Topic: El Salvador will be the richest country in the world in 8 years? - page 3. (Read 2857 times)

Despite if Bitcoin price gets to like $100k-$200k plus price value in the future ,this is not gonna be the only criteria to actually put them in the position to be the richest country within 8 years from now. So as awareness and adoption increases, more and more countries that is currently richer than El Salvador might also get their hands into Bitcoin (Buy BTC) as well and even own more Bitcoin than El Salvador. The possibility is very small.

Bitcoin may have enriched the government of El Salvador, but not as a country. The real wealth is that the country's economic order is stable, the military power has become stronger, and it is no longer controlled by other big countries. Everyone is in a state of balance. As the first country to adopt Bitcoin as a legal tender, El Salvador deserves praise. His success or failure will give many positive guidelines to latecomers.

As the first country to totally adopt bitcoin, of course we hope that this can happen, but it seems like this will be difficult to happen considering Salvador's current capacity as a country that does have a relatively small state income compared to other developing countries, even though Salvador has bitcoin reserves with a large enough value but it seems difficult for them to become a rich country without any economic power or income from other larger fields.

They might stashed out lots of coins and if Bitcoin soars up its value in that 8 years then it would really be putting up on a situation which they do have that huge funds but it doesnt mean that it would overtake out those current rich countries that their main revenues arent really solely depending on one source but rather having multiples.El Salvador might overtaken them but it would be temporal.
Sustain is the key on here, what if they would really be using up all of those funds?  Well, this isnt talking about getting yourself on top rankings but on how
a country would be able to make it better than before when it comes to economic state.

I am glad that you got it all figured out.

El Salvador has legalized Bitcoin in its country through legal tender. He was the first to legalize Bitcoin in his country and simultaneously set up several Bitcoin ATM. Statistics from the country's finance department show that they currently have 2,300 bitcoins in their coffers. The government of the country is very much in danger due to the extreme fall in the price of Bitcoin. Here if Bitcoin goes from 200k to 500k dollars but El Salvador will not be able to become the first richest country in the world. El Salvador will never come to the top of the world leaving behind many developed countries. This is completely ridiculous.

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.

You are talking gobbledy gook Cryptmuster.

No company in El Salvador is forced to hold bitcoin, and the law does not even contemplate such "forced" holding of bitcoin, even if they are big enough to be able to process payments (including bitcoin payments), then they need to be able to accept bitcoin as part of those payment services, but they need not hold bitcoin any bitcoin at all beyond the transaction..  They can convert whatever bitcoin that they receive to dollars or they can do whatever they like with such received bitcoin.

The purported concern that you are raising about poor widdo businesses being forced to accept bitcoin (and your false assertion that they have to expose themselves to bitcoin's volatility), is largely a nothing burger... so let's see how these matters play out for the country, for the people and for the various institutions who choose to operate in bitcoin... and who choose to figure out some various ways to get involved in bitcoin and perhaps even to retain some of their value in bitcoin.  

For sure, one of the great things about El Salvador in terms of being a sovereign nation is that they are providing options for their citizens that seem to NOT be available in a lot of other locations (or at least not so clearly asserted as being options) - even thought it is also likely that some countries (and even smaller subnational locations) are opening themselves to bitcoin and using aspects of El Salvador as a model regarding various bitcoin-related programs that they might implement and various kinds of bitcoin-related transactional options that they may well be opening up to their citizens and businesses that operate therein.  I have not heard of any location making it mandatory to have to hold bitcoin, and surely there might be more and more forcing of businesses in the future in terms of making sure that they retain and maintain options for customers to send them bitcoin.. but again, those kinds of measures still seem to be early and so far not really being enforced, even though some enforcement in that direction would be potentially within options that governmental institutions would have... and hardly seems oppressive in the whole scheme of current status of bitcoin in terms of its so far relatively low adoption levels, even while awareness of bitcoin continues to grow.

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...

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.

Another thing is that when any of us is engaged in the process of measuring risk, we are likely going to be better served if we consider such risk ideas in broader ways that help us attempt to establish which aspect of something that we consider to be risky.. is it the price volatility?  Is it the possibility that it could go to zero, and what are we measuring it against and are there ways that we can engage in investment and allocation tactics that mitigate risks that we perceive to exist, and even some unknown risks that might exist as well, which unknown risks exist with a lot of asset classes and currencies, so sometimes we will deal with various kinds of risks by attempting to figure out some balancing strategies in regards to whether and how we allocate and then if we might attempt to maintain our balancing of options based on a variety of individual psychological and financial considerations.

Governments, institutions and individuals will share some considerations, but of course, with something like bitcoin there will be some differences too.

That’s not convincing. Bitcoin is being called a risky asset at the moment and a country that has accepted it as a legal tender might face issues in establishing it in their country.

