Topic: El Salvador will be the richest country in the world in 8 years? - page 6. (Read 2849 times)

I strongly doubt this very statement of yours, because mere adopting Bitcoin as a legal tender in a country does not guarantee that it been the richest in the next 5 to 8 years from now, because I know there are certain things which makes a country rich and they include ( I.e Policy of government, available natural resources, good leadership) because there is a actual difference between hodling and using, and what El Salvador is doing is Using Bitcoin and not holding it. And for you to make much profit from Bitcoin, it an investment suitable for long term

I think that’s highly debatable. El Salvador being the richest country in the world in 8 years just cause they’ve adopted and now use bitcoin is debatable and in my opinion, you’re being biased in seeing bitcoin as the Saviour of mankind or in this case El Salvador that would end hunger and boost revenues to make the small country the richest in 8 years. Bitcoin can’t and probably won’t make the country the richest in the world in 20 years.
Any country looking to be “rich” should first have a much higher rate of exports than imports. That would build the foreign reserves over time and far much better than looking to bitcoin to make the country rich.

No, I don’t think it will be as there are many other factors that add into the overall health of the economy of a country. Policies, trade, GDP, etc., to name a few.

Nope, dont' see it happening by a longshot.  Will they be in an exponentially much better financial situation in 8 years?-  I would say absolutely yes.  It going to be fun to watch how this plays out.

There is a problem with the El Salvador example regarding its relationship to Bitcoin. It is good that the country has already adopted Bitcoin and it has become an official currency that is allowed to be traded. But the forms remain in the state’s monopoly of the largest proportion of the bitcoin used inside it, as well as the launch of a special wallet for the state, which will facilitate the tracking operations.
The state’s adoption of Bitcoin does not mean the financial independence of individuals, but rather that the state seeks to use Bitcoin as it was and is still using fiat money by all means of control .

Both, they're on the very edge of a debt default because of low foreign reserves while their crypto assets put a burden on the country's ability to pay off debt's interest since their avg DCA for Bitcoin is still quite high. Though, they are not completely out of options. El Salvador could ask crypto financials to help them with loans since El Salvador is everyone's favorite thanks to adopting Bitcoin. In short, El Salvador might be rich after 8 years if the Bitcoin price hit some kind of new high, $100k, $200k  but they might not able to hodl to that point because of the pressure on their Bitcoin bag.

op said whether bitcoin will become the richest country in the world in 8 years so my question is now el salvador country is bankrupt or is their assets declining because bitcoin is now down?

Huh?  your comment makes almost NO sense at all, except that you are imputting knowledge onto El Salvador as if it was supposed to have had known the future and that bitcoin prices were going to drop from its couple of purchases of BTC that were done late last year at $50k and above.

How the fuck are they supposed to know that BTC prices are going to drop back down?

And another thing, you are proclaiming that El Salvador bought BTC higher than $50k and those purchases of BTC at those higher than $50k prices were mistakes; however, you know that El Salvador also made around eight purchases of bitcoin below $50k - including a couple of purchases in the $30ks and one purchase around $19k.  

You even commented on the chart (here's a link to your response) that had been posted by DdmrDdmr.

The chart that DdmrDdmr had posted - attached below for ease of reference:



I was about to swear again, but I will restrain myself a wee bit in order to attempt to describe this in a bit less of a shouting way.

Do you happen to understand the idea of long-term investing that attempts to establish a long-term position that involves ongoing accumulation of an asset until such position is established, in this case bitcoin?  

In that regard, there is no real evidence that short-term profits and short-term trading would be a preferred strategy prior to establishing both a decent position and also making sure that the asset is sufficiently in profits.

Of course, there can be all kinds of variation in terms of how a country, institution or individual would go about BTC accumulation in terms of dollar cost averaging, lump sum investing and buying on dips, and likely countries and institutions are less able to be fucking around with trying to trade their position back and forth - as compared to liberties of individuals so your Monday morning quarterbacking of a country's need to whimsically needing to get in and out of positions seems presumptuous at best.

Furthermore if bitcoin is being accumulated in order to be a hedge against the dollar system, which seems to be part of El Salvador's motivation in getting into bitcoin, then it also makes little to no sense to be selling it - even if you want to impute clairvoyance on El Salvador based on subsequent BTC price moves of the past year-ish and especially of the past several months.


You don't really seem to know what the fuck you are talking about.  At what point should El Salvador have had sold in the past, and then at what point should it have had bought back lower?  

Are you suggesting that they take a BTC trading strategy into the future too, and in that regard at what points should El Salvador sell some or all of its BTC, and if so, how much should it sell?  and if it does sell, when should it buy back? 

I am questioning if I should have even been asking these questions from someone like you who seems to be lacking in terms of understanding how there can be reasonable ways to establish a position in an asset (such as BTC) through accumulation and because you seem to believe that there is some value in selling bitcoin during an accumulation phase in order to pray to buy back lower rather than just continuing to buy (such as DCA, buying on dips and lump sum).. and yeah.. HODLing too.

Maybe you should outline a somewhat comprehensive plan regarding what approach is going to allow El Salvador (and I suppose anyone else too?) to continue to accumulate more bitcoin without running into the frequent dumbass errors that traders tend to encounter on a fairly regular basis.  Do you believe that because El Salvador is a country, they would be in a better position if they were trading bitcoin rather than merely accumulating it through buying and HODLing?  Presumptively creating some kind of a Bitcoin trading (management position that would make those kinds of trading calls, or do you believe that Bukele personally should make those kinds of trading calls concerning when and how much to sell BTC and to when and how much to buy back moar BTC later (in theory)?

