El Salvador will be the richest country in the world in 8 years? - page 7.

m_nief

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Quote from: Rigon on June 02, 2022, 06:01:32 PM

Quote from: thaylonramonn on May 19, 2022, 05:25:14 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/

Nothing is impossible. It may be that El Salvador thinks that Bitcoin has passed a law in his country, but his country's bitcoin is being traded legally.Whenever Bitcoin transactions increase substantially, his country will reach the peak of further development.The value of bitcoins will increase even more if everything is traded through bitcoin. And at some point El Salvador might become the number one richest man in the world.

We can't predicting 8 years later will bitcoin have higher price or will drop under lower price, but I think with country like El Savador will change the government and not new government keep adopt bitcoin and hold it. Have chance later when new president dislike or try to get profit with bitcoin by selling it. But if keep hold for 8 years later maybe bitcoin can reach 3x from price right now but can El Savador hold bitcoin until 8 years later?

DoublerHunter

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Quote from: Rigon on June 02, 2022, 06:01:32 PM

Quote from: thaylonramonn on May 19, 2022, 05:25:14 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/

Nothing is impossible. It may be that El Salvador thinks that Bitcoin has passed a law in his country, but his country's bitcoin is being traded legally.Whenever Bitcoin transactions increase substantially, his country will reach the peak of further development.The value of bitcoins will increase even more if everything is traded through bitcoin. And at some point El Salvador might become the number one richest man in the world.

^ But it remains impossible to me, BTC has nothing to do with El Salvador even though it will reach twice on each ATH, the 8 years range of prediction is relatively short, we know BTC, but it also took years before the correction will become to ATH. However, probably they will not be a riches country but I think their economy will become good and has improved for sure. I hope this will happen to them because if other countries saw what the outcome of their actions it will become they will follow what El Salvador did. The adoption of BTC becomes widely accepted.

Renato297

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More countries like El Salvador should approve the btc as legal, so the country's economy would advance as well as its population, and even more so if bitcoin manages to reach new historical records as the years go by.

Rigon

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Quote from: thaylonramonn on May 19, 2022, 05:25:14 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/

Nothing is impossible. It may be that El Salvador thinks that Bitcoin has passed a law in his country, but his country's bitcoin is being traded legally.Whenever Bitcoin transactions increase substantially, his country will reach the peak of further development.The value of bitcoins will increase even more if everything is traded through bitcoin. And at some point El Salvador might become the number one richest man in the world.

Piesel

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Quote from: Doan9269 on June 01, 2022, 12:21:45 PM

Quote from: blatchcorn on May 30, 2022, 09:47:58 AM

The news coming out from El Salvador after this adoption are not positive.

We know how the role of fake news could go to an extent especially in cryptocurrency, this was not from Nayib himself making the claim, it's rather fabricated to entice people, why is because i so much believe in news that was utterly presented from the involved personality, i see no reason when there's no official statement from El-Savador that it's regret taken the step on adoption of bitcoin as it legal tender and people and news all around were busy inflicting the media with fake news and articles amd not untill only if we consider them as feebles of bubbles in a thin air, they will continue to deceive people on media just to their own personal interest unknowingly to crypto enthusiast.

The only survey we should be concentrating on is the one from government institutions and not some private institutions, this is because government institutions will be open to more information most especially to official documents that may not be available to a private institution. We all have to wait for government-approved documents that will contain all El Salvador Bitcoin information and position.

ChiBitCTy

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Quote from: thaylonramonn on May 19, 2022, 05:25:14 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/

Lol there is absolutely zero percent chance of that ever happening. The United States government likely owns more bitcoin than we'll ever do but even if bitcoin skyrockets to 1 million per coin, there are many other countries who have much better/stronger economies. It also simply comes down to size and they do not have the size (population/land size etc) as other economic super powers like China and the United States have.

Doan9269

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Quote from: blatchcorn on May 30, 2022, 09:47:58 AM

The news coming out from El Salvador after this adoption are not positive.

We know how the role of fake news could go to an extent especially in cryptocurrency, this was not from Nayib himself making the claim, it's rather fabricated to entice people, why is because i so much believe in news that was utterly presented from the involved personality, i see no reason when there's no official statement from El-Savador that it's regret taken the step on adoption of bitcoin as it legal tender and people and news all around were busy inflicting the media with fake news and articles amd not untill only if we consider them as feebles of bubbles in a thin air, they will continue to deceive people on media just to their own personal interest unknowingly to crypto enthusiast.

