Bitcoin Forum

President of El Salvador Nayib Bukele tweeted that 2 more countries will adopt Bitcoin as legal tender:

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Twitter account Nayib Bukele @nayibbukele
https://twitter.com/nayibbukele/status/1477464599612076038 (https://twitter.com/nayibbukele/status/1477464599612076038)

2022 predictions on #Bitcoin:

•Will reach $100k
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
•Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf

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Huge surprise?

Among other things, the President of El Salvador has promised a “big surprise” at the Bitcoin 2022 conference. The event will take place from April 6-9 in Miami. In addition to Bukele, it will be attended by:

•head of MicroStrategy Michael Saylor;
•a modern representative of the Austrian school of economics Seyfedin Ammus;
•Blockstream CEO Adam Back;
•Lightning Labs founder Elizabeth Stark and other famous representatives of the crypto industry .
source (https://thetimeshub.in/el-salvadors-president-bitcoin-price-to-reach-100000-in-2022)

I think we will see more countries accepting bitcoin as legal tender when we see what the IMF has in store for El Salvador.

El Salvador is still going to be asking the IMF for money here soon, we will see how the IMF cooperates with them given they have been warned multiple times about their new-found use for bitcoin.

If their negotiations go well with the IMF and they are able to secure the funds they are looking for, we may see other countries follow suit with the legal tender laws. If El Salvador ends up getting shafted by the IMF we could see a very different attitude.

part of the tween was about the $100k

just some economic theory to add to this point:
at the moment the most expensive electric price on the planet puts mining costs at $80k a coin.
right now those countries are not mining but happily buying. keeping prices from going down by countering those with coin selling
if the price reached $80k then EVERYONE on the planet can afford to mine. which means then selling at profit. meaning less buy pressure and more sell pressure, so no a sustainable price to reach

to establish a sustainable VALUE (that lasts) at and above $100k the hashrate has to exceed and maintain atleast 230exahash to really make it difficult and costly to mine and make even $100k worthy of some buy pressure.

yes we might see some speculative hype social drama move the price up. but social drama is never a sustainable metric of value. its just a pump and dump temporary price glitch

....
as for two other countries..
well it only took El salvador 7 months from trialling the 'strike' remittance system to then get the country to legally acknowledge bitcon as legal tender. so anything it is possible in the next year that other countries might do too. but expect a few months delay between announcing a countries interest vs actually achieving it.

and as we all know by now, announcements of 'interested in a possible acceptance' is not actual acceptance, and remains gossip until it actually becomes legal

The first prediction is what everyone is really most excited about. I am also excited for Bitcoin to finally get that $100,000 prize. I believe it will happen in 2022. With regard to more countries adopting Bitcoin as legal tender. There is also a possibility for it, the two might be coming from Central America or South America. I am looking forward to it as well. But there must be more countries that will accept Bitcoin, although not as a legal tender.

There is more positive moves happening around the market which could drive the price of bitcoin touch $100k, yet we don't know how and when this gonna take place. Because, in no time the market used to move in opposite directions. When it comes to more two countries adopting bitcoin, there is possible chances. Particularly countries that doesn't have a national currency will go for it. More countries accepting bitcoin apart from adoption as a legal tender will happen for sure, because more countries that are against cryptocurrency is now regulating and developing policies for the same.

•Will reach $100k
That's pretty conservative in my opinion unless we go full bear.

•2 more countries will adopt it as legal tender
Quite realistic as well. We've had a good amount of rumours last year already. But of course, don't expect the bigger and more dominant countries to adopt bitcoin just yet.

•Will become a major electoral issue in US elections this year
Probably, assuming Miami Mayor Francis Suarez actually ends up running.

•Bitcoin City will commence construction / Volcano bonds will be oversubscribed / Huge surprise at @TheBitcoinConf
Ok.

There's problems that have arise when bitcoin became a legal tender in El Salvador and their impact to the market don't seem to be that big so it's hard to believe that another country will follow up. Maybe if the market goes for another ATH, it might attract some people of big influences.

Nayib Bukele is undoubtedly one of the most bullish politician in bitcoin history. So it's no surprise, he will speak highly about it! Also I assume, not just two but more countries will adopt bitcoin as a legal tender in coming months. But none of them is likely to wipe out their own currency system in this process just the way El-Salvador did. Bitcoin will be adopted as a parallel currency alongside their own fiats. Also it makes sense for the small countries as it will save them a ton of money from foreign remittances.