El Savador announce to public when first time adopt bitcoin as legal currency transaction, but little mistake made because when bitcoin still higher price really hurry for investing and not waiting when bitcoin price drop. I don't see have chance for El Savador keep profitable when investing with bitcoin trough made investment when bitcoin still above $50,000. How many time try to buy back and El Savador keep make bitcoin as long term assets investment not give chance how take profit every great moment. I think El Savador president need to change their mind how keep worth when investing with bitcoin, sell when have chance on top price then later buy back after bitcoin going dump, not always have to be strong hand by holding.

Besides being a very extraordinary thing, they can also save themselves from the amount of losses they have experienced and also this can be very good for large numbers of Bitcoin holders. Because when purchases start to increase slowly, the price will also increase steadily in the market and that will obviously be a very big thing for everyone as well as El Salvador.

Because it is still a minority, financial regulators and law enforcement agencies (IMF and World Bank) are still debating the status of Bitcoin. Bitcoin at first glance appears as an established digital currency system, thus encouraging several countries dare to go beyond the limits set by world financial institutions by legalizing Bitcoin. However, there is no uniform international law governing the status of Bitcoin. Most countries have not clearly determined the legality of Bitcoin, and prefer to wait and see.

Apart from China several other countries have also rejected Bitcoin because they are wary of its volatility, its decentralized nature, posing a threat to the monetary system. Apart from being different from government-issued money systems, Bitcoin is also often associated with illegal activities such as black market trading and money laundering. China has banned All banks and other financial institutions from transacting or dealing with Bitcoin, official cryptocurrency exchanges are banned and the Chinese government has cracked down on Cryptocurrency miners in their country.

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

From my understanding, El Salvador is not "crypto friendly" - but they are bitcoin friendly. 

... yes a distinction worth pointing out...   

In other words, fuck shitcoins. El Salvador did not make shitcoins as legal tender, and if they had made such a dumb move they probably would have already been sufficiently and adequately reckt from such nonsense.

I don't think that El Salvador has the chance of becoming the richest country in eight years not even their interest in Bitcoin can make that happen let's be realistic.
The economy of El Salvador is already bad at is it and their currency actually doesn't have much value, I still believe that their citizens would benefit more as the government are very crypto friendly.

There are many considerations that could legalize Bitcoin like El Salvador. Because Bitcoin is currently still a minority in the world's financial institutions, the IMF and World Bank forbid it. So countries that legalize Bitcoin are certainly ready to receive sanctions from the IMF or world banks. Just look at China, they finally banned all crypto-related activities. It seems they are scared because of the decentralized nature of crypto. It is different from the money system from the government.

El Salvador adoption of bitcoin was not only limited to making it an investment asset, but Bukele even started to make bitcoin a legal tender in the country and reportedly El Salvador also started building a bitcoin city at the foot of a volcano to take advantage of geothermal as energy to mine Bitcoin, the number of bitcoins currently owned by El Salvador is around 2,381 BTC worth more than $103.9 million and I think they will keep bitcoins for a long time because some time ago when the price dropped even El Salvador re-buy and add bitcoins to be stored, so we can imagine if later the bitcoin stock has decreased or is scarce due to mining off course make the price to go up, and of course we can't imagine the profits that El Salvador will get later if the bitcoin price goes up getting taller, besides now the world has entered the digital era and  it is possible that in the next few years many countries will start adopting bitcoin for their needs, just as El Salvador is doing today.

what else could resolve that? if the lingering economy challenges can't have any impact from the government and the fiat financial system over decades don't you think bitcoin could be a game changer here, consider it role, how the economy inflation cannot affect bitcoin should also be a considerable thing here, all i expect from you is just a little more time for bitcoin to manifest impact.


What have we all done to our present failure dispensational government? Of which I believe bitcoin will do more of good than opposite if afooted by any government, while El-Savador has no issues regarding that, as a matter of fact, El-Savador is a less agitating country.


Have you ever sit down to know what exactly a future could be with accuracy? Even the weather forecast aren't, but let me tell you this we all need to take risk either we like it or not, if El-Savador buys during ATH then what gives you the impression that the price will not keep rising?.

I think it's not because they legalized it obviously, but the way they accumulated it overtime and then hoping that bitcoin will go up in prices in the next 8 years. And so if that happens we don't know what kind of returns it will bring to the country's reserved.

One thing though, and I'm not sure about it, how long is the tenure of the sitting President Bukele? What if he lost on the next election? Will the next President elect will continue the country's patronage on bitcoin? That is something that they need to look in the future as well.

I don't think a country will become the richest country just because their legalized Bitcoin, but the revenue of El Salvador will only increase if their get directly involved in Bitcoin related ventures, and the Bitcoin bound and building a nationally own mining farm that will help increase the level of awareness and involvement in Bitcoin processing this are the only way the country will be ahead of it critics.

if to become the richest country I think the possibility exists. but my logic isn't in there yet. because after all every country continues to compete in advancing its country. and after el salvador adopted bitcoin and if in the future its adoption has been accepted by its citizens. then it will be a good achievement. and I think many countries will follow suit because they don't want to lose out.

but I myself became interested in bitcoin after hearing about the adoption of bitcoin by the country of el salvador. so i wish the best for el salvador.