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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/ (https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/)

I disagree that the OP has to comment on this specific issue in the thread you link to, mate. Here he is asking if El Salvador will be the richest country in the world in 8 years and for that I think it is justified to create a separate thread.

As for what you ask, OP, no, I don't think so at all, and I would like to but I think that raising that, as crazy as it is, would have made more sense last year, when many still believed that the price cap in this cycle was going to be $200-$400K.

But even then, that El Salvador could end up being richer than the top producing countries in the world due to Bitcoin is simply laughable.

The article is written in Portuguese so I used Google for translation, however it can be said that this is a little exaggerated, it is not likely that the adoption of Bitcoin will make El Salvador one of the richest or most prosperous countries in the world in 8 years!!! This is a great exaggeration. Bitcoin cannot solve all the problems of this country and make it compete with rich countries that have great resources. The country suffers from great economic problems there, and Bitcoin can be a solution to these problems, but it will not make this country rich.

Yes nothing is impossible with bitcoin when it comes to financial investment, El-Savador whole story about debt might have been cleared right before that eight years you thought, one thing with bitcoin as an investment is that it secures the future for you, there's no how you could make an investment in bitcoin over a long duration and never have a reason to smile at the end, it appreciate, its a digital good store of value, its an investment asset, its secured, its anonymous, if you look at the the history from how it all started from 2009 till date then you could get more conviction that El-Savador or you could achieve a big dream with bitcoin adoption and investment.

Bitcoin only supports modern finance, and as it has been said many times that bitcoin is not the ultimate solution to bring about an increase in economic status. It all depends on the human resources in the country.

While limited bitcoins will always be the object of competition from people around the world, the founders of fintech companies are constantly looking for friendly countries. If the Salvadorans don't rush to adapt and keep up with this revolution, then bitcoin means no direct impact on them and only benefits non-natives.

Other countries can invest in Bitcoin too and they are richer than El Salvador so they can have bigger budget for national investment in Bitcoin if they do it.

I hope that El Salvador President has good risk management and will not over leverage with his national Bitcoin investment. If they can spend their own reserve to invest in Bitcoin and hold it for 8 to 12 years, I believe they will become a damn rich in future.

If they over leverage, I see a future they can get rekted by liquidations.

Next 8 years is 2030 that is close to a year 99.2% Bitcoin will be mined. If you can hold until 99.2% Bitcoin is mined, you will become billionaire.
https://en.bitcoin.it/wiki/Controlled_supply

It definitely seems like they are on the right track but you have to admit that just because bitcoin is legal tender in El Salvador and the government has bought some bitcoin that doesn't mean all their economic problems are going to be magically solved and in such a short time (less than a decade).

Basically they have to stick to the right path and continue putting a lot of effort into changing decades of bad mistakes and revolutionizing their country in economy and culture to be able to get past the problems and first get out of debt then start building their wealth. I'd say this alone could take two decades.

I wish them success.

El Salvador would become a rich country, if they find giant amounts of oil, gold and natural gas(not going to happen).
Another way for the country to become rich is to invest in the people and have a great educational system(which will never happen).
Buying Bitcoins and waiting for the BTC price to hit 500K or 1M USD won't make the country rich, because the president(and many politicians and bureaucrats) will put their hands over this massive wealth and steal the Bitcoins. A corrupted minority will become rich, but the majority of El Salvador will stay poor. Corruption is a major problem in the underdeveloped Latin American countries.  

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

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

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

It will definitely not be. The key determinant of a successful country is by their economy, which is in turn influenced by different factors, (HDIs, Corruption, Policies, etc etc). If you were to look at El Salvador at its current state, for a supposed democratically elected leader to call themselves a 'dictator' is absolutely ridiculous.

For El Salvador to even escape the labelling of 'developing country' requires so much more than prudent investments (Bitcoin is not one) but also sustainable and rational steps.

El Salvador keeps increasing its reserve of bitcoin. This will make El Salvador to be the country with the largest number of bitcoin reserve in 8 years time. The country have got more economical problems which can't be solved with this adoption. There needs to be perfect plans and execution.

At present the major problems faced are poverty, lack of water supply and sanitation, violence, unemployment. Government need to work on it. Just with bitcoin adoption this can't be rectified. Proper education will lower poverty as well as violence. Further government needs to create plans for sanitation and providing healthy water. On the other side with continuous investment on bitcoin, maybe in future the bitcoin City can bring more job opportunities.

Bitcoin market cap today = 500 billion. Even if in 8 years this becomes 10x, it is only 5 trillion US dollars.

So if El Salvador owns all the bitcoin in existence and it x10 in price in 2030, it will not be the richest country in the world.

China networth today is over 100 TRILLION.

So no need to make complicated calculations, the facts are too large to overcome :)

I don't understand why this is has been raised ? Is this for only that the El Salvador approved the use of Bitcoin as legal tender ? Yes it's positive site because it will increase the reserve of Bitcoin in there country but This does not mean that they will become the richest Country in the world. I viewed their GDP , Per Capita Income Rank and I think they still have a long way to go. The biggest problems are corruption and terrorism. I think they can go to a better place as long as they can get rid of them. And in the end I will say  this country not only 8years It cannot be the richest country in the world even in 18 years.

If someone assumes this only because their president buys a few hundred BTC from time to time, then that country will not get very rich even if the price of BTC by the end of the decade is ten times higher than today. And everyone seems to be forgetting that politics can change if some new politicians are brought to power in the next presidential/parliamentary elections.

I would put the assumption that the ES could become the richest country in 8 years in the same category as if someone were saying that Switzerland would become the poorest country in the world in the same period - and that doesn't make any sense.

El Salvador will in any case have the same problem as anyone else here: When do you sell your bitcoin? If the price doubles maybe the next president sells it. Maybe they sell it when it is 200k, maybe they sell it at a loss.... Nobody knows what will happen, since it depends a lot how they handle the coins later.

Everything in the article looks like another bla-bla-bla and a vision of the world through pink glasses. El Salvador will be rich if they hold and Bitcoin price goes up. Even newbies on this forum are more realistic. Article does not give any reasons why would Bitcoin price grow. Similar, prices on everything can grow also. The fact that "once Bitcoin cost 1 dollar, but not it cost 30 thousand" is silly. I can say same about gold for example. Anyone can buy or create of pickaxe, go mine gold and become rich. However people dont do that.

