Topic: El Salvador will be the richest country in the world in 8 years? - page 2. (Read 2816 times)

Bitcoin is but a drop in an ocean full of assets and commodities vying to be the most valuable ownable. There is a debate to be made for whether a large bull run in the crypto scene could skyrocket El Salvador's Per Capita to the big leagues but one thing's for sure, soon as this bull run commences, El Salvador will be one of the few countries who will benefit the most out of this, given the fact that they fully embraced bitcoin and is enacting all possible moves to realize this vision. No doubt El Salvador's gonna be one rich country after this. What they will do when that happens, we'll find out.

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.
 

Nevertheless, comparing bitcoin ATM tenancy or growth should likely also be shown in relativized form in order to get a clearer picture, and that is something that stats on the matter at hand tend to shy away from. Australia for example has a population nearing 26 M, whilst El Salvador is settling for 6,5 M people, a quarter the size of that of Australia.

Australia is therefore slightly in front of El Salvador in absolute terms, but in terms relative to the population, El Salvador would have a ratio nearly 4 times better than Australia.

Note: Ideally, it would seem even better to relativize the data against adult population, and not the country’s whole population.

Have possibility with country placed ATM center in their country and Bitcoin become legal currency transaction at the future? Australia is most influential countries around the world and when announcing about Bitcoin as legal tender I can't imagine what positive side coming on later. Look like placing more than 216 crypto ATM is serious thing did by Australia government and they want take benefit from Bitcoin transaction how possibility allow El Savador to make tourist excited make Australia their destination going place.

Australia is my neighboring country and maybe there are has miracle when Australia makes 216 ATMs my current country will follow it and placed more than ATM cryptocurrency.

Absolutely, plus also the amount of investment done in El Salvador with Bitcoin is really tiny compared to the budget of a whole country.

I mean, a company in the US, Microstrategy, has way more Bitcoin than El Salvador for example.

I don't think so, relying on bitcoin alone to make El Salvador the richest country in the world is impossible, even if bitcoin hits $1 million per bitcoin. But if they continue to maintain and develop without any obstacles, then surely their country will have more significant development and improvement steps than when using USD. El Salvador has only accepted bitcoin for over a year, so it can be said that it is very early to conclude whether they fail or succeed, we need more time to evaluate.

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}

Whether El Salvador is in some kind of outrageously better place in which it passes up all kinds of countries seems to be the wrong kind of framework, because it seems that the odds are quite great that investing into bitcoin makes El Salvador a better place with more options and also likely a better place than it would have had been if it had not adopted a variety of bitcoin-related investment strategies.

Also with the economics of any country (even small ones) there are going to be a variety of things going on, and yeah Bukele is and has been responsible for some of the overall framework and helping to establish the tone - while at the same time, the framework and tone helps for a variety of private and public sector actors to engage in behaviors and practices that are complimentary to the framework and tone that has been created at the top.   

Not everyone is going to act cooperatively with the bitcoin framework and tone that has been created, so there will also be a variety of ways in which citizens may or may not completely profit because of the current El Salvador framework that promotes bitcoin and attempts to incentivize that folks learn about and get involved with bitcoin.

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.

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.

El Salvador has accepted the adoption of bitcoin as a legal currency, which means there is no need to convert to fiat when making buying and selling transactions there, because direct payment services are available with this adoption.

That's why bitcoin is considered fluctuating, because it involves rising and falling prices, but as you said, bitcoin is the best investment that can maintain the value of the investment we make. So it doesn't matter when the price goes down, because there will be a bullish resistance point in the next quarter.

I certainly agree, and what was the whole excitement about for Bitcoin enthusiasts back then when El Salvador took this step? Apart from we now have a country that has made Bitcoin a legal tender, the belief was also, like anyone that has been investing in Bitcoin from the beginning, making a profit, in the long run, is also the target.
As the article stated if the Bitcoin mining company powered by the geothermal energy of volcanoes are actually operational wouldn't this generate huge profits for the country down the years? I believe your guess is as good as mine, however, whether this will make El Salvador the richest country in the world in 8 years time I doubt but will definitely set the county up well. 

I wouldn't say El Salvador is at a loss, since the government hasn't sold a single Bitcoin yet. It is accumulating to sell once market prices go all the way to the moon. But I don't think El Salvador will become the richest country in the world, especially when developed countries wouldn't want to miss a piece of the pie. It could become the richest country in Latin America if it plays its cards right.

Everything will depend if Nayib Bukele stays in power. If another President is elected, then you can say bye-bye to the Bitcoin experiment for good. Who knows what the future holds for the country? Just my thoughts

To cap it all again, i also come across the updates that talks about how the ambassador to the US made a statement and declared that El-Savador is expecting more bitcoin investors to come in the country https://twitter.com/BTC_Archive/status/1610231317354147841?t=mfqLwVSsju4v4p0BU82wCA&s=19 this will also give room to diverse opportunities in bitcoin when we have any establishements and bitcoin investors in addition to the once on ground along with the implementation Nayib Bukele had made through bitcoin tourism, volcano bonds, bitcoin free zone, bitcoin beach, bitcoin education, there's no doubt on the possible outcome that may spring out of these because part of its dept had already been paid while the crime rate is well dealt with yo the minimal level

They don't need to convert to fiat over there. In El Salvador you can pay anything directly with Bitcoin.

