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

jr. member
Activity: 63
Merit: 1
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/

I think this is just another hype to attract attention, but not a real plan
sr. member
Activity: 952
Merit: 281
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?
hero member
Activity: 2086
Merit: 603
There was already one big resistance for the use of bitcoin in the El Salvador country and it means this could keep on increasing in the future. There is always group of peeps who live the traditional way and want to spend money in cash. That gives feel for something, spending, buying and sense of having money.

For this reason I believe El Salvador is going to face many challenges in the future to come. There are many more countries with better infra and better education in terms of crypto space yet they are not going full fledged with it. So there is some disagreement with OP statement.
hero member
Activity: 2730
Merit: 632
Quote
Re: El Salvador will be the richest country in the world in 8 years?

How is this gonna happen?
Firstly,  El Salvador is not a rich country, so for them to become the richest country in 8yrs time, they first need to escape from the list of poort countries and this cannot happen so quick.

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.
They could be rich on Bitcoin profit gains but this isn't something that could be considered to be that sustainable or something that do talks about placing itself to be the richest or one of the richest country because it do all matters with resources and other factors which doesn't only limit on investment gains even they had accumulated that much but on the current behavior that they've been doing which it isn't really that bad at all but it do accompanies such risk but well it's a choice that had been made.
hero member
Activity: 2758
Merit: 617
Leading Crypto Sports Betting & Casino Platform
Quote
Re: El Salvador will be the richest country in the world in 8 years?

How is this gonna happen?
Firstly,  El Salvador is not a rich country, so for them to become the richest country in 8yrs time, they first need to escape from the list of poort countries and this cannot happen so quick.

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.
hero member
Activity: 2618
Merit: 548
SecureShift.io | Crypto-Exchange
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.
hero member
Activity: 2702
Merit: 704
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/

No no no, I hate saying the same thing over and over, but BTC adoption will not magicaly cure the underlying economic issuse that have been present for decades. Even if BTC price goes up and El Salvador gets something out of it, that won't resolve the problems that preceeded.
Correct, it is obvious that we like bitcoin and we believe in its long term potential, however bitcoin is not a magical tool that can solve all the issues that a society has and somehow make everything right.

Bitcoin is just a form of money, the best that we have available but that is all what it is, trying to make it out to be something more than that is to set it for failure, also even if El Salvador could obtain some benefits by adopting bitcoin earlier than other countries eventually those benefits will diminish as more countries begin to do the same.
full member
Activity: 616
Merit: 161
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/

No no no, I hate saying the same thing over and over, but BTC adoption will not magicaly cure the underlying economic issuse that have been present for decades. Even if BTC price goes up and El Salvador gets something out of it, that won't resolve the problems that preceeded.
legendary
Activity: 2044
Merit: 1018
Not your keys, not your coins!
Bukele is going all in on this and although I love bitcoin I'm not sure if it's a good idea. I like his dedication though and I think he will eventually come up on top. The problem is people can turn on him if he doesn't produce results in a few years. For the average Joe and Jane life is simple and the president has to make their life better, make them feel safe. They don't care if he does it through bitcoin, gold or even war (Russia can be an example here where people praise Putin for attacking Ukraine because they're so manipulated that it actually makes them feel strong as a country).
I'd really like to see him build his bitcoin city.
If he can manage to be a President of El Salvador for long time, that is good with his national plan. In addition, if he only assigns national budget, reserve into Bitcoin investment, it is good. If he borrow money from other nations, uses leverage, that is bad. I hope he won't put his nation under the second situation with loan, debt and margin call in future.

What he has shown with his strong support and belief in Bitcoin is amazing. The first national leader shows such bullish mood in Bitcoin. The first ever to boost Bitcoin to national legal tender. Even his nation is a small one, this effort is big and very good for Bitcoin and crypto adoption.
legendary
Activity: 2744
Merit: 1174
Bukele is going all in on this and although I love bitcoin I'm not sure if it's a good idea. I like his dedication though and I think he will eventually come up on top. The problem is people can turn on him if he doesn't produce results in a few years. For the average Joe and Jane life is simple and the president has to make their life better, make them feel safe. They don't care if he does it through bitcoin, gold or even war (Russia can be an example here where people praise Putin for attacking Ukraine because they're so manipulated that it actually makes them feel strong as a country).
I'd really like to see him build his bitcoin city.
hero member
Activity: 2408
Merit: 693
SecureShift.io | Crypto-Exchange
Depending on the amount of btc El Salvador has in its possession and how btc will perform in the next 8 years. Undoubtedly, if they can hold all their btc through to that period, it will definitely change their economy, raise them from their current financial state but certainly can't make sèthe richest.
This can only happen when btc price in 8 years' time becomes very high since i don't think there is a public record to know the amount of btc in question. they really need to possess a huge chunk of btc or have a sustainable means to support whatever they own in btc.
hero member
Activity: 2856
Merit: 673
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/
I won't doubt the potential of El Salvador to become a rich country years from now, but seeing it as the richest country after 8 years, i think this is more of a fantasy. Yes, bitcoin could be a great tool in making one country's economy become progressive but it won't create shortcuts for a country to become instantly rich.  But with great natural resources that El Salvador have like hydropower, geothermal power, petroleum and arable land, if they can be used positively, i guess that will contribute much for the country to become rich.
hero member
Activity: 1400
Merit: 770
So, tell me how I'm gonna be richer than my uncle  who has many investments in the duration of 8 years.