I support your statement regarding what Op stated here and I agree that anyone thinking that El Salvador is likely to be one of the richest countries in the world in 8 years because they adopt Bitcoin has exaggerated. El Salvador is the fifth poorest country in North America, the country needs to expand its coffee and sugar production which is their most source of income and they also have to improve their educational system which will help them to do away with violence that is when the adoption of Bitcoin will be fully effective there In regards to them becoming richer than some countries.

It doesn't make a lot of sense that article, there are single people who own more bitcoins than ES, does anyone think that there will be individuals worth more than the US or China? And what about Saylor and Microstrategy? Don't they have more than 100k BTC? Way way more than ES.

I don't have much information about different languages but as I can see the article is in Spanish or maybe Portuguese and I used Google Translate to read it. We cannot be sure about the future and it's hard to predict even next year so talking about the next 8 years when another halving cycle passed is completely impossible, fro,m what we can see in the history of bitcoin price if they really can hold bitcoins for this long time they will get a huge amount of profits for it, so they have much more progress economically and can solve many problems in their country.

From the article:


https://talkimg.com/images/2023/06/12/A8m5m.jpeg
Let's ignore extrapolation no matter how funny it is, also the fact that the author speaks in 4 years increments which is not the best choice right now, cause it gives only a 3x every 4 years so, so just no, and let's focus on a different thing, called logic.
If Salvador will become the richest country in the world with 1600 bitcoin, what will the other countries be worth since well, their citizens will have the rest of the coins!!!  ;D So Salvador will need to hoard moar coins, but for that, it needs $, which they don't have!


The funny thing is that the price won't grow unless more people are buying, so Salvador in order to become rich needs the wealthier countries and their population to provide the cash inflow, otherwise, they will end with the same value even after 20 years. And if others do purchase, we're back to square one where they will be just as wealthy if not more. It's a game where you can't be rich alone and not without some serious help.


Yeah, some individuals will have more wealth than the entire world, and now imagine they will sell! Oh wait!  ;D

It's wishful thinking. People have seen the meteoric rise of Bitcoin in the last 13 years and are always hoping that they can make the same amount. However these sort of "investors" are way too late to the party and the same with El Salvador. It was a convenient and catchy tool that the young new president used as a way of offering hope to his people. Grand illusions can go on for a long time before crashing down, Bitcoin has many purposes but becoming a national currency is not necessarily one of them. As we see now, it's sinking back down and nobody can predict the future, but right now they've paid a lot more for their original buys than it is currently worth - if every citizen had held on to the currency their national bank purchased for distribution.

That will still be an speculation until it will be proven otherwise. Well, if it will progress as per the article's theme then I will not be surprised if it will be the richest country. Moreover, I don't think the likes of either China or USA will collapse that soon as the powerhouses, I think the article was more like of a overrated.

Not at all, it is really fascinating to think about it but this thing is almost impossible is to be true. So far if you see you won't see a very big boom in the economy of El Salvador too i mean it has grown a bit but It hasn't really boomed like some Dubai or Hong Kong so yes it's pretty difficult to say that it'll become the richest country one day and that also just in next 8 years rest let's see how much attraction it gets when the bull market starts.

You did not voice your opinion regarding this to understand your logic regarding this as you will posted the question. It is not a secret that El Salvador is struggling financially and being a poor country they made BTCitcoin a official currency despite all the opposition and how do you think they will survive till they dream about getting rich.

I am personally curious to see how they will handle the market correction and how they are going to handle the situation and convince the people.

Not only overrated but exaggerated in my opinion. I don't think they can surpass China or US in the next 8 years to come. They may improve their economy, that's one possibility, but attaining to be on the top, I don't think so. Just be glad if their economy will improve owed to crypto market. But what is the chance that the next El Salvador's President will not be very pro-bitcoin or pro-crypto?

Possible to be rich but wont really be sustainable and just been like said by most people here that in terms of resources then nothing beats out to those countries which are sitting on the top of the chain.
If they do really consider out on making Bitcoin putting El Salvador on such condition then they are really on having that very wrong idea.Yes, they could resolved economic problems but once they had make
use of those funding then where they would really be getting another? If ever they could able to sustain then its good but if they are fully dependent with bitcoin they
they would really be fucking out their-selves.

Bitcoin could be an answer for those struggling economies but it could not make a single country rich. But i have also high hopes that El Salvador will grow and become a developed country, but being rich i think it will take a lot of years before it becomes possible. However, for those already big and developed countries who plan to adopt bitcoin as a legal tender, then its highly possible that their economic status will grow higher and becomes more progressive.

Eight years is a big time frame and no one can guarantee if El Salvador will be the richest country or not b that time. It depends upon how many bitcoin El Salvador have and what will be the bitcoin prices after eight years.

Also, i am sure by that time that many more countries will also make bitcoin a legal tender and hence will join this race of becoming the richest country.

I don't know, 8 years to me looks like a very short amount of time, I really don't understand how some of you may even think that bitcoin will be able to turn ES from one of the poorest economy in the world into the richest country in the world. Especially because they own just less than 2,000 BTC, that's a huge number for an individual but a small one for a company and/or a country.

Bitcoin should not be exaggerated, El Salvador is facing economic problems and will even be at risk of default. Accepting bitcoin as a legal tender could be one of the solutions to revive their economy and reduce dependence on major powers, but it still doesn't seem to work.

To become rich, a country must have a large enough amount of mineral resources, good education system and talented leaders and cannot depend on holding bitcoins. El Salvador holds a large amount of bitcoin, I hope they have a perfect plan with it that can help them become better in the future.

