El Salvador will be the richest country in the world in 8 years?

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Quote from: Bobrox on January 11, 2023, 06:48:47 AM

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

Oh really? Never heard that El Salvador is the most desired place to visit in Central America. I thought that Belize and Costa Rica are the most demanded places to visit. How come number of tourists have increased since Bitcoin legalization, if that has happened during covid times? Everything points on that the amount should have decreased. And I will never believe that Bitcoin legalization is the trigger to increase number of tourists.

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Quote from: Bobrox on January 11, 2023, 06:48:47 AM

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

El Savador have reached their goal target when adapting Bitcoin as legal currency transaction, they get passive income due many tourism coming to their country increase up every year, we know how advantage and easy for travelling when Bitcoin have been legal payment and El Savador adopted on many transaction kinds.

Probably when El Salvador legalized bitcoin, the government did not think about the impact of this step on the growth of tourism, this was its side effect.
And whether El Salvador can become the richest country thanks to bitcoin, I doubt it. Only one bitcoin will not be enough for this, unless it reaches unrealistic heights, which I also have doubts about. El Salvador will receive a profit from investing in bitcoin, but it will also depend on when Bukele wants to sell it, because he can sell too early, or delay and not get the expected result.

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Quote from: Doan9269 on January 09, 2023, 11:28:06 AM

You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

El Savador have reached their goal target when adapting Bitcoin as legal currency transaction, they get passive income due many tourism coming to their country increase up every year, we know how advantage and easy for travelling when Bitcoin have been legal payment and El Savador adopted on many transaction kinds.

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OP didn't read replies he isn't interested.

Quote from: S A KHAIR on January 07, 2023, 12:26:07 PM

Quote from: arabspaceship123 on January 06, 2023, 05:48:20 PM

El Salvador isn't going to be the richest country in the world ever. OP didn't make a new reply. Where's OP?

Quote from: thaylonramonn on May 19, 2022, 04:25:14 PM

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

That's for sure, bitcoin is not what makes a certain country the richest in the world, El Salvador will never be the richest in the world. Even if bitcoins cost $100k and they own 1 million bitcoins, they won't be the richest country, let alone the number of bitcoins they hold. Looking at the total capitalization of bitcoin is less than 400 billion, many times smaller than the total capitalization of a company in the US like apple.

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Quote from: Doan9269 on January 09, 2023, 11:28:06 AM

~snip~
You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

Yes, El Salvador was once known as the murder capital of the world, but over the last few years it has consistently dropped those numbers.

It is now safer in El Salvador than in some areas in the US, like Baltimore

Quote from: https://www.cbsnews.com/baltimore/news/fact-check-baltimore-murder-rate-higher-than-el-salvador-guatemala-honduras/

The Examiner article listed Baltimore's murder rate at 56 per 100,000 residents compared to El Salvador's 50, Guatemala's 22 and Honduras' 38.

And that's an old statistic, El Salvador has been getting even better than that lately.

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Quote from: nullama on January 09, 2023, 06:34:15 AM

Quote from: n0ne on January 07, 2023, 04:07:09 PM

An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

I think a lot of people have heard about El Salvador because of Bitcoin, and many people are visiting and spending money there because of it.

That in itself is a huge win for El Salvador.

Even the second country that made it legal tender, Central African Republic, is not as famous as El Salvador.

You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

nullama

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Quote from: n0ne on January 07, 2023, 04:07:09 PM

An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

I think a lot of people have heard about El Salvador because of Bitcoin, and many people are visiting and spending money there because of it.

That in itself is a huge win for El Salvador.

Even the second country that made it legal tender, Central African Republic, is not as famous as El Salvador.

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An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

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Quote from: Doan9269 on January 07, 2023, 01:30:24 PM

If i may but ask a single question then it's will be like this, has there been any change or improvement from countries yet to adopt bitcoin over 50 years,

Bitcoin is only 14 years old why ask an impossible question?

Quote from: Doan9269 on January 07, 2023, 01:30:24 PM

aren't they the same till now, nothing has changed about their economy yet we have El-Savador which has begin a kind of Satoshi's mindset by giving a new approach to how it can encounter this change, this is just barely a year plus and we expect to see the results like that of a sudden ponzi scheme right? With that El-Savador is rocking well with it adoption and lives and economics are changing for good gradually.

which is the Ponzi scheme? Can you clarify? As far as I know, it will take years for the economy to develop. Not because today they implemented Bitcoin adoption, next year the country will be rich. It is a process, not magic. So we have to wait longer to evaluate how Bitcoin changes a country's economy. We have seen how Bitcoin alleviate the kind of living of an individual, I bet in due time we will se how a country progresses because they use Bitcoin.

