Topic: El Salvador will be the richest country in the world in 8 years? - page 9. (Read 2816 times)

Actually, it has been predicted that crypto market will begin the bearish season after the bullrun in 2021. We already experienced this previously and the scheme is almost the same, El Salvador must be aware of the possibility of a big drop in BTC value. But I don't know why El Salvador forced themselves to buy Bitcoin in hurry and they choose the wrong way if tried to hold it for a long time. Except, they just want to hold temporarily and sell again when there is a pump. However, we cannot judge if they have failed already, there is still a chance to gain profits but they must wait for the next bullrun. They just did a wrong strategy, so they cannot get their target soon. According to this situation, surely they aren't a rich country yet, they are even suffering huge losses now.

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), 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. It would be an economic miracle if they reduce the poverty rate by half in that time, and if their GDP gets somewhere around 50 (similar to that of Portugal or Greece). So far, though, not enough time passed to see if their crypto policy is doing any good to the economy.

It isn't a little, it is too exaggerated.


True, there are lots of factors to make a country rich.  Even with the largest investment if the country is corrupt, it won't show even a little progress.


A country must solve its internal problem first and then create a system that can synergize any form of investment or technological breakthrough to the financial system of a country.  For it to fully function, a country also needs to get rid of corruption.

What have been predicted before the adoption have turned upside down. If not El Salvador could've made some big money out of its bitcoin adoption. El Salvador have spend around $103 million bitcoin, and the market have now declined and valued at $66 million. Already it have a pending due for July that amounts to $38m. By the year end it has got $382m due to be settled. El Salvador planned for fund raising of $1 billion through the Bitcoin bonds and this has been getting postponed as the market isn't that supportive. So, depending on the market we can expect growth in El Salvador and not to be rich soon.

I agree with you. It seems unlikely that El Salvador will turn into one of the richest countries in the world in less than 10 years. They need more than Bitcoin to be rich, I doubt they can be that rich if they rely on Bitcoin only. We know that Bitcoin offers huge profits, but El Salvador is a country, not an individual (person), so they need to improve everything to be one of the richest countries. Making Bitcoin a legal tender is the right step to improving their financial level, but too early if dreaming to be a rich country.

If this is possible, i guess the rest of the countries too have anticipated this and won't waste their time questioning about bitcoin. But its not the case. Bitcoin is not a tool to make a country become rich, the biggest asset are still their country's resources that will create sales and revenues for them. Bitcoin is only a currency that will beat hyper inflation but there's no way it can make El Salvador the richest country, but i believe bitcoin can create big developments on the country's economy.

Wait, saying that bitcoin can completely change the course of a country and improve a lot of things, ok, I totally agree with that and I believe it's actually possible; saying that ES will become the richest country in the world just because they have a few thousands bitcoins, that's totally a different thing. At that point we'd have single individuals richer than the richest country, it's something basically impossible.

agree with what you said considering that in this case bitcoin also cannot guarantee their finances from anything because as you said, there must be other good management whether it is infrastructure or other economic strengthening that makes them rich.
On the other hand, bitcoin adoption is actually a pretty good thing, but it is still a double-edged sword that can only make a country worse, especially if it can't manage it properly.

Finances on their own mean almost nothing. The basis of the development of any state is its economy. Material goods should be created in the country, all branches of the economy should develop, and gross domestic income should grow. And any currency only serves this process. Therefore, little depends on bitcoin in El Salvador. Without a proper organization of the growth of economic development, no currency will save El Salvador. Everything needs to be dealt with as a whole. Bitcoin can eliminate the shortcomings of the previous currency, although it is also not perfect. But it cannot replace the country's economic development.

let's understand this, at first bitcoin has been recognized as the most profitable digital currency over gold or any natural resources, now if someone can get rich in bitcoin and bitcoin having the highest profitability rate then i see no reason if a whole country can embark an adoption without having a change of story, this is logical, you invest on something that has highest values over any other investment, automatically there's no doubt about this, it will sure improve lives, businesses, finance and economy, you can't be claiming bitcoin and denying the power thereof.


life is an expressway and overtaken is permitted, many developed countries also started from somewhere before getting to where they are today, when you desire it, hope for it and work by it then you will achieve it with time, things like this goes along with protocols, process and time.


Bitcoin has gone beyond adoption, there must be a future plan backing the adoption, Central African Republic adopted and Panama as well considering that, but yet they needed to put many things in place if they needed to see the difference, 8 years may be an assumption but with time, bitcoin adoption could change the entire story of a country to total turnaround.


why shouldn't it be only bitcoin? can you count the years fiat currency has been in use and the natural resources and yet there's no any delicable difference to improving better opportunities for the masses, i can only recall the oil boom in Dubai UAE which has promped them to this far and yet they give more opportunities for bitcoin development because they picture the future benefits could turn a great fortune if such opportunity is well utilized in bitcoin, if you're on a race, you don't stop nor look back not until you achieve your target.