But I really doubt about the 100k claim. As Franky rightly pointed out, it is extremely difficult to sustain at 100k level. Some hype of whale movement may push the price beyond 100k but it won't sustain due to the huge sell pressure. So if we don't see a whole new array of investors in the market with a similar or higher buy orders, 100k will not sustain. The market has to eat up the supplies to sustain at that level. Simple economics!   

With his breakthrough investing a big amount of BTC for a country, other country leaders could be stimulate to also invest in cryptocurrency because crypto is already recognized by the world and no longer said as a scam thing or something that going to bubble.
The price increase is not the most important thing for bitcoin and the whole crypto markets right now, we need more adoption and more reach to make people invest on it and the price will be followed, sudden price pump is not good for the market we would rather to make it slow but steady increasement

This will be a good boost for bitcoin since this could add up the value of bitcoin and to became more worthy by the help of their adoption but they need also to study if they are really ready for this big move to make since look what happen now a huge price decline happen and if they are new to this for sure they will be endanger so hopefully they have knowledge on this so that they will not get burn on bear market season.

The announcement of these two countries adopting BTC I guess will also be done through that Bitcoin Conference in Miami again. There is just much of a buzz when doing it with Bitcoin loving audience and it's more massive this time because big media might just cover it.

Side projects for Bukele like the Bitcoin city and Volcano bond will make other countries sees the opportunity so if they also have volcanoes or waterfalls to turn into a hydroelectric power station, maybe there will also be Kaieteur Falls bond or something like that.

Very nice of him to tweet about Bitcoin, but we already know that he's bullish on Bitcoin and has his own interest in Bitcoin being successful.
And I clearly don't mind, but:
* I don't think that he's a specialist, by far.
* His tweets should be taken with a grain of salt. Or two. Just because they're greatly biased.

Depending on what those 2 countries are, it could be a big surprise or a meh moment. For example if another poor country like El Salvador that doesn't even have their own currency adopts bitcoin as legal tender it is not as big deal as El Salvador itself. But if a bigger country with a half decent economy did that, it would be big.

I also the "electoral issue in US" prediction is a big exaggerated. I don't think it would even be an issue.

So the President of El Salvador is the next PlanB?  :) I thought the myth has been busted when we didn't reach $100k in 2021? What if we get full bear market this year as it seems that the signs are already here?

In any case the President is really bullish on BTC and that is a good sign, just like the rest of us here. We are waiting for that 6 digits to happen. But I wouldn't expect too much though, specially on how the price is moving since December.

It's been hanging between bears or bulls thin line but once it crosses the 42K below price, it's obviously going to that bear market which everyone will really panic to sell. I'm not hoping for it to happen because the financial institutions also see BTC as the hedge for the imminent economic collapse or so they've predicted.

I think traders are also holding thier stablecoin this December because they also see that bears might also come. Until there is no obvious trend yet, those traders will also not come to buy. 

Some are just holding positively because of the bullish people like Bukele and Micheal Saylor.

Just a correction. El Salvador didn't abandon their own currency because they didn't have one in the first place. El Salvador has been using the USD since 2001 according to Wikipedia (https://en.wikipedia.org/wiki/El_Salvador), and on top of that they added Bitcoin - their second national currency.

It's probably going to be at least one South American country (maybe even two) with a ruined economy. It's very doubtful that we will see a western nation do it.

The key thing starts with the word “predictions” which has a very clear meaning : a statement about what you think will happen in the future (https://dictionary.cambridge.org/dictionary/english/prediction).

Of all his predictions, only the conference is somewhat certain (unless canceled due to the pandemic), and everything else is nothing but his personal thinking. If he knows which two countries these are, why not write it publicly so we all know? Whether it is Tonga and Honduras, or Nicaragua and Nauru - apart from the psychological significance that El Salvador is not the only one, nothing significant will change.

As for the big surprise, maybe Michael Saylor will run for mayor of Bitcoin City or maybe for president of the US in the next election :D

It's just his prediction of what might happen in 2022 and it doesn't necessarily mean it will happen for sure.


Bitcoin reaching $100k is quite realistic this year since it is already at $47k. If things go well then $100k is quite achievable this year.


How come he is so sure that 2 more countries will adopt bitcoin as a legal tender. May be he knows something that others don't or may be he is just bluffing.