Maybe if you look at some halving cycles then you will probably understand. I think the author assumes that way. I had 2 halving cycles and the price of BTC always had a really great price increase. There is an increase of about 200% more than the highest price in 2018. If it happens in another 8 years, then it seems to have passed 2 halving periods. If the above assumptions occur, it is possible that the economy there will improve.
legendary
Activity: 1092
Merit: 1024
Goodnight, o_e_l_e_o 🌹
Quote
Re: El Salvador will be the richest country in the world in 8 years?

How is this gonna happen?
Firstly,  El Salvador is not a rich country, so for them to become the richest country in 8yrs time, they first need to escape from the list of poort countries and this cannot happen so quick.

Secondly, I don't know how much of bitcoin El Salvador holds. And I don't know if there are any guarantees that they will not spend from the bitcoin they are saving even when they need financial relief. They also run to IMF for financial help and the institution will be unwilling to help since they have toed the lane of bitcoin.

Thirdly, I earn below $500 monthly, my living expenses is above $350. My uncle who lives in UK earns $20,000 monthly,
I know bitcoin and buys some fraction which I tend to withdraw the profits even parts of the capital when relateives choke me with financial problems. So, tell me how I'm gonna be richer than my uncle  who has many investments in the duration of 8 years.
full member
Activity: 1414
Merit: 101
the country of elsalvador legalized bitcoin in its country yesterday I saw the bitcoin market the price went up and now the price of bitcoin is going down again, I think the country of elsalvador is now experiencing economic problems in their country is this true?
copper member
Activity: 2268
Merit: 539
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/

What does the article exactly states?
As it was not in English, so i was unable to read comprehend it.
Does the article mention about the recent purchase of 500 Bitcoins done by El Salvador?
As yes holding 500 Bitcoins for the next few years will surely make you rich, but if you see in perspective of a country then it’s still too less.
In India, Mukesh Ambani and Adnani, together will be make triple of these what El Salvador will be making in the next years.
So the direct answer to the OP will be NO, El Salvador won’t become the richest country in the world. Leave the world, it won’t cross any decent ASIAN country also.
sr. member
Activity: 728
Merit: 266
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/


               At first glance it would seem that it would be possible if bitcoin adoption really does increase more in El Salvador like people really using it with good understanding of it and not just for the hype or suggestions. But if you really think about it, there are many things that can happen within that span of time specially when we talk about bitcoin which is already as volatile as it is. Which means that El Salvador citizens adopting the use of bitcoin more alone would not be enough to make the country rich. Because even if the people do so, iif the rest of the world doesn't yet or major fud and dumps happen El Salvador would suffer more losses than gains. That is unless the volatility reduces or if the country itself finds a good back up plans for sudden drastic drops that bitcoin does every now and then.
hero member
Activity: 2632
Merit: 787
Jack of all trades 💯
Don't know how we can really say that and its hard to digest those idea or info on which not really possible in real life. Maybe El Salvador will get huge revenue if the pump will happen on the span of years you mention but for sure they will still not the richest country exist at that time.

What more interesting to know here is how their citizens handle the market stress brought up by bearish market season.
hero member
Activity: 812
Merit: 560
Well, El Salvador needs much more wealth to become the richest country in the world in 8 years.

let's be realistic El-Savador may not necessarily be the richest country as thought but can br one of the richest, it is also important to increase all other aspects of the economy to growth so as to aid the development and we cannot as well be precise if this will be achieved within eight years or not, this are just predictions base on conviction which may be true or not, but my personal conviction about El-Savador is the next couple of years is it's rising as the morning star in all economical aspects.

But honestly, i don't see El Salvador to be the richest country 8 years from now, its still quite impossible to believe.

don't let us overlooked the potentials in bitcoin adoption, it can change a complete story about something, that's one of its ability, anything than van rise and fall can't be underrated, it may surge high beyond everyone's imagination, bitcoin has such capacity and ability.

El Salvador is a very poor country. Third of the population live is poverty, the GDP puts the country around 100th place among the countries (slightly below)

i disagree El-Savador been very poor, go and check the list of first 100 poorest countries and give a commendation on El-Savador, and third of it population leaving in poverty as claimed by you is wrong, i need a link to prove that, its not underdeveloped but can rather be categorize under developing regions, so why should it be among  the poorest countries.
sr. member
Activity: 952
Merit: 281
Not sure about what will happen after 8 years but I was going through this thread after 8 months of El Salvador crypto adoption, Why has bitcoin adoption failed in El Salvador?. Just after 8 months of this adoption they are under crisis.


Third of the population live is poverty, the GDP puts the country around 100th place among the countries (slightly below), and on top of everything the IMF is pissed because of the Bitcoin-friendly policies they those. So there's absolutely no way El Salvador would become the richest country in the world or even get into the top-10 in 8 years.

This adoption will take El Salvador GDP further down since such countries are heavily dependent on IMF and other monetary bodies. Moreover there current ruler to buy bitcoin when it was at its ATH is a mistake that not many countries have made. He is testing his country future by using people money.
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