So yes, sometimes it will go down in value, and sometimes will go up, but at the end of the day if you keep your buying and selling close to each other, then it shouldn't make a huge difference. And the money you save in Bitcoin should appreciate in value over the long term.

Not a single, even the most perfect financial system is capable of leading the state to prosperity. The key to the successful development of the state is the growth of its economy. Therefore, with the help of bitcoins, El Salvador needs to think about where to invest possible financial investments in order to raise its economy. The 2,300 bitcoins currently available in El Salvador are not so much for the state as a whole. We need to make sure that money brings even more money. If you bet only on a possible increase in the price of bitcoin, El Salvador will still not achieve a good result. It will be eating up the budget and will not end in anything good.

Yeah almost for free if they are willing to hold the coins and use it as a regular currency. But then again, they might become the victim of volatility. They received $1,000 worth of bitcoin from a sale. They keep it in bitcoin, but the next the price might become $900. He will have to pay more in bitcoin for the goods/services he buys for his business. He would be making a loss. But if he decides to convert it to fiat, it is no longer "free". You will usually pay a percentage fee on the conversation, or a platform fee unless you are doing direct p2p transaction with no third party involved which we all know is going to be hard and not convenient for everyone.

Saving huge amount of money in the Bank right now we have to pay for good and service with higher fees, actually our money cut off every months and depending Bank regulation. In my country have removed with Bank interest and not matter anymore when holding or saving much money in the back to earn interest at the end month. I agree with cryptocurrency and Bitcoin make us easy when saving our assets or our money there.

Never have to pay with good and service at every month and easy when withdrawing our money to be cash, I think little impossible when withdrawing huge amount in the Bank and need procedure waiting until few days withdraw with all our assets.

One thing that people don't tend to discuss is that with Bitcoin anyone can open a "bank" and receive money for goods and services, almost for free.

Compare that with the costs of opening a bank account for a business, many people would not be able to do that.

That means that heaps of people in El Salvador will now be able to sell goods and services to all the world, almost for free.

Of course anyone in the world can do that, but it's now expected in El Salvador. It's not a weird thing to say "I'll pay with BTC"

Even though sometimes there are periods in which it seems that the BTC price is depressed for long periods of time, we can look back at bitcoins history and we can see that if we go back in 4 year increments and we attempt to evaluate various dominant BTC price points, we will likely notice that there have been periods of time in which current BTC holders were accumulating BTC at much lower prices than are really available in subsequent periods.. and even if the BTC price dips back down, it does not necessarily go back down to prices in which later adopters are able to get into BTC and to acquire BTC at similar prices as the earlier adopters.. providing more and more evidence that the earlier that we are in the game and the earlier that we are figuring out ways to accumulate BTC, the more likely that it is more difficult and/or going to take later adopters more time to catch up (even if they can catch up with the same amount of capital).

In 2014-2016, there were a lot of folks accumulating bitcoin between prices of largely between $230-ish and $600-ish, and a lot of those seem like decent prices today.

In 2018-2020, there were a lot of folks accumulating bitcoin between prices of largely between $4k-ish and $8.5k-ish, and a lot of those seem like decent prices today.

What are we going to end up saying about the potential 2022 to 2024 BTC accumulation period? what is going to be the price range in which we are largely accumulating BTC?

Will it largely look like $16k to $28k?  And will those prices look good in 2026 to 2028?  There are no guarantees in terms of whether current BTC accumulators are going to look good in 4 years.  or whether later BTC adopters are going to need a lot more capital to acquire a similar level of a BTC position in BTC.

Let's take a hypothetical person who has $100k in capital in 2014-2016, s/he had been able to largely accumulate between 166 BTC and 434 BTC depending upon when s/he got into bitcoin in that time period with $230-ish to $600-ish BTC prices.

Let's take a hypothetical person who has $150k in capital in 2018-2020, s/he had been able to largely accumulate between 17.6 BTC and 38 BTC depending upon when s/he got into bitcoin in that time period with $4k-ish to $8.5k-ish BTC prices.

Let's take a hypothetical person who has $200k in capital in 2022-2024, s/he may well be able to largely accumulate between 7.2 BTC and 12.5 BTC depending upon when s/he got into bitcoin in that time period with $16k to $28k BTC prices.

Whether we are looking at countries, institutions or individuals, we have similar kinds of dynamics in terms of possible budgets that might be available during a certain period of time, and the kinds of decisions that will need to be made in terms of whether those budgets will be used to accumulate bitcoin or be used in other ways.