El Salvador is not a developed country since then. So even if they start to use bitcoin as a legal tender, i don't expect much from this country but just a little improvement that they can get from the profits they will gain from bitcoin in the next possible years. But honestly, i don't see El Salvador to be the richest country 8 years from now, its still quite impossible to believe. I would only have my high hopes if El Salvador has been a progressive country way back then and that bitcoin could become a tool to realize its country's goals that will put the country in line with those wealthy countries.

Well, El Salvador needs much more wealth to become the richest country in the world in 8 years. Currently, it's well known they hold at least 1801BTC, which is proportional to 54,856,659$ dollars in real time rates. Let's say bitcoin hits its ATH at 70,000$. Then El Salvador will have more than multiplied their investment into 126,070,000$. That is a lot of money, but not enough to become the richest country in world, though...

Solely investments in bitcoin aren't sufficient. Territory size isn't an issue, but a country needs to develop their own technology to rise in GDP ranking. Look the example of Japan. They are a small island, but rank at third in GDP.

I can't read the article though, but adapting Bitcoin isn't enough to make rich the whole country. There should be overall development like other rich countries. But it's true Bitcoin adaption would help to push on development if they hold a handsome amount of Bitcoin. We can't imagine now where will go Bitcoin price in 8 years. So definitely it would help to improve the overall economy even not make them much rich.

Getting overhyped will not help us. Of course it will not be the richest country in the world, not even in GDP neither, just because they invest into bitcoin. What we need to consider is "what could they spend this money on and get a better return?" and if there is no answers to it, then I would say that bitcoin was a good idea, even if it is not making them the richest nation.

Definitely they could have invested in some stuff that would have profited them a bit until today, but then it is not going to be the same thing after like 5 years. Sure it looks like the price dropped and they didn't do anything great today, but in 5 years when bitcoin is 200k+ people will reconsider it.

Counting from now, I think eight is an enough time to get them somewhere close to that. But, don’t forget that there are other countries that are being eyed who everyone is believing would occupy that position in the next few years to come, but we are not yet sure about it. With the right plans things will go as expected.

And I don’t know how much they have invested in bitcoin, if they have invested a really huge amount now, especially now that the value of Bitcoin is very low, in the future it’s going to turn out real big.

True, there are two common denominators when it comes to some of the most powerful countries around the world, the first one is that you need a big population, if you have more people just by probabilities alone some great minds are bound to be born in your country and develop new ideas which brings the country forward.

The second need is to have a resource rich piece of land, which in many cases require a great deal of land, El Salvador does not have those two things, so even if they have an advantage in terms of their regulation and bitcoin adoption they will not ever reach that status.

El Salvador is a very poor country because of corruption and mismanagement. It isn't really a source of industry right now, maybe Bitcoin Mining can help because El Salvador has cheap and green volcano energy.
But El Salvador also has infrastructure and lack of knowledge problems to be solved and it needs a lot of money, effort and time.

El Salvador's problems are fundamental and take a long time to solve.

The article does not back the fortuneteller’s tale by anything other than this:

There are no indication as to how much the country should have amassed within the said timeframe, nor whether we’re talking about the country’s wealth from the point of view of the state funds, or from that of the individual residents.

The article is more of a personal blog type initiative really, as the site lists in the authors section Rich Sanchez (the article's author), … and Hal Finney … The latter leads to a post that, by Bitcointalk standards, and elsewhere one would have figured, is an uncredited plagiarized copy/translate/paste version of this post:
https://bitcointalksearch.org/topic/bitcoin-and-me-hal-finney-155054

Sounds like a credible source …

It's possible that El Salvador can become one of the richest countries of the world but it wouldn't be only because of Bitcoin. This country don't have mineral resources like other Central American countries and there have accusations of corruption and disrespect of the rule of law by the government. El Salvador must create veritable platforms such as investment in infrastructures that would attract investors who would tap its resources such as copper, sand, zinc and lead. Also, Bitcoin would flourish in countries with strong institutions and transparent government administration. Regardless of how much they make from Bitcoin, if the government is corrupt, it would make no positive impact on the country's economy because the money would end up in private pockets. It is not how much a country make or how much resources they have that make them the richest, but how these funds and resources are utilized. Central Africa Republic and Nigeria make so much money from their mineral resources but they are in the category of the poorest countries in the world.

Not at this pace because they still have huge gdp difference from the developed countries and by only adopting it they will not become richest country in the world.Suppose if another country also adopt it over these years so what will be it's status? They are developing bitcoin city backed with bitcoin bonds and that will help them to grow but this article doesn't seems true to me as 8 years is short span for the whole country to beat the world.