That's one of the things that really hold my attention, this is a unique experience that Salvador have and i believe it will be awesome if finish with making this country one of the richest countries in the world, but it all depend to the Salvadoran government and how long they will hold bitcoin

have you seen people investing on ordinary fiat and making it successful in life? if that happens then i can assure you bitcoin can do better in many ways because it appreciates with time forget about being volatile or not, am not saying a country will turn fully developed from developing and underdeveloped countries within this short range but the entire economic and financial status of such countries can be improved, they will be debt free, their government will concentrate on what to offer the country to improve development and livelihood, because i believe a house is not built a day, it takes a while and same is expected of countries that adopt bitcoin, they will be growing gradually till they become fully developed.


i will give a thread here that talks all about  El-Savador's bitcoin adoption (https://bitcointalk.org/index.php?topic=5342087.500) read through the page and other next subsequent pages to get more information about what El-Savador has in place upon bitcoin adoption.

Lol, how long or how much you hold bitcoin will never make El-Savador the richest country in the world. Are you confused, bitcoin can make a person or organization rich by holding bitcoin but a country to become rich must rely on resources, education and people. Can't just hold and expect wealth from a volatile coin, it will make El-Salvador fall sooner rather than rich.

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.

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.

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 (https://boletimbitcoin.com/2022/05/15/o-bitcoin-e-eu-hal-finney/) version of this post:
https://bitcointalk.org/index.php?topic=155054.0

Sounds like a credible source …

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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? (https://bitcointalk.org/index.php?topic=5396392.0). Just after 8 months of this adoption they are under crisis.



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.

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.


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.


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.

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.

               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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

I think this is just another hype to attract attention, but not a real plan

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

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

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

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

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

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

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

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

Hundred percent!

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

The point is we get too excited about bitcoin and not willing to be realistic when it comes to Bitcoin. Jumping into bitcoin market with huge capital without prior knowledge is mistake lots of people make and result is they end up losing money. The news coming out from El Salvador after this adoption are not positive.
Bitcoin Is Costing El Salvador But President Bukele Isn't Stressed.  (https://www.bloomberg.com/news/newsletters/2022-05-24/el-salvador-is-losing-on-bitcoin-btc-but-president-bukele-says-it-s-cool)

Crypto is starting to lose its cool – just look at El Salvador (https://www.theguardian.com/commentisfree/2022/may/21/bitcoin-losing-its-cool-look-at-el-salvador)

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

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

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

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

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

Most Salvadorans Still Prefer US Dollar over Bitcoin (https://www.financemagnates.com/cryptocurrency/news/most-salvadorans-still-prefer-us-dollar-over-bitcoin-survey-finds)

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

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

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

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

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

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

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

if to become the richest country I think the possibility exists. but my logic isn't in there yet. because after all every country continues to compete in advancing its country. and after el salvador adopted bitcoin and if in the future its adoption has been accepted by its citizens. then it will be a good achievement. and I think many countries will follow suit because they don't want to lose out.

but I myself became interested in bitcoin after hearing about the adoption of bitcoin by the country of el salvador. so i wish the best for el salvador.

I don't think a country will become the richest country just because their legalized Bitcoin, but the revenue of El Salvador will only increase if their get directly involved in Bitcoin related ventures, and the Bitcoin bound and building a nationally own mining farm that will help increase the level of awareness and involvement in Bitcoin processing this are the only way the country will be ahead of it critics.

I think it's not because they legalized it obviously, but the way they accumulated it overtime and then hoping that bitcoin will go up in prices in the next 8 years. And so if that happens we don't know what kind of returns it will bring to the country's reserved.

One thing though, and I'm not sure about it, how long is the tenure of the sitting President Bukele? What if he lost on the next election? Will the next President elect will continue the country's patronage on bitcoin? That is something that they need to look in the future as well.

what else could resolve that? if the lingering economy challenges can't have any impact from the government and the fiat financial system over decades don't you think bitcoin could be a game changer here, consider it role, how the economy inflation cannot affect bitcoin should also be a considerable thing here, all i expect from you is just a little more time for bitcoin to manifest impact.


What have we all done to our present failure dispensational government? Of which I believe bitcoin will do more of good than opposite if afooted by any government, while El-Savador has no issues regarding that, as a matter of fact, El-Savador is a less agitating country.


Have you ever sit down to know what exactly a future could be with accuracy? Even the weather forecast aren't, but let me tell you this we all need to take risk either we like it or not, if El-Savador buys during ATH then what gives you the impression that the price will not keep rising?.

El Salvador adoption of bitcoin was not only limited to making it an investment asset, but Bukele even started to make bitcoin a legal tender in the country and reportedly El Salvador also started building a bitcoin city at the foot of a volcano to take advantage of geothermal as energy to mine Bitcoin, the number of bitcoins currently owned by El Salvador is around 2,381 BTC worth more than $103.9 million and I think they will keep bitcoins for a long time because some time ago when the price dropped even El Salvador re-buy and add bitcoins to be stored, so we can imagine if later the bitcoin stock has decreased or is scarce due to mining off course make the price to go up, and of course we can't imagine the profits that El Salvador will get later if the bitcoin price goes up getting taller, besides now the world has entered the digital era and  it is possible that in the next few years many countries will start adopting bitcoin for their needs, just as El Salvador is doing today.

There are many considerations that could legalize Bitcoin like El Salvador. Because Bitcoin is currently still a minority in the world's financial institutions, the IMF and World Bank forbid it. So countries that legalize Bitcoin are certainly ready to receive sanctions from the IMF or world banks. Just look at China, they finally banned all crypto-related activities. It seems they are scared because of the decentralized nature of crypto. It is different from the money system from the government.

I don't think that El Salvador has the chance of becoming the richest country in eight years not even their interest in Bitcoin can make that happen let's be realistic.
The economy of El Salvador is already bad at is it and their currency actually doesn't have much value, I still believe that their citizens would benefit more as the government are very crypto friendly.

From my understanding, El Salvador is not "crypto friendly" - but they are bitcoin friendly. 

... yes a distinction worth pointing out...   

In other words, fuck shitcoins. El Salvador did not make shitcoins as legal tender, and if they had made such a dumb move they probably would have already been sufficiently and adequately reckt from such nonsense.

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

Because it is still a minority, financial regulators and law enforcement agencies (IMF and World Bank) are still debating the status of Bitcoin. Bitcoin at first glance appears as an established digital currency system, thus encouraging several countries dare to go beyond the limits set by world financial institutions by legalizing Bitcoin. However, there is no uniform international law governing the status of Bitcoin. Most countries have not clearly determined the legality of Bitcoin, and prefer to wait and see.

