Two years ago today, El Salvador adopted Bitcoin as legal tender

aoluain

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Quote from: Zlantann on September 18, 2023, 01:46:08 PM

Quote from: iBaba on September 07, 2023, 11:02:49 AM

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.

https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

Thank you iBaba for reminding us. No country has shown so much commitment like El Salvador and no president has ever believed in Bitcoin like Nayib Bukele. Central African Republic became the second country to adopt Bitcoin but the nation couldn't withstand the pressure from institutional anti-Bitcoin forces so they repelled the law that made it a legal tender. Selling it now is needless since it will lead to losses rather they should hodl and even add more now that the price is down. Many countries are becoming more Bitcoin-friendly and we can assume that through friendly policies we are seeing. But they are not bold enough like Nayib Bukele's El Salvador.

or brave enough!

As we move ever closer to the possible pre-halving bullrun profits will be realised and
the post-halving bullrun will prove Bukele's decision to embrace Bitcoin was a brave
move and will prove beneficial to those we also believed in his move.

Zlantann

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Quote from: iBaba on September 07, 2023, 11:02:49 AM

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.

https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

Thank you iBaba for reminding us. No country has shown so much commitment like El Salvador and no president has ever believed in Bitcoin like Nayib Bukele. Central African Republic became the second country to adopt Bitcoin but the nation couldn't withstand the pressure from institutional anti-Bitcoin forces so they repelled the law that made it a legal tender. Selling it now is needless since it will lead to losses rather they should hodl and even add more now that the price is down. Many countries are becoming more Bitcoin-friendly and we can assume that through friendly policies we are seeing. But they are not bold enough like Nayib Bukele's El Salvador.

Aanuoluwatofunmi

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Quote from: sokani on September 18, 2023, 12:48:27 PM

Quote from: aylabadia05 on September 07, 2023, 11:28:22 AM

There were pros and cons to his decision to legalize Bitcoin as legal tender in this central American country, but I really sympathize and want to say, Congratulations to El Salvador and salute Nayib Bukele as a young president who has a strong commitment to advancing the economy through Bitcoins.
Bukele continues to take steps in terms of Bitcoin, including initially not forcing citizens to use Bitcoin. For his courage to see the future with Bitcoin deserves appreciation.

Nayib Bukele's decision to make Bitcoin a legal tender brought about worldwide criticism and backlash but he's beginning to silence his critics with some milestone achievement. The bitcoin city, geothermal bitcoin mining farm and bitcoin airport are remarkable projects that if completed will help to put the nation on the world map and also boost the economy. Startups and businesses are already trooping in their numbers to stake their place in the country, many jobs are been created for the citizens, crime rate is gradually reducing as many persons are taken off the street. More also, the tourism sector is feeling the impact as the nation is considered as a preferred tourist destination especially by bitcoinists. So, I think the pros out weights the cons.

That's true, the tremendous success in El-Savador is enough to silent the criticism it had been receiving for years, had it been that bitcoin adoption in El-Savador wasn't successful, there wouldn't have been economy development and the people would have maintain argitation in kicking against it's adoption, but El-Savador is a bitcoin landmark reference that we all have and had set the pace for everyone interested in bitcoin adoption because they never regret making such a decision of bitcoin as a legal tender, we still look forward to seeing more of these developments and a continuous one indeed with many more years to come, because bitcoin is what has come to stay and El-Savador has made a final, complete and perfect decision on bitcoin adoption while others keep joining after.

romero121

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Bitcoin adoption from El Salvador have made big change in the way bitcoin is seen by the rest of the world countries. Today Taiwan authorities have discussed with El Salvador authorities on having virtual assets bureau to have things function properly without issues. Through this regulations money laundering, grey area, illegal operations and other frauds related with cryptocurrency can be reduced.