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Quote from: amishmanish on May 30, 2022, 12:23:02 PM

It all depends how much bitcoin El salvador is able to hold as the bitcoin in long run, as it has economic liabilities as well. Yes I do agree that early investments by El Salvador will bear fruits for it in future. But to become a rich nation they need more than just crypto investments, they need to focus on becoming productive in terms of investing technology and industrializing their nation

The Center for Citizen Studies of the Francisco Gavidia University in El Salvador have made a survey. Out of 1300 respondents interviewed it is possible to see more than 50% still getting stuck with USD. It is the President Bukele who have been taking more measures to make the country progressive through bitcoin adoption. For now we don't know the situation, but in the long run surely the country is gonna benefit. In my view the country people haven't got unified, based on the survey response. The positive growth can be experienced only when the whole population believe in it.

Most Salvadorans Still Prefer US Dollar over Bitcoin

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Quote from: thaylonramonn on May 19, 2022, 05:25:14 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/

If Bitcoin can achieve this sucess

Quote

At the current rate of growth, bitcoin will surpass gold in 4 years and the US dollar in 8 years, making El Salvador's efforts pay off, and making the country one of the richest and most prosperous in the world.

Then there is no doubt to El Salvador becoming the richest country in the world. This will mean a strong determination to hold and wait for a new bull run but 4 years looks like an overhyped speculation in real sense but in as much as the market is unpredictable anything can be achieved

Doan9269

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Quote from: amishmanish on May 30, 2022, 12:23:02 PM

But to become a rich nation they need more than just crypto investments, they need to focus on becoming productive in terms of investing technology and industrializing their nation

this is a fact, other areas of the the economy needed to be maintained and balance just to help lift the whole system to a better path, i believe Bukele will as well develop some strategies in place to tackle other aspects, but now that bitcoin adoption needed to stand firm and remained successful need lots of attention, its always a good idea to multitask but it is wisdom to learn how to finish a particular project into completion before embarking on another.

amishmanish

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It all depends how much bitcoin El salvador is able to hold as the bitcoin in long run, as it has economic liabilities as well. Yes I do agree that early investments by El Salvador will bear fruits for it in future. But to become a rich nation they need more than just crypto investments, they need to focus on becoming productive in terms of investing technology and industrializing their nation

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Quote from: blatchcorn on May 30, 2022, 09:47:58 AM

Quote from: Yamifoud on May 29, 2022, 06:09:28 PM

Might say it was not in perfect timing as the prices jump down but I don't think it was a mistake, in fact, some investors buy above that price ($50k). But I'd never think that was an issue with them, we know El Salvador has the faith that Bitcoin will soon recover and they could grow their investment. However, saying they become the richest country in the world, I was thinking they will surpass the 1st world countries because of Bitcoin, because of crypto investment, then it was really impossible. I don't underestimate them but couldn't make it in crypto investment alone.

The point is we get too excited about bitcoin and not willing to be realistic when it comes to Bitcoin. Jumping into bitcoin market with huge capital without prior knowledge is mistake lots of people make and result is they end up losing money. The news coming out from El Salvador after this adoption are not positive.
Bitcoin Is Costing El Salvador But President Bukele Isn't Stressed.

Crypto is starting to lose its cool – just look at El Salvador

There might be some negative news floating about El Salvador that people are not happy using bitcoin in that country and so on but I am sure the reality is somewhat different. I don't believe in these articles because they may be self made view points only to discourage other countries to adopt bitcoin and become financially independent.

blatchcorn

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Quote from: Yamifoud on May 29, 2022, 06:09:28 PM

Might say it was not in perfect timing as the prices jump down but I don't think it was a mistake, in fact, some investors buy above that price ($50k). But I'd never think that was an issue with them, we know El Salvador has the faith that Bitcoin will soon recover and they could grow their investment. However, saying they become the richest country in the world, I was thinking they will surpass the 1st world countries because of Bitcoin, because of crypto investment, then it was really impossible. I don't underestimate them but couldn't make it in crypto investment alone.

The point is we get too excited about bitcoin and not willing to be realistic when it comes to Bitcoin. Jumping into bitcoin market with huge capital without prior knowledge is mistake lots of people make and result is they end up losing money. The news coming out from El Salvador after this adoption are not positive.
Bitcoin Is Costing El Salvador But President Bukele Isn't Stressed.

Crypto is starting to lose its cool – just look at El Salvador

EdenHazard

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Quote from: Kakmakr on May 20, 2022, 02:04:28 AM

You just have to remember something .... El Salvador approved the use of Bitcoin as legal tender... and what happens when you do that?

Answer : People use bitcoins to pay for products and services. I underlined the word "use" because it is very important, because there is a difference between "use" and "hoard".

If the bitcoins are circulating between people and they are using it as a currency to buy and pay for services, you will find that a big spike in the price will not benefit those that spend the bitcoins. If on the other hand, some of those people "hoarded" some coins, you will find that their wealth have doubled or even tripled in a very short time. (This is not guaranteed, but it has happened in the past)

Hundred percent!

