Topic: El Salvador will be the richest country in the world in 8 years? - page 5. (Read 2849 times)

Indeed bitcoin my not be the total cure but as for now that is the only vibrant alternative to curing it, bitcoin have serve the best available option from a number of economics remedy for recommendations and it is also evident in the entire progress in El-Savador till present day, traditional system of currency with fiat couldn't ordinarily save up to clear debt, hut bitcoin comes with the luck and solution to that.


there's no doubt about it how bitcoin has been impactful to the business economics of El-Savador and the adoption has increase the openness for business activities with the acceptability of bitcoin as an alternative to USD.


yes people have been saying the wrongs repeatedly over time base on research that has no verdict or fact.


and the growing in adoption continues, if bitcoin could achieve this while still at infant stage, what will happen when it matures to an average adults, of course everyone will be left with no other better option for currency and asset than bitcoin.


same goes with El-Savador, if it could have achieved this far just after a one year adoption than it has suffered over many years, bitcoin could be actually the future game changer in the economy of El-Savador.

Maybe not the richest, but they can improve their economy certainly. The richest countries in this world either has a strong supply chain, a ton of oil fields, or manufactures a lot of goods in an extremely huge volume. El Salvador can always bet on bitcoin and be hopeful that it reaches a certain price point in 8 years, but I think bitcoin will never be enough to put a country on the list of the richest unless the government uses that money to grow their investments and their infrastructures as well.

Its true that Bitcoin is not the total cure for El Salvador's economic challenges. But at least it has some opportunities that would touch the lives of El Salvadorans positively. I have heard so many time people saying that the country has benefitted nothing from its Bitcoin adoption. But this is untrue because Bitcoin as a national legal tender is at its infant stage. It would definitely develop gradually and other countries would begin to learn from the experiments of El Salvador. Yes El Salvador can be one of the richest countries in the world not because of Bitcoin but from the improvement of other sectors of the economy. My greatest joy is that the country has the political will to tap into the possibilities that Bitcoin has. And ones the political will is there, the necessary resources would be put in place .  

No other means to define freedom opportunity than this, he's not forcing the use of bitcoin on anyone, he makes it a choice and the people loved it that way, many businesses, organization, institutions and ventures accept bitcoin for payment, while almost all the citizens jave downloaded the chivo wallet in giving it a try, their economy is running smooth, indeed bitcoin has in many ways added to the beauty of El-Savador ever since it's adoption, this is the kind of government we expect, having the interest of the people in mind as first priority.

And I also strongly believe that over time the people of El Salvador will get used to the use of Bitcoin even though they still like to use fiat for certain purposes. And also the development of the use of Bitcoin among El Salvadorans will increase in the future because the government has also prepared everything that El Salvadorans need to learn about Bitcoin.

I totally disaggree with this, El-Savador has not come out in declaring that it solely depends on bitcoin adoption for it economy survival, neither has it make the claim that it will be the richest country, let's take the cow by the horn by understanding the reall situation of El-Savador's adoption, in it's adoption comes many benefit it can derive than they had thought or expected, moreso, bitcoin adoption and its investment is not the only source to El-Savador's economic survival, there are other sources, but through bitcoin adoption, El-Savador can be totally debt free from IMF and any other creditors holding them in ransom.


The record has been set already.


Help by which entity? Apparently El-Savador can only finds it way through the economy without depending on any source, it has it own planned strategies to survival amidst it bitcoin adoption.

to be a rich country then I don't think it will be easy. And taking steps to make bitcoin a legal tender in the country of el salvador will not make el salvador rich in no time. However, I believe that the adoption of bitcoin as a legal tender by el salvador will make el salvador a historical record. and will be widely discussed by the next generation. it will even be included in future textbooks about a country that first made bitcoin a legal tender. and has motivated other countries.

and I also believe that el salvador became economically helped after the adoption of bitcoin as a legal tender in the country. Nayib bukele and el salvador will become famous names in historical texts in the future.

Of course, short-term measurements are going to be difficult to measure for some of the reasons that you mentioned; however, 2 to 4 to 6 to 10 years down the road there should be some abilities to make assessments regarding how well various bitcoin promotional efforts are spreading through society and potentially starting to stick in terms of whether more citizens might have started to use bitcoin, continued to use bitcoin and even held bitcoin.   

Difficulties in measuring should not justify giving up upon measuring or proclaiming that bitcoin efforts are having little to no positive effect, and for sure there are going to be ambiguous (and perhaps even contradictory) information that is being gathered that cause even more challenges to assess the extent to which bitcoin adoption is both growing and/or having positive effects that might justify the amount of financial and brain resources that are put into building and expanding such systems.

Your point may be correct, but this cannot be actually proven.
Users from El Salvador used Bitcoin prior to the enactment of state regulation. It is not possible to know the increase in their number because their original number is unknown. The Salvadoran government has encouraged people to use Bitcoin by launching a digital wallet that enables citizens to receive $30 as a reward by simply registering on the application. The latest statistics indicate that the difference between the number of those who downloaded the application and the number of those who are still using it is very large.