May be the 2 countries are from US which is why it becomes an electoral issue in US elections. Lol  ;D


Those would be really nice to see.

Several other countries will certainly adopt bitcoin and make bitcoin a legal tender. this is also influenced by El Salvador which first legalized bitcoin. Nayib Bukele's strategy by adopting bitcoin is of course expected to further improve the economy of the country of El Salvador, especially since El Salvador does mining using volcanic mountain energy which of course is energy from nature that will not pollute the environment. The prediction described by the president of El Salvador is certainly still very likely to happen, because I am also sure that Bitcoin ATH will reach $100k or even more. and Bitcoin City which will be built by Nayib Bukele will add to the euphoria of bitcoin.

We all know that, at the end of the day countries will follow El Salvador definitely since there is no way that any of them are thinking about loosing a foot here, everyone wants to move forth and stay updated with the technology as well. Therefore it might not just be 2 countries but there would be definitely many in the line. What I do think is, how El Salvador presents itself in front of others is crucial. Being the first country to adopt bitcoins comes with a lot of risks and benefits as well, they would be able to steer through and show the world how well it might work out.
Adoption of Bitcoins is indeed very natural and it's gonna happen for sure, what matters is : How fast?? How long will it take ?? It would be interesting to see other countries approaches towards adopting bitcoins as well.

I don't trust his prediction and can't trust what he says about bitcoin the future of bitcoin but on the other hand as far as I know there are many other countries with worthless fiat currencies and their fiat money got low value so I expect to see these countries open their arm for bitcoin, the other reason for these countries to accept and use bitcoin for them can be economic sanctions from some other governments such as USA and EU because using bitcoin can they easily bypass these sanctions.

The prediction of at least 2 more countries will make btc legal tender is indeed possible. Like what Leviathan said, there are countries especially small countries that have worthless fiat currencies. So those are good candidates to deploy btc in their financial system. If El Salvador will continue to show positive progress with their adoption of btc, some countries will possibly follow their path. Looking forward about the construction of their Bitcoin City and how they will influence the citizens of El Salvador.

It's a bit of a myth that Bitcoin can be used to bypass all sanctions. Sanctions mean that companies of a country that imposed them are prohibited from doing business with the sanctioned country. Using Bitcoin could help hide such actions, but not completely, and there still need to be companies willing to break the law, which not many would actually want to do. Sanctioned countries don't really have a problem of paying to each other, so Bitcoin is not a great help for that.

It is more complicated than that. It is also not always about hiding.

For individuals, they will be prohibited to make a payment through banking system if their country is sanctioned. That means using bitcoin means they can make payment regardless of that, effectively bypassing those sanctions.

On a bigger scale for countries to trade, the issue of sanctions isn't about trading with the country that sanctioned them but to trade with everyone else. Right now trades are still mostly happening in USD even if US is not involved and it goes through US controlled channels and if US has sanctioned that country they will block steal their money. For example right now US has stolen trillions of dollars of Iranians since Iran is under US sanctions in dozens of countries (eg. South Korea, Canada, Iraq, a bunch of European countries). Using a different means of payment (eg. using SPFS ie. the equivalent of SWIFT from Russia) or bitcoin means bypassing the US control through a channel they can never intervene.

I was expecting him to drop some names and inside info, but he literally just says 2 countries. That's vague as one can be. But let's say, for the sake of the argument, that he is right, I imagine those 2 would be of the same economic stature as el salvador. I don't se any big names adopting it in a way they did, and not anytime soon. And maybe that's for the best. This seems to be going too fast for it's own good.

Same for what i expect that he'll be dropping those two names of countries. But this thing is already expected that there will be more countries who will adopt bitcoin as a legal currency and i know it will be happening in the near future.

However, Bukele's first prediction is close to its realization as bitcoin will certainly reach $100k few months from now once there is no bearish season. But no worries, because after its bearish season, i think a bullish season will appear and in less time, we will soon to witness $100k as new bitcoin's ATH. It could be this year or the next year around.

I would imagine that a number of "countries" have at this stage already been in contact
with Bukele so he would be in a position to know something of this and there
has been speculation from the community already as to who those countries are likely
to be.

We can be fairly sure though that they are likely to be similar countries to El Salvador
who are using the $

I do agree with the Nayib Bukele predictions. If two more countries adopt bitcoin as a legal tender. And the Security Exchange Commission (SEC ) approves some spot ETFs. Then bitcoin will likely cross 100k or at least could touch that mark in 2022.