If only those people in el salvador .. or any country that its most citizen hold bitcoin for long time then yeah any country could become the richest country by that mean.
But again yeah if you using it in daily basis without holding most of your bitcoin then it's completely meaningless.
Couldn't agrre more with you kakmakr

Yamifoud

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Quote from: blatchcorn on May 28, 2022, 01:33:06 AM

Quote from: noormcs5 on May 27, 2022, 03:02:56 PM

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

Might say it was not in perfect timing as the prices jump down but I don't think it was a mistake, in fact, some investors buy above that price ($50k). But I'd never think that was an issue with them, we know El Salvador has the faith that Bitcoin will soon recover and they could grow their investment. However, saying they become the richest country in the world, I was thinking they will surpass the 1st world countries because of Bitcoin, because of crypto investment, then it was really impossible. I don't underestimate them but couldn't make it in crypto investment alone.

AmoreJaz

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Quote from: justdimin on May 29, 2022, 05:44:07 PM

Quote from: blatchcorn on May 28, 2022, 01:33:06 AM

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

They are buying right now during bearish period as well. You may dislike him, I personally do not know him, I have no idea if he is a dictator or not, I am not very well versed about El Salvador at all. However, from what I can see, only thing I know about him is buying bitcoin. That's what we are all here for, if you dislike bitcoin then you are spending your time in the most inefficient way possible.

This is a "bitcoin"talk forum, I would suggest you to find forums or chats of your hobby and hang out there instead of hanging out in a place where people talk about something you dislike. If you like bitcoin however, then why would you not like him doing what we all do?

i guess, he doesn't know that el salvador is also buying this bearish period. anyway, we may not see the impact of this initiative by el salvador's president today, but maybe few years down the line, they will finally see the influence of this move to their economy. we can't judge the initiative this early. because as long as they are in crypto market, it means, they are seeing positive influence to their economy. who knows, they will have the last laugh years later?

justdimin

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Quote from: blatchcorn on May 28, 2022, 01:33:06 AM

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

They are buying right now during bearish period as well. You may dislike him, I personally do not know him, I have no idea if he is a dictator or not, I am not very well versed about El Salvador at all. However, from what I can see, only thing I know about him is buying bitcoin. That's what we are all here for, if you dislike bitcoin then you are spending your time in the most inefficient way possible.

This is a "bitcoin"talk forum, I would suggest you to find forums or chats of your hobby and hang out there instead of hanging out in a place where people talk about something you dislike. If you like bitcoin however, then why would you not like him doing what we all do?

blatchcorn

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Quote from: Xampeuu on May 28, 2022, 11:00:10 AM

This means that currently their country's wealth has shrunk by 40%, and you can imagine how much suffering the people there are, because when they legalized bitcoin the country was already in a state of economic difficulty. don't we often say to buy bitcoin with free money, but it seems the opposite of the situation experienced by elsalvador, moreover, of course a country interacts with other countries

The case of personal investment cant be compared with state investment policies since millions of people are dependent on state policies. If EL was too much enthusiastic for bitcoin then it was better to invest some spare cash. I still dont know how can a country buy BItcoin from nation money and that too when bitcoin was at its ATH.

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Quote from: blatchcorn on May 28, 2022, 01:33:06 AM

Quote from: noormcs5 on May 27, 2022, 03:02:56 PM

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

This means that currently their country's wealth has shrunk by 40%, and you can imagine how much suffering the people there are, because when they legalized bitcoin the country was already in a state of economic difficulty. don't we often say to buy bitcoin with free money, but it seems the opposite of the situation experienced by elsalvador, moreover, of course a country interacts with other countries

Rufsilf

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Quote from: n0ne on May 27, 2022, 02:30:14 PM

Being the richest country isn't a simple thing. Based on the holding capability of El Salvador, we can see the economic upliftment within the country. We don't know when will the market progress further, everything is upon the trust. Upon what I've come across, the market will turn bullish. When such a bullish move happens, one should have the holdings. We don't know what are the political changes gonna happen in El Salvador over the next eight years.

It can be possible if they want to change and achieve their goal but I don't think their huge investment in crypto will help it. One thing they do is to increase their economic system, there is something they need to change otherwise, it was just hopeless. And likely, we can just put the future of their country to crypto, not even rely upon their investment as we know that we are not sure about the future.

El Salvador is one of the poor countries, they certainly remain poor 8 years from now unless they could find reliable resources that could help to uplift their economic status.

Topic: El Salvador will be the richest country in the world in 8 years? - page 7. (Read 2816 times)