvador, for example, the Bitfinex exchange reports that it is donating 36 BTC and 600,000 USDT  to support the economy of El Salvador, primarily we are talking about small businesses.
https://blog.bitfinex.com/media-releases/bitfinex-donates-36-bitcoin-btc-us600000-tether-tokens-usdt-in-aid-for-small-businesses-in-el-salvador/

It is clear because Nayib Bukele's idea of ​​a Bitcoin Legal Tender is still running in El Salvador and until now Nayib Bukele has not implemented ideas from anyone other than his own and also has not heard suggestions from some people who are also related to this matter. Hopefully El Salvador can continue to develop well with good ideas and optimism from Nayib Bukele.

The IMF has warned President Nayib Bukele of the risks the cryptocurrency poses to the country, stressing that it would be difficult to get a loan from the institution.

The board's directors have now "urged the authorities to narrow the scope of the Bitcoin law by removing Bitcoin's legal tender status", according to a statement.

Quite alright El-Savador may seems to be loosing a significant amount from it investment in bitcoin with about 46.95% but with the current holdings of about $23,000 worth of btc, it has in place an advance future in making a new turnaround profitability sooner, because the present time now is dip and by then when it surges, things could be evidently different because that's what an investment really means, "having patience over a long term".

But aside that, El-Savador has other means for the generation of income in bitcoin tourism, bitcoin beach among other forms of investments it has utilize with the adoption of bitcoin, keep holding till the time comes, bitcoin will definitely surge high and break ATH record with time, then there could be more to profit on.

https://www.buybitcoinworldwide.com/treasuries/el-salvador/

I’ve taken the liberty to add a few more columns of data in order to see their current counter value as of today, as well as the percentage of the total that each purchase represents:


Hodl remains in order …

This is the trap many people from richer countries fall into, just because a country is poor doesn’t mean the population there is financially unaware.

Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

Most of what we see today are developing or poor countries that are trying to adopt bitcoin, the lack of natural resources they have of course forces these countries to look for alternatives to get state income and one of them is investing in bitcoin like El Salvador right now, the president of El Salvador has stated previously, that adopting bitcoin is one way for them to increase the country income and release dependence on other  currencies such as the dollar, and also he believes that Bitcoin can encourage financial inclusion, investment, tourism, innovation and future economic development of the country.

Not really bad what did by El Savador keep try to make bitcoin as legal currency transaction and actives until right now how to advertising bitcoin for best solution digital currency transaction, we need to appreciate what have did by El Savador President. Trough still can't lobby countries with highly developed economies such as countries on the European continent but step by step I think at the future bitcoin will be most popular digital currency.

No doubt what happen with country legal bitcoin as currency transaction because many of them have lower level and very poor in pocket. Looks we can't talking about investment for them because they don't have any saving money in the bank. Will be effective when bitcoin adopt by one developed countries like Netherland than adopt by 40 small and poor countries around the world, keep not effective for making bitcoin become legal currency transaction.

I agree with you Bobrox in terms of how difficult that it might be to actually see any impact on bitcoin price that would come from small countries, or even a bunch of citizens (possibly poor) in pockets of countries becoming more and more bitcoin oriented and building systems around bitcoin, yet at the same time, bitcoin is likely going to be getting more and more strength from the lower level, poor and individual choices and building systems of direct communications and transactions around bitcoin...  So for me, it seems very good to be finding out that bitcoin is spreading more and more to various areas of the world in which the population really likely needs ways to communicate value to one another without having to rely on various forms of debased money or even that many of the population has little to no access to various kinds of banking systems.. so in that regard, bitcoin is likely to be quite empowering for them in terms of providing potential for more value storing, transacting and preserving - and surely many of the citizens and even countries could be helpful to help people to learn how to NOT get overleveraged in bitcoin and/or to be careful about scams and careful about their preserving of their keys or even privacy matters in terms of NOT flaunting their value (or the wealth that they might have been able to accumulate in bitcoin).

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

To which people are you referring who needs to be financially aware?  There are all kinds of people in any given country... so I take it that you are referring to the El Salvadorean people as being too financial unaware. 

Fuck crypto... El Salvador is bitcoin-focused.. so what the fuck does crypto have to do with anything?  Are you sure that you are in the right thread?

I don't seem to get your point clearly, but again if you are referring to Bitcoin then i will say Bitcoin is already successful in all terms of it as a payment system Bitcoin have offered total control and freedom. El Salvador President have understood this fact that Bitcoin is the part way to gaining total freedom from the economic red taptism  of the global system, before now el Salvador never hard its own currency and if that is the case then Bitcoin a decentralized currency will give the country a better position.

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

I highly doubt whether Bitcoin will become successful in the coming years.

The people need to be financially aware first.

They need to explore and learn crypto (which would not be an easy task, I think).

But at least it has thrown some light of hope on the future of Bitcoin.

It is clear because Nayib Bukele's idea of ​​a Bitcoin Legal Tender is still running in El Salvador and until now Nayib Bukele has not implemented ideas from anyone other than his own and also has not heard suggestions from some people who are also related to this matter. Hopefully El Salvador can continue to develop well with good ideas and optimism from Nayib Bukele.

Nayib Bukele Ortez is considered insane for his decision on the Legal Tender of Bitcoin in El Salvador. The IMF urged this country in Central America to withdraw Bitcoin as legal tender because it considered El Salvador to be experiencing an economic crisis. To this day, the news about El Salvador's Bitcoin Legal Tender is still very much reported because it is considered a failure but Nayib Bukele remains optimistic about this idea.

I highly doubt whether Bitcoin will become successful in the coming years. The people need to be financially aware first. They need to explore and learn crypto (which would not be an easy task, I think). But at least it has thrown some light of hope on the future of Bitcoin.

Many Africa countries have try to adopt and make bitcoin as legal currency transaction, but still looks not impact what did by many African countries. Bitcoin still can't reach to higher pricr after news publish about African countries adopt bitcoin. Almost with low profile country adopt bitcoin as legal currency transaction, maybe have different effect if country have good reputation and have full power in economic or technology. Bitcoin still not give chance will reach higher price how many African countries have adopt bitcoin as legal currency transaction.