So In my view, this is the time to grab some BTC for long-term prospects ( if price drops, buy more to reduce your average price). As fundamentally bitcoin getting stronger.

Making Bitcoin legal tender is a long process, and it requires of support in government.

AFAIK there's only Tonga planning to discuss this in parliament in 2022, but maybe there are others.

If you don't have laws/bills or at least people in government pushing for it, then it's very unlikely to have it happen this year.

When I see things like this, I wouldn't be too surprised because sooner or later there are certain countries that will follow the adoption rate which will continue to increase.
while saying that maybe in the future it will be even more so.
Apart from that, until now, only Elsavador has dared to be so vocal in making a clear adoption.
but on the other hand there may be more than that because indeed countries such as paraguay and the dominican republic have now coded for this adoption several times

Probably not going to happen any time soon. Bukele is probably just hyping up bitcoin yet again, and he knows that not a lot of countries have the leeway to approve bitcoin as a legal tender.

It is a long and tedious process, and not some plan that can easily be executed if they so do wish, especially if the country in question is already facing enough economic problems of their own.

We will certainly see other countries following suit, but it's most certainly not any time soon.

I was thinking that. If he says that based on information he has, and it is not a simple lucubration, it is because he will have talked to other presidents of other countries, probably from South America, and they will have been discussing the subject. We would like to, but I am sure he is not thinking of countries of great international economic importance at the present time.

I like your sane assessment of this news.

I believe that one should not take Bukele words as something "wow" and believe that his positive predictions will come true. The future is unknown to anyone and any scenario is possible.

If his predictions come true, then this will raise Bukele in the eyes of many. If he makes a mistake, then, in principle, Bukele don't lose anything. Well, I didn't guess, so what.

Somewhat excited Bukele! That tweet is attached to his style, it goes against clock, they are only predictions based on the heart of a politician and the love for bitcoin that any enthusiast can have, bitcoin is destined to that price (100k) but it is not a matter of a tweet, at least we hope not this year.

On the other hand, it will be really unpredictable to determine which country or countries will be included in this list with bitcoin as legal currency, which in reality practices as demonstrated with El Salvador has not had an influence on the value of bitcoin but has had a great influence in the community as a premise.

I think that first we will reach $ 100k before another country is added to El Salvador in the use of bitcoin as legal currency, in my region at least it is not legislating efficiently on bitcoin as an asset for legal use although some are already touching the subject as a proposal, this should be the beginning in any country before reaching the subject of legal currency, what happened in El Salvador was definitely the exception to the norm, so in 2022 it will be difficult to see another country to be added to the list.

I'm not sure which way to lean on this news.  Either he has been in communication with other countries about this (logical they would ask him for his experience) or he is trying to wish it into existence while trying to pump his bags.  I wouldn't put either past him and both seem likely.  I don't think it would be far fetched for anyone to make this claim, but considering he would be the guy countries would ask, you have to put a little respect on his name and assume that he's in the know and sharing some knowledge with us.  I just hope no disasters happen with the lightning network that cause this sort of adoption to be a massive failure that hurts Bitcoin.

Let's face it, with the price of Bitcoin currently wavering in the short term it is looking like the people of El Salvador overpaid for the Bitcoin that was purchased and subsequently given away as a form of electoral bribe. The irony being that the President was only giving people their own money back and not doing much else. While I think other cryptocurrencies or even digital fiat equivalents could certainly start to be used - we're seeing some movement in China on that front - I don't think it makes sense for other countries to use Bitcoin. It's simply too limiting and El Salvador was in a fairly unique situation where it used the US dollar exclusively and had no control over the fiscal policy that ended up guiding them.

I think with Bukele having his high position, maybe he had made his predictions not just out from thin air but with more solid basis. It's possible that he had made good communication with other countries' leaders so he has the idea about this. But if this is made out from his positivity, i guess there's no wrong with it because its definitely bound to happen but with no definite time. Bitcoin is growing not just in its value but also in its scope, and this massive adoption is its ultimate goal so definitely, bitcoin is definitely working in it.

Let's leave it to the people if they chose to believe in Bukele or not. After all, we all have our different insight about this, and we just hope all for the best. If his predictions will come into reality, then it will add more positive price into bitcoin because there is an increase of adoption. But if not, i guess he has nothing to lose for sure because he has nothing to prove in the first place. Predictions are freely made by everyone, and it should not be totally right since none of us holds the future.