El Salvador have made a big move and the same is being watched by the world. Following the progress we can expect more countries follow it. However the credit mainly goes to President Nayib Bukele, he took a bold decision and worked on it and the same brought big growth in different sectors.

sokani

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Quote from: aylabadia05 on September 07, 2023, 11:28:22 AM

There were pros and cons to his decision to legalize Bitcoin as legal tender in this central American country, but I really sympathize and want to say, Congratulations to El Salvador and salute Nayib Bukele as a young president who has a strong commitment to advancing the economy through Bitcoins.
Bukele continues to take steps in terms of Bitcoin, including initially not forcing citizens to use Bitcoin. For his courage to see the future with Bitcoin deserves appreciation.

Nayib Bukele's decision to make Bitcoin a legal tender brought about worldwide criticism and backlash but he's beginning to silence his critics with some milestone achievement. The bitcoin city, geothermal bitcoin mining farm and bitcoin airport are remarkable projects that if completed will help to put the nation on the world map and also boost the economy. Startups and businesses are already trooping in their numbers to stake their place in the country, many jobs are been created for the citizens, crime rate is gradually reducing as many persons are taken off the street. More also, the tourism sector is feeling the impact as the nation is considered as a preferred tourist destination especially by bitcoinists. So, I think the pros out weights the cons.

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Quote from: CryptoHeadlineNews on September 10, 2023, 06:35:52 AM

Quote from: Texac on September 10, 2023, 05:23:50 AM

Are you from El Salvador? on what basis do you say that bitcoin adoption has helped their country repel crime or improve their economy? for the country's economy to improve, we need to increase the employment rate, increase people's income and sharply reduce the rate of social evils...Meanwhile bitcoin is accepted as legal tender in El Salvador, meaning bitcoin is used as currency. how can it improve the nation's problems? not only can bitcoin eradicate poverty and reduce unemployment, but it can now also reduce crime rates and social evils, lol. so many crazy ideas about bitcoin.

Though it's true that "El Salvador" might have lost a lot of funds due to the drastic fall in the price of Bitcoin, but yet Bitcoin made the name "El Salvador" popular the way it is among other nations and the Bitcoin community at large, because thou it might not have helped eradicate poverty and employment totally, but it actually did in that certain ways, because due to the legalization of Bitcoin, it gave people the privilege to venture into Crypto & Blockchain related skills, which I'm sure by today, El Salvador should be having an institute that should be offering a handful of Blockchain related courses.

However, if you can take a look at the image below, you will notice that the revenue generated from "El Salvador" tourism sector started increasing in 2021, which is the same year it accepted Bitcoin as legal tender, as am sure many Bitcoin lovers must have gone there to see what it feels like living in a Bitcoin free & acceptable environment.

I also know about El Salvador's tourism industry which has grown since they accepted bitcoin. but a tourism industry cannot help them improve the whole country's economy and moreover, how does bitcoin prevent and reduce the crime rate in El Salvador? what I want to say is, bitcoin is very useful and brings a lot of convenience to us, but let's not exaggerate it to an unnecessary level.

Bitcoin is just a peer-to-peer currency and it gives us the freedom to not depend so much on the government. bitcoin is not a panacea that can cure humanity's ills. that's what I'm talking about.

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Quote from: pooya87 on September 07, 2023, 11:20:45 AM

Quote from: iBaba on September 07, 2023, 11:02:49 AM

~ he has spent $101 million for the purchase~
Even as this is happening, the president is not compelled or pressured to sell them off,

According to Google the El Salvador GDP past two years were $28.74 and $31.6 billion, and government revenues in 2021+2022 was $12.6 billion with no budget deficit. This means investing $101 million or 0.16% of GDP or 1/5 of the left over budget of 2022 into bitcoin is nothing and there is no need to sell it off!

Instead bitcoin is acting as the reserve currency of the country in the long run. In fact I believe they should dump more of their left over budget into bitcoin now that there is a much bigger discount and bitcoin is undervalued.