Apart from China several other countries have also rejected Bitcoin because they are wary of its volatility, its decentralized nature, posing a threat to the monetary system. Apart from being different from government-issued money systems, Bitcoin is also often associated with illegal activities such as black market trading and money laundering. China has banned All banks and other financial institutions from transacting or dealing with Bitcoin, official cryptocurrency exchanges are banned and the Chinese government has cracked down on Cryptocurrency miners in their country.

Besides being a very extraordinary thing, they can also save themselves from the amount of losses they have experienced and also this can be very good for large numbers of Bitcoin holders. Because when purchases start to increase slowly, the price will also increase steadily in the market and that will obviously be a very big thing for everyone as well as El Salvador.

El Savador announce to public when first time adopt bitcoin as legal currency transaction, but little mistake made because when bitcoin still higher price really hurry for investing and not waiting when bitcoin price drop. I don't see have chance for El Savador keep profitable when investing with bitcoin trough made investment when bitcoin still above $50,000. How many time try to buy back and El Savador keep make bitcoin as long term assets investment not give chance how take profit every great moment. I think El Savador president need to change their mind how keep worth when investing with bitcoin, sell when have chance on top price then later buy back after bitcoin going dump, not always have to be strong hand by holding.

Huh?  your comment makes almost NO sense at all, except that you are imputting knowledge onto El Salvador as if it was supposed to have had known the future and that bitcoin prices were going to drop from its couple of purchases of BTC that were done late last year at $50k and above.

How the fuck are they supposed to know that BTC prices are going to drop back down?

And another thing, you are proclaiming that El Salvador bought BTC higher than $50k and those purchases of BTC at those higher than $50k prices were mistakes; however, you know that El Salvador also made around eight purchases of bitcoin below $50k - including a couple of purchases in the $30ks and one purchase around $19k.  

You even commented on the chart (here's a link to your response (https://bitcointalk.org/index.php?topic=5342087.msg60614840#msg60614840)) that had been posted by DdmrDdmr.

The chart that DdmrDdmr had posted - attached below for ease of reference:



I was about to swear again, but I will restrain myself a wee bit in order to attempt to describe this in a bit less of a shouting way.

Do you happen to understand the idea of long-term investing that attempts to establish a long-term position that involves ongoing accumulation of an asset until such position is established, in this case bitcoin?  

In that regard, there is no real evidence that short-term profits and short-term trading would be a preferred strategy prior to establishing both a decent position and also making sure that the asset is sufficiently in profits.

Of course, there can be all kinds of variation in terms of how a country, institution or individual would go about BTC accumulation in terms of dollar cost averaging, lump sum investing and buying on dips, and likely countries and institutions are less able to be fucking around with trying to trade their position back and forth - as compared to liberties of individuals so your Monday morning quarterbacking of a country's need to whimsically needing to get in and out of positions seems presumptuous at best.

Furthermore if bitcoin is being accumulated in order to be a hedge against the dollar system, which seems to be part of El Salvador's motivation in getting into bitcoin, then it also makes little to no sense to be selling it - even if you want to impute clairvoyance on El Salvador based on subsequent BTC price moves of the past year-ish and especially of the past several months.


You don't really seem to know what the fuck you are talking about.  At what point should El Salvador have had sold in the past, and then at what point should it have had bought back lower?  

Are you suggesting that they take a BTC trading strategy into the future too, and in that regard at what points should El Salvador sell some or all of its BTC, and if so, how much should it sell?  and if it does sell, when should it buy back? 

I am questioning if I should have even been asking these questions from someone like you who seems to be lacking in terms of understanding how there can be reasonable ways to establish a position in an asset (such as BTC) through accumulation and because you seem to believe that there is some value in selling bitcoin during an accumulation phase in order to pray to buy back lower rather than just continuing to buy (such as DCA, buying on dips and lump sum).. and yeah.. HODLing too.

Maybe you should outline a somewhat comprehensive plan regarding what approach is going to allow El Salvador (and I suppose anyone else too?) to continue to accumulate more bitcoin without running into the frequent dumbass errors that traders tend to encounter on a fairly regular basis.  Do you believe that because El Salvador is a country, they would be in a better position if they were trading bitcoin rather than merely accumulating it through buying and HODLing?  Presumptively creating some kind of a Bitcoin trading (management position that would make those kinds of trading calls, or do you believe that Bukele personally should make those kinds of trading calls concerning when and how much to sell BTC and to when and how much to buy back moar BTC later (in theory)?

op said whether bitcoin will become the richest country in the world in 8 years so my question is now el salvador country is bankrupt or is their assets declining because bitcoin is now down?

Both, they're on the very edge of a debt default because of low foreign reserves while their crypto assets put a burden on the country's ability to pay off debt's interest since their avg DCA for Bitcoin is still quite high. Though, they are not completely out of options. El Salvador could ask crypto financials to help them with loans since El Salvador is everyone's favorite thanks to adopting Bitcoin. In short, El Salvador might be rich after 8 years if the Bitcoin price hit some kind of new high, $100k, $200k  but they might not able to hodl to that point because of the pressure on their Bitcoin bag.

There is a problem with the El Salvador example regarding its relationship to Bitcoin. It is good that the country has already adopted Bitcoin and it has become an official currency that is allowed to be traded. But the forms remain in the state’s monopoly of the largest proportion of the bitcoin used inside it, as well as the launch of a special wallet for the state, which will facilitate the tracking operations.
The state’s adoption of Bitcoin does not mean the financial independence of individuals, but rather that the state seeks to use Bitcoin as it was and is still using fiat money by all means of control .

Nope, dont' see it happening by a longshot.  Will they be in an exponentially much better financial situation in 8 years?-  I would say absolutely yes.  It going to be fun to watch how this plays out.

No, I don’t think it will be as there are many other factors that add into the overall health of the economy of a country. Policies, trade, GDP, etc., to name a few.