Well, things will remain unpredictable until we see them already happening. I understand how bullish Bukele is when it comes to bitcoin as he leads the first country who had made bitcoin a legal tender. And if by chance he has met other leaders and talk all about this, then no wonder he has come up with this predictions. But if he is just making a hype, i don't think its still necessary for bitcoin as we all know that bitcoin will always have its own time to recover and surge its price again.

Yes, it's true that Iran is using Bitcoin in some of their trades with other countries, but I don't think it should be viewed as "Bitcoin allows you to bypass sanctions". The will of some EU countries to trade with Iran despite the US' protests is the key factor here.


Right, Bitcoin is one of many alternative ways. People shouldn't start thinking that Bitcoin is the only way to bypass sanctions and that it rendered sanctions useless.

Thats correct and I think the cryptocurrency communities are too overwhelmed about this news because no government can such a decision without a proper plan, not even this time that the market next trend is yet to be certain.
For the record, a lot of governments have talked about doing something that will crypto to be used as payment why does it take them so long but a lot of people don't think about things like this.

This will be another good news again for the crypto world, moreover for  the Bitcoin adoption.
But, what country is that? I am pretty sure that some countries may give certain influences to the Bitcoin price if using it as a legal tender. But, if this is about a small country, I am not sure that the influence will be dominant or be high enough.
however at least, many more good news about the use and acceptance of Bitcoin will bring fresh air.

Well, aside from that, the expectation about Bitcoin price to reach$100k is still around here. But, is that true to reach it this year even after the announcement from the countries that accept Bitcoin as legal tender? As we know that after the El Salvador acceptance, the price of Bitcoin also doesn't rise too significant. I am sure that the price of BTC can still rise up, but I don't know whether it will rise up until $100k or not. Because the era of Bitcoin bullish time actually is likely ended in 2021.

Maybe more countries will accept btc as legal tender this year but can't say which one will follow the El Salvador path but if i have to predict then it could be some neighbouring nation or some small nation whose currency is dominated by USD to strengthen their economy.

But $100k seems possible this year because we have just entered the year with $40k range and some positive action and investment could boost it to some high levels but nothing is guaranteed so will have to wait another 4-5 months and result will be clear near Q3 of 20222 to tell what price levels it is at that time.

History is being made. Bitcoin keeps his position as a slower, but steady winner both in the adoption rate and in the financial markets.
You can imagine that a president has a lot of influencing power and opportunities so Mr. Nayib is obviously making efforts in promoting Bitcoin as a new standard for storing value.

I have always predicted that the bold step  El Salvador took to make bitcoin as legal tender other countries will follow, it may take time for some other country though. I have always known bitcoin as a big digital currency that always win. It was not a surprise to me when El Salvador took bitcoin as legal tender I believed it will happen a day.

I am curious what the other countries that Bukele mention. It is no surprise to see if more counties will adopt bitcoin as a legal tender as the other countries can see what El Salvador already reached from bitcoin and that can make them follow the step to adopt bitcoin.

But to see the price will reach $100k this year, that will be a big WOW for us and we wonder when that can happen as we are now witnessing bitcoin price is at $43k. But we admitted that we still have much time to wait and patience while enjoying our time to accumulate more bitcoin in this downtrend still. Sooner or later, the bitcoin price will rise itself and at that time, we can sell for some amount or still wait for another time.

I'm curious about this other countries that were likely going to adopt bitcoin as a legal tender, I mean yeah, like you mate I am also very optimistic that there will be more country that will going to adopt bitcoin however today I don't think so since bitcoin legal adoption is still battling in an option of YES and NO to many countries like my country. I don't know when will price of bitcoin going to pump again but hopefully a $100k ATH will now be attain.

Going round the world you will notice that bitcoin is moving round the world but it will hard for All the country to accept it as a legal tender, many countries is capitalizing that Bitcoin is used by fraudster so many people is afraid of it, Bitcoin adoption was not like these before, it is few people and country who really accept it exchange but now is light of the world

I'm not really curious which country will follow in El Salvador's footsteps, because any country that legalizes Bitcoin as a legal tender is not
a problem. Most importantly, hopefully it can have a positive effect on the price of Bitcoin. Since the price of Bitcoin continues to decline right now,
I'm worried that if Bitcoin drops below $40k, there will be a panic sell and make the Bitcoin price go down. I hope to be able to immediately
mention which countries will legalize Bitcoin as a legal tender. Not because I'm curious, but with an official statement from the country that
will legalize Bitcoin, is expected to be positive news and push the price of Bitcoin to rise again.