The future of this country lies in the hands of the President and his government official, especially in their finance department.
We can't make any assumptions about their failure but to let them work based on their plan, never works instantly and I know it. Might to say it was hard for them but who knows if they will improve and change strategy next year after seeing their previous performance?

I don't know what is their plan nor do we have but I know they are working hard for the success of it.

i don't think they will achieve such status in these coming years. but i do hope that their economy will improve. also, it is not about bitcoin being the legal tender that will alleviate the status of El Salvador, but it is the combination of other factors like what you said, the exploration of their natural resources. and of course, how their government officials are managing the financial aspect of their country itself.

Yes, The earth is blessed with mineral and natural resources deep within its bowels. Every country has some sort of resource that’s deposited and they could tap into and generate revenue for its economy. When I speak of natural resources, I do not only speak of oil which is one of the vip resources cause of our over dependence on it for energy uses. A country that’s aiming at being self sustaining is a country on its way to becoming a rich country.

Adopting bitcoin as a legal tender will not guarantee a certain country to become rich in a short period of time. Yes, it can create more outlets for investments and expect more positive returns, but knowing bitcoin can be very uncertain and has high price volatility, then it will never meet the deadline set by the country itself. But I believe El Salvador can be progressive in time, and will gain more revenues if they can start to utilize right their own country’s natural resources and attract more buyers and investors on that.

El Salvador have given access for its people to use cryptocurrency. Along with that, it have got into serious development and educating people to use bitcoin than fiat. The countrymen are still using the fiat in large scale compared to bitcoin. In future this situation will change and 15% of the people find it an opportunity to hold bitcoin. That means they try to hold the bitcoin received on different services and use the fiat.

Well, I also don't think that fiat money is no longer used by El Salvador even though the country has fully adopted Bitcoin. Because El Salvador can still use fiat money for everything and that includes when you want to buy Bitcoin on certain exchanges. It's just that El Salvador is a little different from other countries that don't fully adopt Bitcoin because El Salvador, besides still using fiat money, can also use Bitcoin for anything.

what have now make a difference from the oil producing countries and the ones that are not, i can interpret being the richest when you're satisfied with what you have independently and free of debt, we have many countries that are oil producing but that makes no difference at all from the other non oil producing countries, are they able to control their system from within without relying or depending on others for survival, i think El-Savador deserve some accolades for it adoption of bitcoin.


don't underestimate the role of agriculture especially during food scarcity and inflation as such we are into now.


you may not be rich financially but when you're contempted and satisfied with what you have then you can be the richest on earth, it's just a mentality of a thing.
 

just El-Savador and Central African Republic adopted bitcoin as a legal tender while Panama on the run to, few countries ban the use of bitcoin while many other countries allow the people to make use of bitcoin but are not in support for its adoption.


If you can think well and change your mentality and approach about being rich then you will discover that even at your own level, you still stand to be a rich guy not until you have the whole currency of the world at hand, i think being satisfied with the peace of mind goes along way here as well.

I'm not sure that the article gives the clear picture about the richest countries of the world.
Richest Countries in the World

According to the information from the above article El Salvador is placed at 114^th on the list. In eight years time surely the price of bitcoin will increase reaching a new ATH crossing two halving, if not it'll atleast reach the average price of previous ATH for sure. Rather than thinking of being the richest it is good to think of El Salvador moving within the top 100 and then growing gradually.

Likely, but just depends on two very important factors that will determine if they are gonna be the richest country or not.

1•Depends on the price of Bitcoin as that 8 years time period (2030) because no one knows what would be the price of Bitcoin during that time.

2• Depends on the quality of their Bitcoin holdings, because tomorrow another country may likely adopt Bitcoin as legal tender before that 8 years and buys more Bitcoin than El Salvador, so in this case are they gonna be the richest country due to their Bitcoin holdings?, No.
In my general view on these is that , it a probability and only time will tell .

In my personal opinion, I am not too sure with the 8 year deadline El Salvador will become the richest country in the world, because in my opinion El Salvador is not a producing country of oil, gold and natural gas, El Salvador only relies on agriculture as a source of wealth and a source of state income. indeed last year El Salvador has adopted bitcoin and has made bitcoin a legal tender, even though they have legalized bitcoin but that does not guarantee them to be the richest country in 8 years, because bitcoin has been adopted by almost all countries and bitcoin is limited.

Always make use of the search feature on the forum to search out your topic to know if it has been discussed before, there is already a thread dedicated to everything as regards El Salvador Bitcoin adoption here is the link to the to the discussion:
https://bitcointalksearch.org/topic/el-salvador-has-become-the-first-country-to-make-bitcoin-legal-tender-5342087

I disagree that the OP has to comment on this specific issue in the thread you link to, mate. Here he is asking if El Salvador will be the richest country in the world in 8 years and for that I think it is justified to create a separate thread.

As for what you ask, OP, no, I don't think so at all, and I would like to but I think that raising that, as crazy as it is, would have made more sense last year, when many still believed that the price cap in this cycle was going to be $200-$400K.

But even then, that El Salvador could end up being richer than the top producing countries in the world due to Bitcoin is simply laughable.