I think that’s highly debatable. El Salvador being the richest country in the world in 8 years just cause they’ve adopted and now use bitcoin is debatable and in my opinion, you’re being biased in seeing bitcoin as the Saviour of mankind or in this case El Salvador that would end hunger and boost revenues to make the small country the richest in 8 years. Bitcoin can’t and probably won’t make the country the richest in the world in 20 years.
Any country looking to be “rich” should first have a much higher rate of exports than imports. That would build the foreign reserves over time and far much better than looking to bitcoin to make the country rich.

I strongly doubt this very statement of yours, because mere adopting Bitcoin as a legal tender in a country does not guarantee that it been the richest in the next 5 to 8 years from now, because I know there are certain things which makes a country rich and they include ( I.e Policy of government, available natural resources, good leadership) because there is a actual difference between hodling and using, and what El Salvador is doing is Using Bitcoin and not holding it. And for you to make much profit from Bitcoin, it an investment suitable for long term

Always make use of the search feature on the forum to search out your topic to know if it has been discussed before, there is already a thread dedicated to everything as regards El Salvador Bitcoin adoption here is the link to the to the discussion:
https://bitcointalk.org/index.php?topic=5342087

I disagree that the OP has to comment on this specific issue in the thread you link to, mate. Here he is asking if El Salvador will be the richest country in the world in 8 years and for that I think it is justified to create a separate thread.

As for what you ask, OP, no, I don't think so at all, and I would like to but I think that raising that, as crazy as it is, would have made more sense last year, when many still believed that the price cap in this cycle was going to be $200-$400K.

But even then, that El Salvador could end up being richer than the top producing countries in the world due to Bitcoin is simply laughable.

In my personal opinion, I am not too sure with the 8 year deadline El Salvador will become the richest country in the world, because in my opinion El Salvador is not a producing country of oil, gold and natural gas, El Salvador only relies on agriculture as a source of wealth and a source of state income. indeed last year El Salvador has adopted bitcoin and has made bitcoin a legal tender, even though they have legalized bitcoin but that does not guarantee them to be the richest country in 8 years, because bitcoin has been adopted by almost all countries and bitcoin is limited.

Likely, but just depends on two very important factors that will determine if they are gonna be the richest country or not.

1•Depends on the price of Bitcoin as that 8 years time period (2030) because no one knows what would be the price of Bitcoin during that time.

2• Depends on the quality of their Bitcoin holdings, because tomorrow another country may likely adopt Bitcoin as legal tender before that 8 years and buys more Bitcoin than El Salvador, so in this case are they gonna be the richest country due to their Bitcoin holdings?, No.
In my general view on these is that , it a probability and only time will tell .

I'm not sure that the article gives the clear picture about the richest countries of the world.
Richest Countries in the World (https://www.edudwar.com/top-richest-country-in-the-world)

According to the information from the above article El Salvador is placed at 114^th on the list. In eight years time surely the price of bitcoin will increase reaching a new ATH crossing two halving, if not it'll atleast reach the average price of previous ATH for sure. Rather than thinking of being the richest it is good to think of El Salvador moving within the top 100 and then growing gradually.

what have now make a difference from the oil producing countries and the ones that are not, i can interpret being the richest when you're satisfied with what you have independently and free of debt, we have many countries that are oil producing but that makes no difference at all from the other non oil producing countries, are they able to control their system from within without relying or depending on others for survival, i think El-Savador deserve some accolades for it adoption of bitcoin.


don't underestimate the role of agriculture especially during food scarcity and inflation as such we are into now.


you may not be rich financially but when you're contempted and satisfied with what you have then you can be the richest on earth, it's just a mentality of a thing.
 

just El-Savador and Central African Republic adopted bitcoin as a legal tender while Panama on the run to, few countries ban the use of bitcoin while many other countries allow the people to make use of bitcoin but are not in support for its adoption.


If you can think well and change your mentality and approach about being rich then you will discover that even at your own level, you still stand to be a rich guy not until you have the whole currency of the world at hand, i think being satisfied with the peace of mind goes along way here as well.

Well, I also don't think that fiat money is no longer used by El Salvador even though the country has fully adopted Bitcoin. Because El Salvador can still use fiat money for everything and that includes when you want to buy Bitcoin on certain exchanges. It's just that El Salvador is a little different from other countries that don't fully adopt Bitcoin because El Salvador, besides still using fiat money, can also use Bitcoin for anything.

El Salvador have given access for its people to use cryptocurrency. Along with that, it have got into serious development and educating people to use bitcoin than fiat. The countrymen are still using the fiat in large scale compared to bitcoin. In future this situation will change and 15% of the people find it an opportunity to hold bitcoin. That means they try to hold the bitcoin received on different services and use the fiat.

Adopting bitcoin as a legal tender will not guarantee a certain country to become rich in a short period of time. Yes, it can create more outlets for investments and expect more positive returns, but knowing bitcoin can be very uncertain and has high price volatility, then it will never meet the deadline set by the country itself. But I believe El Salvador can be progressive in time, and will gain more revenues if they can start to utilize right their own country’s natural resources and attract more buyers and investors on that.

Yes, The earth is blessed with mineral and natural resources deep within its bowels. Every country has some sort of resource that’s deposited and they could tap into and generate revenue for its economy. When I speak of natural resources, I do not only speak of oil which is one of the vip resources cause of our over dependence on it for energy uses. A country that’s aiming at being self sustaining is a country on its way to becoming a rich country.

i don't think they will achieve such status in these coming years. but i do hope that their economy will improve. also, it is not about bitcoin being the legal tender that will alleviate the status of El Salvador, but it is the combination of other factors like what you said, the exploration of their natural resources. and of course, how their government officials are managing the financial aspect of their country itself.

The future of this country lies in the hands of the President and his government official, especially in their finance department.
We can't make any assumptions about their failure but to let them work based on their plan, never works instantly and I know it. Might to say it was hard for them but who knows if they will improve and change strategy next year after seeing their previous performance?

I don't know what is their plan nor do we have but I know they are working hard for the success of it.

Your point may be correct, but this cannot be actually proven.
Users from El Salvador used Bitcoin prior to the enactment of state regulation. It is not possible to know the increase in their number because their original number is unknown. The Salvadoran government has encouraged people to use Bitcoin by launching a digital wallet that enables citizens to receive $30 as a reward by simply registering on the application. The latest statistics indicate that the difference between the number of those who downloaded the application and the number of those who are still using it is very large.