Regarding the target of $100k, I am still very optimistic that it can be achieved this year, because I believe Bitcoin's performance in 2022 will be
better than 2021. Because it's still the beginning of the year, so there is no need to worry if the price of Bitcoin still shows a decline. Because in 2021
the increase in Bitcoin very high, so now is the time for a correction, but after that the price of Bitcoin can go very high.

Yes you are right, the only way that he would be able to know whether there would be countries that are going to adopt Bitcoin at all is if he has really spoken with the leaders of these countries and they actually said that they have such plans of making their countries adopt Bitcoin this year. If not, then he’s just making a speculation, which I think is not right at all.

Moreover he’s not the first person saying such a thing, there has been other people who has made this same prediction that there would be countries that would adopt Bitcoin, but they are just speculating what they think would be happening, and they are not sure it is really going to happen.

As someone who is at the highest position of his own country, am sure that Nayib Bukele has access to information that are not normally available to anyone of us and that can be the reason I am at least trusting his pronouncement at 50%...with the other 50% left for chances as there is no guarantee here whatsoever. We know that El Salvador made into the frontpage of Bitcoin history by being the first country to make BTC as a legal tender...and if one day there can be another two countries to do so then that can be a very big welcomed news. Let's hope that what he is saying can really come true. Now, even if it is just recognizing Bitcoin as  legal asset and not necessary as a legal tender...that can already be making a big impact for the market.

I guess bitcoin is still on the grey side as there needs more discussion from the government with all of the people who will be related to the decision-maker in the country. But in the future, the chance for bitcoin to be accepted as a legal tender is still wide open to give more chances for bitcoin to get more support from the country and the people. Bitcoin price will go to the pump again. No need to worry instead just wait for that time and be ready with your bitcoin to take your profit at that price.

This is not the first time that someone is predicting about Bitcoin reaching $100,000. Last year (2021) a lot of people were predicting that the market would reach $100,000 before the year is over, but that never happened till 2021 was over.

So someone making the same predictions in 2022, I don’t really see a reason for me to be so excited about it, so I am just going to wait till I see it happen and then I will be sure. And what about the two countries that are going to be adopting bitcoin, does he really know which countries they are, or he’s just making a guess on that? If he’s too sure about the countries that it is going to be, why didn’t he mention their name? Anyways, I’ll patiently wait till the year is over to know whether the things he’s said is going to be the truth or not.

Let's go through his predictions. It's easy to say that he's right about Bitcoin City and Volcano bonds because they're under his control. So is, I guess, that surprise at the Bitcoin Conference, but he might overestimate its scope and impressiveness. As for the first three things which are out of his control, I think that $100k is a realistic prediction, while 2 countries adopting Bitcoin sounds less likely (unless El Salvador starts showing vast economic improvements fast, and also because I think a move like this usually requires a young dictator to do things fast), and I find Bitcoin being a big matter in the US elections even more unlikely. So far, it wasn't a big issue in the US politics, with few people from both parties caring about changing the existing policies at all.

Why he says 2 countries? Why not 1 or 3 or 14? Does he know exactly which countries will adopt Bitcoin if he has the exact number? I personally don't think that it's a sure thing that we'll see more Bitcoin adoption as legal tender this year, because all those rumors about the next countries to do so were completely unfounded.

Maybe he really knows something, and maybe he's just guessing, time will tell if he was right or not. However, one thing may be important in the story of who will be next, because the hardest thing is to be first in something - everyone else can learn a lot from the example of El Salvador, and maybe even get technical help if they decide to take the same step.

The key thing in all this is whether Bitcoin will change something for the better in El Salvador, and this is what is now in the focus of all potential candidates.

You are right. El Salvador will serve as a model from other countries so if they can see that bitcoin did a great thing in El Salvador and was able to make this little country a very progressive one, then we can expect that after the success, other countries will have more chances to adopt bitcoin as their new legal tender. Things are only quite hard in the beginning because of the risk, but if a single country takes the risk and comes out more successful, then bitcoin has really those big potentials that a legal currency should have.