I completely agree with you, in-fact, it is exactly the same thing I was thinking about while reading the op, the bitcoins El Salvador bought and still holds might be seen by some people to be in a loss at the moment, but lets not forget that one bitcoin will always remain one bitcoin, it is only considered to be in loss at the moment because it seems to have been or become a norm amongst crypto users to value bitcoin(especially) in US dollars.

But anyways, speaking on the valuation of bitcoin in dollars, El Salvador might have indeed recorded some loss, but then, the potential to profit is very high, Bitcoin is still in its infancy and the best is yet to come, so for those who have the means, be it government or individuals, Buying bitcoin now and keeping for the long term is really something to consider, for the government of El Salvador, they have a good opportunity in their hands to buy even more bitcoin right now that bitcoins are a bit cheaper compared to the average price of bitcoins they bought previously, adding more to their stash right now will bring their average cost down significantly and also increase their profit when the much anticipated bull season arrives.

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I'm happy that a fairly small and fairly poor country managed to withstand international pressure and follow through with Bitcoin adoption. 2 years isn't a lot of time, especially considering the bear market, so perhaps we'll see long-term effects of this adoption later, but is there any good review of how it's going so far? It seems their GDP growth has been very slow lately, and I couldn't find much information on whether Bitcoin adoption affected their economy. There's no negative effect, so that's good, but it seems there's no pronounced positive effect countrywide either.

CryptoHeadlineNews

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Quote from: Texac on September 10, 2023, 05:23:50 AM

Are you from El Salvador? on what basis do you say that bitcoin adoption has helped their country repel crime or improve their economy? for the country's economy to improve, we need to increase the employment rate, increase people's income and sharply reduce the rate of social evils...Meanwhile bitcoin is accepted as legal tender in El Salvador, meaning bitcoin is used as currency. how can it improve the nation's problems? not only can bitcoin eradicate poverty and reduce unemployment, but it can now also reduce crime rates and social evils, lol. so many crazy ideas about bitcoin.

Though it's true that "El Salvador" might have lost a lot of funds due to the drastic fall in the price of Bitcoin, but yet Bitcoin made the name "El Salvador" popular the way it is among other nations and the Bitcoin community at large, because thou it might not have helped eradicate poverty and employment totally, but it actually did in that certain ways, because due to the legalization of Bitcoin, it gave people the privilege to venture into Crypto & Blockchain related skills, which I'm sure by today, El Salvador should be having an institute that should be offering a handful of Blockchain related courses.

However, if you can take a look at the image below, you will notice that the revenue generated from "El Salvador" tourism sector started increasing in 2021, which is the same year it accepted Bitcoin as legal tender, as am sure many Bitcoin lovers must have gone there to see what it feels like living in a Bitcoin free & acceptable environment.

Texac

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Quote from: Out of mind on September 09, 2023, 10:47:53 PM

Two years ago today in El Salvador, Bitcoin was officially adopted by the country's government. But then the people of the country were against it all, went against the government to officially legalize Bitcoin. But when Bitcoin became legal in El Salvador, people thought there would be more corruption and more murders. El Salvador has always had people involved in criminal activities, from juvenile gangs to criminal activities. But since legalizing Bitcoin, El Salvador's government has clamped down on them and completely revamped the country. After Bitcoin was officially legalized, their country has gradually improved, and now they have advanced economically. There everything is possible with Bitcoin and everything is accepted as payment through Bitcoin and the country has progressed so much that the education rate is highest.