Of course, short-term measurements are going to be difficult to measure for some of the reasons that you mentioned; however, 2 to 4 to 6 to 10 years down the road there should be some abilities to make assessments regarding how well various bitcoin promotional efforts are spreading through society and potentially starting to stick in terms of whether more citizens might have started to use bitcoin, continued to use bitcoin and even held bitcoin.   

Difficulties in measuring should not justify giving up upon measuring or proclaiming that bitcoin efforts are having little to no positive effect, and for sure there are going to be ambiguous (and perhaps even contradictory) information that is being gathered that cause even more challenges to assess the extent to which bitcoin adoption is both growing and/or having positive effects that might justify the amount of financial and brain resources that are put into building and expanding such systems.

to be a rich country then I don't think it will be easy. And taking steps to make bitcoin a legal tender in the country of el salvador will not make el salvador rich in no time. However, I believe that the adoption of bitcoin as a legal tender by el salvador will make el salvador a historical record. and will be widely discussed by the next generation. it will even be included in future textbooks about a country that first made bitcoin a legal tender. and has motivated other countries.

and I also believe that el salvador became economically helped after the adoption of bitcoin as a legal tender in the country. Nayib bukele and el salvador will become famous names in historical texts in the future.

I totally disaggree with this, El-Savador has not come out in declaring that it solely depends on bitcoin adoption for it economy survival, neither has it make the claim that it will be the richest country, let's take the cow by the horn by understanding the reall situation of El-Savador's adoption, in it's adoption comes many benefit it can derive than they had thought or expected, moreso, bitcoin adoption and its investment is not the only source to El-Savador's economic survival, there are other sources, but through bitcoin adoption, El-Savador can be totally debt free from IMF and any other creditors holding them in ransom.


The record has been set already.


Help by which entity? Apparently El-Savador can only finds it way through the economy without depending on any source, it has it own planned strategies to survival amidst it bitcoin adoption.

And I also strongly believe that over time the people of El Salvador will get used to the use of Bitcoin even though they still like to use fiat for certain purposes. And also the development of the use of Bitcoin among El Salvadorans will increase in the future because the government has also prepared everything that El Salvadorans need to learn about Bitcoin.

No other means to define freedom opportunity than this, he's not forcing the use of bitcoin on anyone, he makes it a choice and the people loved it that way, many businesses, organization, institutions and ventures accept bitcoin for payment, while almost all the citizens jave downloaded the chivo wallet in giving it a try, their economy is running smooth, indeed bitcoin has in many ways added to the beauty of El-Savador ever since it's adoption, this is the kind of government we expect, having the interest of the people in mind as first priority.

Its true that Bitcoin is not the total cure for El Salvador's economic challenges. But at least it has some opportunities that would touch the lives of El Salvadorans positively. I have heard so many time people saying that the country has benefitted nothing from its Bitcoin adoption. But this is untrue because Bitcoin as a national legal tender is at its infant stage. It would definitely develop gradually and other countries would begin to learn from the experiments of El Salvador. Yes El Salvador can be one of the richest countries in the world not because of Bitcoin but from the improvement of other sectors of the economy. My greatest joy is that the country has the political will to tap into the possibilities that Bitcoin has. And ones the political will is there, the necessary resources would be put in place .  

Maybe not the richest, but they can improve their economy certainly. The richest countries in this world either has a strong supply chain, a ton of oil fields, or manufactures a lot of goods in an extremely huge volume. El Salvador can always bet on bitcoin and be hopeful that it reaches a certain price point in 8 years, but I think bitcoin will never be enough to put a country on the list of the richest unless the government uses that money to grow their investments and their infrastructures as well.

Indeed bitcoin my not be the total cure but as for now that is the only vibrant alternative to curing it, bitcoin have serve the best available option from a number of economics remedy for recommendations and it is also evident in the entire progress in El-Savador till present day, traditional system of currency with fiat couldn't ordinarily save up to clear debt, hut bitcoin comes with the luck and solution to that.


there's no doubt about it how bitcoin has been impactful to the business economics of El-Savador and the adoption has increase the openness for business activities with the acceptability of bitcoin as an alternative to USD.


yes people have been saying the wrongs repeatedly over time base on research that has no verdict or fact.


and the growing in adoption continues, if bitcoin could achieve this while still at infant stage, what will happen when it matures to an average adults, of course everyone will be left with no other better option for currency and asset than bitcoin.


same goes with El-Savador, if it could have achieved this far just after a one year adoption than it has suffered over many years, bitcoin could be actually the future game changer in the economy of El-Savador.

Today El Salvador President Nayib Bukele have shared a video Comeback Country in his tweet. Going through the video it is possible to see the transition that have happened in El Salvador from the control in the hands of Gangs to the ongoing digital growth. Soon we can see a documentary how El Salvador have turned themselves rich through the adoption of bitcoin.

Link to the video Comeback Country (https://youtu.be/KwC2KwDmpXQ)

https://i.imgur.com/Qprdg7k.jpeg

I don't know why I said that in 8 years, bitcoin has the ability to make rich not only a country but any person who has the ability to hodl their bitcoin, and I think they won't have to wait 8 years, the average for bbitcoin to grow is 4 years more or less, every 4 years I would bet that Bitcoin will rise in price and the best thing is that its ATH will be higher and higher if they propose it, so bitcoin is currently cheap compared to the price that many predict, I have seen the S2F model and many enthusiasts do not believe in that model, but I think I know that it is due to the action of the same people who do not believe in bitocin and make Fud.

There's no such thing about 4 years or 8 years yet there's no one could really able to point out on when bitcoins price would make out some significant movement which we can say that it could really bring out
huge profits into those people who had invested earlier.El Salvador might become that rich on that particular point but it would really be good on that one and this one wont really be sustainable.
Unlike into those countries who do have lots of resources and other income then sooner or later the ranking would really be just changed up.
You wont really be that able to ensure that things would really be on that way.