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Quote from: btc78 on January 06, 2023, 09:57:40 PM

Quote from: thaylonramonn on May 19, 2022, 04:25:14 PM

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

couple of months left before this thread close to 1 year but what is El Salvador now? does this sounds like something is best coming to their way , maybe in the next couple of years more? but I'm afraid there will be big chance because the people from that country did not completely support the bitcoin adoption and seems to be having more on negative thoughts?

If i may but ask a single question then it's will be like this, has there been any change or improvement from countries yet to adopt bitcoin over 50 years, aren't they the same till now, nothing has changed about their economy yet we have El-Savador which has begin a kind of Satoshi's mindset by giving a new approach to how it can encounter this change, this is just barely a year plus and we expect to see the results like that of a sudden ponzi scheme right? With that El-Savador is rocking well with it adoption and lives and economics are changing for good gradually.

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Quote from: btc78 on January 06, 2023, 09:57:40 PM

Quote from: thaylonramonn on May 19, 2022, 04:25:14 PM

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

couple of months left before this thread close to 1 year but what is El Salvador now? does this sounds like something is best coming to their way , maybe in the next couple of years more? but I'm afraid there will be big chance because the people from that country did not completely support the bitcoin adoption and seems to be having more on negative thoughts?

Right now they're not doing too well with bitcoin right now but I agree with what you said because regardless of what they need right now is to wait for the bullrun and bitcoin to improve. on the other hand Elsavador also uses bitcoin only as an option in payment so indeed I think even if they use a lot of money to buy bitcoin but as long as their conditions are not disturbed I think it's okay.

But on the other hand, back to the OP topic, even though bitcoin has become legal in El Salvador, they are still not the richest in the world, whatever the circumstances.

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Quote from: arabspaceship123 on January 06, 2023, 05:48:20 PM

El Salvador isn't going to be the richest country in the world ever. OP didn't make a new reply. Where's OP?

Quote from: thaylonramonn on May 19, 2022, 04:25:14 PM

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

That's for sure, bitcoin is not what makes a certain country the richest in the world, El Salvador will never be the richest in the world. Even if bitcoins cost $100k and they own 1 million bitcoins, they won't be the richest country, let alone the number of bitcoins they hold. Looking at the total capitalization of bitcoin is less than 400 billion, many times smaller than the total capitalization of a company in the US like apple.

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Quote from: lixer on January 04, 2023, 10:54:23 AM

In El Salvador, I heard they have these bitcoin cities or bitcoin hubs. I think this was the place where you can spend your bitcoins the most but on some other places I think you will still need a fiat to avail something. In countries where BTC isn't a legal tender yet, it still possible to use your Bitcoins directly as long as there is a signage or a BTC logo being posted on that shop. BTC is volatile and that is what makes it unique compared to other traditional currencies.

This is also the reason why it can be use for trading or investing other than for simply making a payment and sending money. For someone who is bothered about its volatility, good thing stable coins are now invented to give a solution to this problem.

El Salvador generally accepts payments using Bitcoin, considering that Nayib Bukele has supported Bitcoin as a legal means of payment, El Salvador has designed a payment system using Bitcoin, by providing several accesses such as ATM equipment and other needs for a faster process of receiving payments using bitcoins. Under Article 7 of the new Bitcoin Law in the country of El Salvador, every company and economic agent must provide payment access to products and services that use Bitcoin, although there are exceptions for persons who do not have temporary access.

So far the adoption of bitcoin in El Salvador is still going quite well, although everyone has not been cooperative in accepting the framework offered by bitcoin, the provision of resources and support in various aspects will make it easier for bitcoin to run quickly and comprehensively for El Salvador.

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Quote from: thaylonramonn on May 19, 2022, 04:25:14 PM

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

couple of months left before this thread close to 1 year but what is El Salvador now? does this sounds like something is best coming to their way , maybe in the next couple of years more? but I'm afraid there will be big chance because the people from that country did not completely support the bitcoin adoption and seems to be having more on negative thoughts?

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Quote from: Abiky on January 06, 2023, 09:10:24 PM

Quote from: wmaurik on January 04, 2023, 11:45:44 PM

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

And what's unique is that not only Australia is doing this, but there is also Spain which has installed 215 crypto ATM and made Spain the third largest crypto ATM center. This means that crypto ATM have now begun to spread in several developed countries and this indicates that developed countries are starting to accept crypto as a legal payment. And one more thing that is really interesting is Nigeria's efforts to enforce adoption of internal central bank digital currency (CBDC) - eNaira - forced the government to limit ATM cash withdrawals to $225 (100,000 naira) a week. _{Source: https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub}

It looks like mainstream governments are starting to notice Bitcoin's true benefits. Developed countries haven't declared Bitcoin as legal tender yet, but their actions are showing us they've already done so behind the scenes. The installation of Bitcoin ATMs worldwide will help spread adoption of crypto/Blockchain tech at a fast pace. If this keeps up, it won't be long before "hyperbitcoinization" becomes a reality. This should be a warning sign to Fiat's prominence in the mainstream world.