Are you from El Salvador? on what basis do you say that bitcoin adoption has helped their country repel crime or improve their economy? for the country's economy to improve, we need to increase the employment rate, increase people's income and sharply reduce the rate of social evils...Meanwhile bitcoin is accepted as legal tender in El Salvador, meaning bitcoin is used as currency. how can it improve the nation's problems? not only can bitcoin eradicate poverty and reduce unemployment, but it can now also reduce crime rates and social evils, lol. so many crazy ideas about bitcoin.

armanda90

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Two years ago after El Savador accepting Bitcoin still not any countries following what did by El Savador legalize bitcoin as payment tender, actually as investor in Bitcoin so excited with El Savador make Bitcoin become legal tender transaction and there more popular using bitcoin as payment transaction not only by citizen but also all tourist interested for visiting El Savador to fell sensation when transaction using Bitcoin. First time make Bitcoin as legal payment transaction many against from their citizen and El Savador are giving with 30$ worth for their people installed and using bitcoin wallet application.

Slowly in my country Indonesia, have follow with El Savador to make bitcoin close forward with legal payment currency but until right now adopting only for investment and government have adopted with tax for all transaction with Bitcoin.

Litzki1990

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Two years ago today, Nayib Bukele first accepted Bitcoin as legal tender in his country. Yes you guessed right I am talking about El Salvador. We welcome him for such a great initiative. For him the matter was not at all that easy, in a country usually there are several other parties including the opposition party who always speak against the ruling party. Nayib Bukele was no exception, the opposition party was against the government party as well as the media of his country was against him, but despite all this, he only remained steadfast in his decision and he accepted Bitcoin as a legal document in his country. Initially people spread a lot of negative information about it but later when everyone realized that Nayib Bukele's decision was the right one, those who opposed him again applauded him. El Salvador marks two years since the country successfully adopted Bitcoin as legal tender.

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Quote from: Out of mind on September 09, 2023, 10:47:53 PM

Two years ago today in El Salvador, Bitcoin was officially adopted by the country's government. But then the people of the country were against it all, went against the government to officially legalize Bitcoin. But when Bitcoin became legal in El Salvador, people thought there would be more corruption and more murders. El Salvador has always had people involved in criminal activities, from juvenile gangs to criminal activities. But since legalizing Bitcoin, El Salvador's government has clamped down on them and completely revamped the country. After Bitcoin was officially legalized, their country has gradually improved, and now they have advanced economically. There everything is possible with Bitcoin and everything is accepted as payment through Bitcoin and the country has progressed so much that the education rate is highest.

As a bitcoin investor, I support El Salvador's adoption of bitcoin as legal tender, but I do not see the adoption of bitcoin as controlling criminal activities and reforming the national economy. Bitcoin is just currency, an investment just like President Nayib Bukele is investing in bitcoin. How can it reduce criminal activities?

What I see is that they benefit from the tourism industry since accepting bitcoin, which is more curious and attracts more tourists. Also, they are still educating people about bitcoin, which is what I know is happening in El Salvador.

Out of mind

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Two years ago today in El Salvador, Bitcoin was officially adopted by the country's government. But then the people of the country were against it all, went against the government to officially legalize Bitcoin. But when Bitcoin became legal in El Salvador, people thought there would be more corruption and more murders. El Salvador has always had people involved in criminal activities, from juvenile gangs to criminal activities. But since legalizing Bitcoin, El Salvador's government has clamped down on them and completely revamped the country. After Bitcoin was officially legalized, their country has gradually improved, and now they have advanced economically. There everything is possible with Bitcoin and everything is accepted as payment through Bitcoin and the country has progressed so much that the education rate is highest.

romero121

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Countries are very eager to adopt bitcoin, but no government have got the ability to do it legally. What El Salvador President Nayib Bukele did is really great thing and the same is being watched by people around the world as well as the governments functioning around the world. Amidst lot of opposition from the people as well as financial organization President Nayib Bukele executed it. Even now there is opposition, but through different schemes people were well taught about the goodness and the need of bitcoin. Hope the success will happen at the earliest and more countries will follow it.

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Quote from: Aanuoluwatofunmi on September 09, 2023, 05:51:39 PM

Congratulations to El-Savador but we don't want it to appear that only them together with Central African Republic will be the countries that adopted bitcoin as a legal tender, we are expecting more adoption from as many as possible to turn up to this digital currency era and change the entire approach on how they see and make use of fiat currency, El-Savador had alot to write on since their bitcoin adoption till now and the progress are still counting.