Just think about it, the small country of El Salvador annually loses up to 30% of its GDP just to pay various third-party agencies commission interest for the transfer of funds.
And even though the adoption of bitcoin by El Salvador has not yet made the country much richer than it was, it still has a positive impact on the country's economy, as bitcoin and subsequent digitalization have attracted foreign investment and tourism, as well as expanded financial access for the population, mostly without bank accounts.
Yes, so far Salvador has lost on the purchase of bitcoin, but in the long run he will surely win a multiple.

Pardon me for overthinking, but as this is the 1st post of the OP with the included link, I assume that this website was either owned by him or was hired to do link building on his behalf.

Regardless of the reason, predictions are predictions. Assumptions are assumptions.

We just simply do not know if it’s really going to happen or not. I could be right or wrong though. The real answer is to wait for 8 years and see if El Salvador will indeed going to be what the OP says.

But for me, I have a strong feeling that it is highly unlikely after 8 years.

I don't need much to argue to you about the losses you talked about in regards to El-Savador bitcoin adoption and the tremendous progress but all i want is for you to take a look at this statistics first https://bitcointalk.org/index.php?topic=5342087.msg60612784#msg60612784 and should incase there's more need to clarify the upto date happenings in El-Savador then I will advise you also go through it main bitcoin adoption discussion threads where all other matters were being discussed and read further on this page https://bitcointalk.org/index.php?topic=5342087.900 and in conclusion El-Savador is fine and ok with it bitcoin adoption and i also agrees with you about the future it has in it adoption.

8 years is a decent time in which progress should be measurable in an upward direction, and I doubt that it has to be an all or nothing thing in terms of having a variety of ways in which any country will have successes and failures within its decision-making and even resources that it has available and how it uses such resources.  Even though bitcoin is one of those asset classes that is likely to continue to gravitate value into it, it could take 20, 50 or 100 years for the bitcoin to become the dominant money system.  There seems to be a lot of crazy implodings that are going on in the various current fiat systems, and if they can be kept afloat or if the disasters become way too cascading can also affect various countries in the peripheries.. and maybe some of them are going to start investing in bitcoin too.. overtly or maybe even sometimes covertly.. even though governments are suppose to have some public disclosures in terms of what they are doing with public resources.

the article is in portuguese so i need a translation, i think this is too much in responding to the situation, it's not that easy 8 years can make 1 country rich, but we can't intimidate this country with dream  countries, all can hope with bitcoin

A country that have got less than 7million population spends 30% of its GDP to third parties as commission shows how the third party corporate networks profit out of the people's money. If the country is able to eliminate this, it can contribute big to its population. It can be on infrastructure development, education, elimination of poverty and through different other means.

Many termed the adoption of bitcoin by El Salvador as a gamble, but through this we can be sure that President Nayib have understood the real need and the core for which Satoshi innovated bitcoin.

If up to 8 years later El Salvador is still accumulating bitcoin and at that time Bitcoin could have been at a very high price. So even though now it's still like a dream to say that El Salvador will become a rich country 8 years later. But we don't know 8 years later. It could be a dream come true. I see countries that will follow El Salvador's steps in adopting bitcoin someday will come from Africa and Middle Eastern countries. because it is countries from there that currently continue to aggressively support their citizens in using crypto. even CZ from Binance seems to see the potential of those countries. And it's not just El Salvador that will turn into a rich country. but every country that follows it also means that it will experience the same thing. no one knows the future. and there is nothing wrong with us having high hopes to serve as motivation.

If El Salvador keeps investing in Bitcoin without selling, then I don't see why it can't become a rich country within the next 8 years. I wouldn't say "richest" because other countries have invested into Bitcoin as well (even though they haven't accepted it as legal tender yet). While it's possible El Salvador will turn from a developing country to a developed country, everything will depend if Nayib Bukele stays in power and the government spends its money wisely. If things go wrong, then don't expect to see any improvement in the Latin American country anytime soon. Let's see what will happen within the next bull market run. Just my opinion :)

I doubt it.
Bitcoin is a good investment in the long term but for a country to become rich takes more than speculation in those quantities of Bitcoin El Salvador holds.
El Salvador, would need employ creator, education, destroy corruption and the criminal associations, in short being efficient.

Still have the faith that the future earnings for this Bitcoin holdings will be used to fund the processes necessary to reach a state of well being for people in El Salvador.

If everything that has been speculated will come true then surely we will all be rich by now but the problem is now, nope we are not tend to earn that easily most specially in crypto world.
I may say that it can be? or may not? who really know?

and besides up to now? still EL Salvador is suffering from their economic issues and wont gather any good returns from their Bitcoin adoption .

Exactly. El Salvador's venture into Bitcoin is already branded as a failure by many financial institutions because of the ongoing market situation. But we are optimistic that in 8 years, El Salvador's investments will be worth a lot. Its capital will grow to more or less 50 folds by then. And considering El Salvador is a crypto-friendly nation, there will be huge investments and opportunities coming for them. If their government can offer a high level of security, crypto investors will flock. I am seeing a bright future for El Salvador and its citizens. But pretty sure 8 years is not enough for a poor country like El Salvador to become the richest.

I don't know it is a good investment or bad one for El Salvador. Good or bad, it is decided by entry and exit. Now we only knew about entry of El Salvador but don't know about their exit, when and what price.

With financial recession, lot of risk for El Salvador in next few years and if their President is not careful, their nation can fall into a debt crisis so that their investment in Bitcoin will be liquidated. If it happens, it will become a bad one.

8 years are not too long but not too short. With financial crisis, 8 years will be longer than usual. Of course, in the meantime, in the middle of crisis, more challenge than usual for El Salvador.

If they will still have their Bitcoin investment 8 years later and if Bitcoin won't break its history with new all time high for each  4-year halving cycle, El Salvador should win big 8 years later. Lot of if conditions so I don't know how El Salvador will be and will have their investment position next 8 years.

I don't think El Salvador can ever be the richest country in the world with mere accepting Bitcoin as a legal tender, as Bitcoin is a worldwide general digital currency, because irrespective it was the first country to accept it as a legal tender, i still strongly believe there are some individual who owns bitcoin more than the total amount El Salvador claims to own. A country can only be said to be the richest when it has both natural and humam resources in abundance that other nations don't have and can't do without it, such as gold, petroleum, and fertile land for agriculture to cultuvate economic crops for exportation. Then such nation can be said to be the richest.