I'm glad El Salvador did the right thing by adopting BTC as an alternative to Fiat. It was the first country to recognize BTC as legal tender. It may not become the richest country in the world anytime soon, but at least it's heading into the right direction. Who knows what the future will look like? Just my thoughts Grin

I doubt it, governments don't realize the benefits of bitcoin, but they probably know that banning bitcoin won't do them any good and instead they accept it to tax us, it's such a huge source of revenue that they don't want to lose. But anyway, it's better they find a way to ban it forever.

El Salvador will never be the richest country in the world, bitcoin alone is not enough to help them do that, but I also support them to use bitcoin as an alternative to USD because they don't have their own currency. Hopefully, they will have more success with Bitcoin in the future.

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Quote from: wmaurik on January 04, 2023, 11:45:44 PM

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

And what's unique is that not only Australia is doing this, but there is also Spain which has installed 215 crypto ATM and made Spain the third largest crypto ATM center. This means that crypto ATM have now begun to spread in several developed countries and this indicates that developed countries are starting to accept crypto as a legal payment. And one more thing that is really interesting is Nigeria's efforts to enforce adoption of internal central bank digital currency (CBDC) - eNaira - forced the government to limit ATM cash withdrawals to $225 (100,000 naira) a week. _{Source: https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub}

It looks like mainstream governments are starting to notice Bitcoin's true benefits. Developed countries haven't declared Bitcoin as legal tender yet, but their actions are showing us they've already done so behind the scenes. The installation of Bitcoin ATMs worldwide will help spread adoption of crypto/Blockchain tech at a fast pace. If this keeps up, it won't be long before "hyperbitcoinization" becomes a reality. This should be a warning sign to Fiat's prominence in the mainstream world.

I'm glad El Salvador did the right thing by adopting BTC as an alternative to Fiat. It was the first country to recognize BTC as legal tender. It may not become the richest country in the world anytime soon, but at least it's heading into the right direction. Who knows what the future will look like? Just my thoughts Grin

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El Salvador isn't going to be the richest country in the world ever. OP didn't make a new reply. Where's OP?

Quote from: thaylonramonn on May 19, 2022, 04:25:14 PM

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

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I would really like that but they need to have a sustainable model. I have no doubt that they will make good profits with the Bitcoin they keep in their portfolio, but they need more to become the richest country in the world. However, if they use their earnings from Bitcoin in the right ways in the future, they can become one of the richest countries in the world. I think it is not impossible for them...

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Quote from: Aanuoluwatofunmi on January 03, 2023, 04:38:23 AM

Quote from: Cryptmuster on January 03, 2023, 03:34:49 AM

Quote from: JayJuanGee on January 03, 2023, 02:44:43 AM

Bitcoin need not be an all or nothing proposition for individuals, institutions or countries, including in El Salvador bitcoin has been adopted as one of the currency options.

Yes it's another payment method that is legalized by the state, but how convenient is it for the population, namely for small and possibly medium-sized businesses? After all, now for them, payment for goods and services must be offered without fail to the consumer, since this is provided for by law. In this sense, everything was done a little wrong, because they don't do it by choice, but in a sense it is a mandatory measure. The business gets paid in bitcoin but the price of bitcoin is falling and this can be a problem for small businesses, this is an increase in risks...

Sorry that you got the whole concept wrong about El-Savador @cryptmustser, Nayib Bukele government does not enforces, mandated or make a compulsory for every El-Savadoran to make use of bitcoin for their daily transactions, as far as i know the two currencies were acceptable which is the USD and Bitcoin, he considers every potential citizens that will rise through the impact of bitcoin in the economy, he also work in providing freedom that has hold alot of the people down to being limited to a certain level of standard in the country, the bitcoin adoption just didn't come in place like that, it has also brought in divers opportunity in which the main target still remains the people.

Much of it is known like that. But we'll come to know about the things in reality if they are truly working (although they are) when there are in-depth analyses and operations conducted to research the same.

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Quote from: mvdheuvel1983 on January 05, 2023, 10:42:03 AM

Quote from: Gallar on January 04, 2023, 08:58:56 AM

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

I concur. Bitcoin has the potential, yet this is dependent on a lot of other factors. But I do not see it happening in the next 4 years. The country has taken the first step by adopting bitcoin yet, it doesn't stop there.
I believe the shift from poor to rich nation will happen when there is a massive adoption. During the time when we will see people use it to pay for goods and services without any restriction. And as people become more dependent on Bitcoin, fiat of whatever denomination will lose it's dominance.
So, yes. El Salvador will be rich off of bitcoin but not so soon.

it is true that one thing is impossible if in the next 4 years el savador becomes the richest country without any other factors, adopting bitcoin I don't think it will be able to make the country rich forever, because a rich country is supported by other supporting factors such as agriculture, trade,

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