I'm asking a pretty stupid question here, but El Salvador simply made bitcoin a fiat option in the country, they didn't actually completely replace their fiat currency for bitcoin period did they?  I feel silly asking this but it just dawned on me that I actually just don't know.  This type of current volatility that we are dealing with certainly does not help with anything when countries are looking at potentially making bitcoin legal tender for their nation.

I am not sure any other countries will follow the same route if we have a down year for bitcoin.  We certainly not off to a good start.

As we have repeatedly pointed out, the idea of Bitcoin in El Salvador was to save on remittances sent by their expatriates mostly from the US - and if I remember correctly the initial plan was to save about $400 million on it using the Bitcoin and Chivo app. Everything else comes after that, and President Bukele seems to have a lot of ideas that are closely related to Bitcoin.

I found some interesting information that might give us an indication of which countries Bukele is thinking about, and it concerns foreign remittances. By that criterion, the next candidates could be Honduras, Haiti, or Jamaica.

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El Salvador replaced its national currency with the US dollar some 20 years ago, and now they have only added Bitcoin to its monetary system, US $ still remains a legal payment option. Using the Chivo app, every resident of that country can very easily and for free convert USD to BTC and vice versa and thus choose what to use for the transaction.

In the long run, the lower price of Bitcoin is actually an advantage in such cases, because everyone who buys wants to buy as much BTC as possible for as little fiat as possible - and in the long run it means a profit one day when the price of BTC rises again.

most likely nayib bukele's prediction will come true, because all this time after the government of el salvador accepted bitcoin and made bitcoin a legal tender, their economy was improving, maybe because of that the government of el salvador dared to say there would be other countries that would follow in their footsteps, we'll see in 2022, is it possible for Nayib bukele's prediction to come true..

I kind of see El Salvador as the pilot project for Bitcoin and so far it's success exceeded my expectations, because I thought the first world countries will punish them for making that decision and that they would be forced to revise their decision. I know the IMF said that their loans to them will be jeopardized, but it did not faze their decision at all.  ;D   

The question is.... which countries will follow them and what will happen once more and more countries decide to do this. (Will the pressure from first world countries intensify?)   ::)

If that's the key metric then Tonga should be up there with 37.16%:

https://tradingeconomics.com/tonga/remittance-inflows-to-gdp-percent-wb-data.html

Tonga also already has plans to discuss making Bitcoin legal tender in parliament this year:

https://cryptoslate.com/tiny-island-of-tonga-weighs-making-bitcoin-btc-legal-tender/

The view applies only to Latin American and Caribbean countries, while Tonga is located in Oceania (South Pacific Ocean). In addition, the country has a population of just over 100 000, but half of the population is said to live outside the country, mostly in the US, Australia, and New Zealand.

That makes it a really good candidate for the next country to make bitcoin legal tender, as many of those people living outside of the country are sending money to Tonga through expensive services like Western Union for example.

I believe that Bukele already handles privileged information and I am sure that many presidents have asked him for some help regarding the adoption of BTC and take it as legal tender, if this is the case, for me the most optioned country to adopt BTC is Venezuela , and maybe Argentina, and it is simple, both countries maintain a very high inflation, in the case of Venezuela it serves a lot due to the multiple restrictions that the USA and Europe have imposed on it, the only way to be able to have money without restrictions is to Through BTC, apart from that they mine BTC in a great way, and I think it will be in South America because developed countries do many regulatory projects so that their stable economies are not seen as indicative of capital flight.

I also really hope that what Nayib Bukele predicted will come true, because it would be very good for the development of Bitcoin if more and more
countries adopted Bitcoin as a legal tender. Bitcoin has been proven to improve the economy, so if more and more countries legalize Bitcoin as
a legal tender, will help boost the country's economy. Moreover, a country that has a very bad economy, It is highly recommended that the country
adopts Bitcoin. But I am quite amazed by the figure of Nayib Bukele, because he is very open minded towards Bitcoin, and the decisions he made
are quite brave, because it is different from the decisions of the majority of other countries. El Salvador is lucky to have a president like Nayib Bukele,
I believe Nayib Bukele can make El Salvador a great country, in the next few years El Salvador's economic development will be very fast.

whenever he says that the price drops a lot, well maybe in the future it will really reach that price


no doubt more countries will legalize bitcoin, but the question is when will that happen? Will it be 3 or 5 years from now? or 10 years?


well, I have little to comment on this, I think that American politicians will not give much importance to this topic.


Oh seriously, haven't given up on that yet?


I have nothing to comment


I hope he doesn't lie