El Salvador is a pioneer in Bitcoin adoption that actually uses Bitcoin as legal tender.
But at the beginning of the adoption there were pros and cons of using Bitcoin as payment and that seems to be normal because the people are not familiar with Bitcoin.

El Salvador is not only doing adoption, but they are a country that does Bitcoin mining by utilizing natural power Volcanic mountain activity, so it does not use energy used for community needs.

In addition, El Salvador also created a Bitcoin island that was completely built with the Bitcoin ecosystem and now El Salvador is implementing a Bitcoin curriculum in their education system and this is their new program to spread knowledge about bitcoin.

Aanuoluwatofunmi

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Congratulations to El-Savador but we don't want it to appear that only them together with Central African Republic will be the countries that adopted bitcoin as a legal tender, we are expecting more adoption from as many as possible to turn up to this digital currency era and change the entire approach on how they see and make use of fiat currency, El-Savador had alot to write on since their bitcoin adoption till now and the progress are still counting.

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Quote from: adaseb on September 08, 2023, 11:54:22 PM

His mistake was similar to Saylors. He should of bought earlier or bought more earlier instead of later.

Quote from: tbct_mt2 on September 09, 2023, 12:11:01 AM

Both Michael Saylor and Nayib Bukele did learned precious lessons from this bull and bear market.

Claiming what they did was a mistake and they learned a lesson is claiming that one could have predicted the market and this very new trend that has never happened in bitcoin history when after the bull run starts and goes to a new ATH ($60k+) it comes back down to reach the previous bull run's ATH ($20k). Literally nobody could have foreseen this, nor the global recession starting in 2022.

cafter

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president bukele's approach to bitcoin is very different, we don't know if other countries will do it too. it is a tough choice with many factors to think about.
but one thing we're sure of is that cryptocurrencies, like bitcoin, are here to stay. they are getting more important in how the world does business, and they are going to keep growing and changing in the future.

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Quote from: sokani on September 08, 2023, 09:20:29 PM

I don't think Nayib Bukele is going to be able to meet his target of 100,000 BTC in 2024, judging by the 2381 BTC El Salvador currently have. Doing a little maths, El Salvador has 2.4% of the targeted amount of Bitcoin in their possession, I wonder how he's going to get the remaining 97.6% in 16 months. Even the volcano powered Bitcoin mining farm cannot make this happen within this time frame. I expect the president to maximize the bull season and sell some of the nation's stash and reinvest during the bear season.

Quote from: adaseb on September 08, 2023, 11:54:22 PM

His mistake was similar to Saylors. He should of bought earlier or bought more earlier instead of later. After musk announced his purchase that is when both of them have been buying bitcoin aggressively. And they bought way too much above the $50K range. And it ended up giving them a horrible average.

Saylors average is maybe $30K or $31k or so and he is barely above it and the presidents is even worse. Both should of bought more when Ftx collapsed and prices were less than $20K but both didn’t do much buys in that area, they instead bought a lot in the $40-60K range. Can’t blame them I guess.

Both Michael Saylor and Nayib Bukele did learned precious lessons from this bull and bear market. They would be smarter in 2024 and 2025 bull run as well as two or three bear years after that. Michael Saylor and MicroStrategy are Bitcoin whales and if we ignore capital source of Nayib Bukele is from his national treasury, we can consider him as a Bitcoin whale too.

They started as newbie whales but like us, they can improve their investment and DCA strategy in a next market cycle. Fortunately for both MicroStrategy, Saylor and El Salvador, Bukele that they almost survived through hardest time of this bear market. They can counting down last months before enjoying 2024 and 2025 bull run.

Meanwhile, they must be careful in next months which are last ones of this bear market, to avoid liquidations.

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