Your hypothetical is internally contradictory Japinat, in terms of presuming futility involving acquiring most of the remaining bitcoin and also still agreeing that bitcoin has value that might take El Salvador longer to catch up or to surpass other countries in relative wealth.

I don't disagree with your other implied point regarding some kind of need for El Salvador to have something that they produce of value that contributes to their ability to be able to accumulate bitcoin, so of course, it remains a challenge for any country to figure out how they can increase their generation of value so that they might be able to accumulate more bitcoin..

So if we were to get into some kind of fantasy hypothetical and El Salvador were to be able to generate enough surplus income that they could purchase (or mine) all of the new bitcoins, then currently they would be acquiring about 900 bitcoins per day (that is 144 blocks per day x 6.25 BTC per block), but so even if they were to ONLY accumulate 10 bitcoin's per day for the next 8 years - that would be 29,200 bitcoins (10 per day x 365 days x 8 years).  Even acquiring 10 BTC per day, it seems that El Salvador would be sitting quite pretty in that kind of a hypothetical in which they ongoingly accumulated small amounts of bitcoin on a regular basis  

Maybe in such a hypothetical of accumulating 10 BTC per day, they would not be the richest of countries in the world, but they may have increased their wealth quite a bit relative to other countries who had not been following such a consistently ongoing BTC accumulation strategy...(assuming that they do not lose the bitcoin along the way).

Maybe this is a bit of a fantasy for a country the size of El Salvador to accumulate 10 BTC per day, but the scenario seems to be much more realistic than your opening assertion Japinat that it would even be possible for El Salvador to acquire "most of the remaining" bitcoin... something like that (such an aggressive approach that would accumulate so much of the new BTC supply on an ongoing basis) is just not doable, practical or reasonable based on bitcoin's game theory and incentives, even for countries with the deepest of pockets.

Yes and even if the El Salvador have accumulated most of the remaining bitcoin, that won't still make them the richest country in the world. Being dependent on the bitcoin alone won't be enough to at least be a part of the Top 5 richest country in God's green earth, they should have a lot more to offer that will make their country grown in the years to come, which they don't have. Also, 8 years is to short, I reckon it would be at least 2 decades from now to see their improvement.

El Salvador would not only need to keep investing in Bitcoin to become rich, but it would also need fresh new ideas that would help attract tourists into it. The "Bitcoin City" plan might work if it goes full speed ahead. The more tourists spend money (preferably Bitcoin) in El Salvador, the higher the odds of the government becoming rich will be. That is if Bukele stays in power. If a political rival takes El Salvador president's place, then everything would be nothing but lost. No one knows what the future holds for both Bitcoin and El Salvador, so we can only hope for the best. Just my opinion

Yeah, also they don't even have too many bitcoins. El Salvador has just 2,381 bitcoin as of today.

Compare that to a single company in the US: MicroStrategy. They have 129,999 bitcoins as of today.

I doubt that El Salvador will be the richest country despite making BTC as their legal tender.

Remember that there are several factors that you must consider on how you define a country's richness. Just because they can potentially acquire tons of BTC does not entirely mean that they will be the richest country. Unfortunately, a country can be rich if they are placed geographically right on the Earth. With their tons of natural resources, they may capitalize this advantage and turn it into richness and money.

While BTC may be the future of currency, this fact alone cannot withstand the other factor that may make a country rich.

You can track El Salvador Portfolio here: https://nayibtracker.com

Keep an eye on it, and check back in 8 years.

As any Bitcoiner, other people will talk bad about him when the price is low and be envious and say he was lucky when the price inevitably goes high.

That can be very true but it can bring problems for them if the assets are under the control of the Government then it's not a big deal they are surely going to have a good standard of living, Remember the cost of living will also be going to high if they own a lot of money so they need to control their assets to avoid inflation. 

This is due to the passion and deep trust in Bitcoin by the President of El Salvador himself at this time, so that the President of El Salvador is willing to do everything for the country of El Salvador, especially in terms of Bitcoin adoption and also the supporting technology needed by it. But for now I see El Salvador is condolences for the death of Doña Cristina Moreno de Ortez, grandmother of the President of El Salvador (@nayibbukele). Hopefully nayibbukele can be very patient in facing this.

In the near future, it may be difficult for El Salvador to become the richest country in the world because there are some of the richest countries in the world which are still very difficult to be rivaled by any country in terms of wealth. For example, Qatar and the United Arab Emirates are still included in the category of the richest countries in the world and I think El Salvador still needs more time to compete with these two countries in terms of wealth.

El Salvador President tries to make a connectivity with each and everything. This means bitcoin is considered an all rounder. When rest of the world countries are prioritising the word technology based development, El Salvador have made themselves adopted to it. This will keep them in the lead against the criticism.

I'm not sure whether El Salvador will be able to reach the position of the richest country in the world, but I'm sure in the mentioned year El Salvador will be a self reliant country. In particular it'll be self reliant on its financial situation and lending money to other countries in need.