That's why El-Savador continue with it holdings and yet keep buying, if you could recall the few buy it make some months back yet on this dip, the thing is that all investment need maturation time, but the people won't just allow the appropriate right time to fall in because if eagerness to make profits, El-Savador is already paying some part of its debt through many opportunities it has realized through bitcoin adoption, so aside thier investment, there are also other incentives that serves as benefit that El-Savador enjoys through the adoption.


El-Savador is bitcoin friendly and its economy is already yielding a positive return through that, they are the first bitcoin tourist country and bitcoin legal adoption.


I want to believe bitcoin adoption in El-Savador isn't a child's play as many could have thought, this is an implementation and should any government comes in after Bukele they will also respect the endorsement for bitcoin serving as legal tender, it does not take an inch away from the economy of El-Savador, rather contributed in diverse ways and make history for a lifetime legacy on bitcoin adoption.

It is indeed very appropriate to say and In addition, the government of El-Salvador at this time has also set a budget to develop various actions in the fields of education and health. This is focused by the government of El Salvador in order to prioritize the rights of early childhood children so that children there can get a proper education and maximum health. Source: https://diarioelsalvador.com/gobierno-destina-millonaria-inversion-en-pro-de-la-primera-infancia-del-pais/286524/

And one more thing that is being worked on by the government of El Salvador (especially the Minister of Economy, María Luisa Hayem) is the strategy of setting the maximum fuel price. This was done in order to face the problem of inflation and also to be able to benefit in conditions like now, because it is also one of the 11 economic measures implemented by the Government of El Salvador. Source: https://diarioelsalvador.com/la-fijacion-de-precios-de-combustibles-ayuda-a-mas-de-1-5-millones-de-salvadorenos-maria-luisa-hayem-ministra-de-economia/286604/

Buying Bitcoin alone cannot make a country to be the richest.  A reserve currency sure gives a country an advantage but to be the richest, lots of criteria should be fulfilled, that includes the government system, infrastructure, technology, and development, aside from that there are a lot more.  Aside from that, Bitcoin is highly volatile, and for sure if El Salvador becomes the richest country during the peak of the bull market, then what do you think El Salvador would be at the bottom of the bear market?  Unless El Salvador strengthens its economy to top-notch, El Salvador will never be the richest country in the world, even if they hold Bitcoin in its reservoir.

Since the green light is preparing to remain stable in the crypto market, I guess El Salvador will surely achieve a huge amount of money that will attract other countries to follow their step because in next 8 years El Salvador country will nearly become the richest country in the world. They have created good environment for their citizens to learn more about Bitcoin and how to use it wisely to improve living and other things in the community. No doubt, in next 4 or 5 years many countries will wish to be like El Salvador because they are the first country that made Bitcoin legal in their country.

El Salvador President tries to make a connectivity with each and everything. This means bitcoin is considered an all rounder. When rest of the world countries are prioritising the word technology based development, El Salvador have made themselves adopted to it. This will keep them in the lead against the criticism.

I'm not sure whether El Salvador will be able to reach the position of the richest country in the world, but I'm sure in the mentioned year El Salvador will be a self reliant country. In particular it'll be self reliant on its financial situation and lending money to other countries in need.

This is due to the passion and deep trust in Bitcoin by the President of El Salvador himself at this time, so that the President of El Salvador is willing to do everything for the country of El Salvador, especially in terms of Bitcoin adoption and also the supporting technology needed by it. But for now I see El Salvador is condolences for the death of Doña Cristina Moreno de Ortez, grandmother of the President of El Salvador (@nayibbukele (https://twitter.com/PresidenciaSV/status/1583914674785226752)). Hopefully nayibbukele can be very patient in facing this.

In the near future, it may be difficult for El Salvador to become the richest country in the world because there are some of the richest countries in the world which are still very difficult to be rivaled by any country in terms of wealth. For example, Qatar and the United Arab Emirates are still included in the category of the richest countries in the world and I think El Salvador still needs more time to compete with these two countries in terms of wealth.

That can be very true but it can bring problems for them if the assets are under the control of the Government then it's not a big deal they are surely going to have a good standard of living, Remember the cost of living will also be going to high if they own a lot of money so they need to control their assets to avoid inflation. 

You can track El Salvador Portfolio here: https://nayibtracker.com

Keep an eye on it, and check back in 8 years.

As any Bitcoiner, other people will talk bad about him when the price is low and be envious and say he was lucky when the price inevitably goes high.

I doubt that El Salvador will be the richest country despite making BTC as their legal tender.

Remember that there are several factors that you must consider on how you define a country's richness. Just because they can potentially acquire tons of BTC does not entirely mean that they will be the richest country. Unfortunately, a country can be rich if they are placed geographically right on the Earth. With their tons of natural resources, they may capitalize this advantage and turn it into richness and money.

While BTC may be the future of currency, this fact alone cannot withstand the other factor that may make a country rich.

Yeah, also they don't even have too many bitcoins. El Salvador has just 2,381 bitcoin as of today.

Compare that to a single company in the US: MicroStrategy. They have 129,999 bitcoins as of today.

El Salvador would not only need to keep investing in Bitcoin to become rich, but it would also need fresh new ideas that would help attract tourists into it. The "Bitcoin City" plan might work if it goes full speed ahead. The more tourists spend money (preferably Bitcoin) in El Salvador, the higher the odds of the government becoming rich will be. That is if Bukele stays in power. If a political rival takes El Salvador president's place, then everything would be nothing but lost. No one knows what the future holds for both Bitcoin and El Salvador, so we can only hope for the best. Just my opinion :)

Yes and even if the El Salvador have accumulated most of the remaining bitcoin, that won't still make them the richest country in the world. Being dependent on the bitcoin alone won't be enough to at least be a part of the Top 5 richest country in God's green earth, they should have a lot more to offer that will make their country grown in the years to come, which they don't have. Also, 8 years is to short, I reckon it would be at least 2 decades from now to see their improvement.

Your hypothetical is internally contradictory Japinat, in terms of presuming futility involving acquiring most of the remaining bitcoin and also still agreeing that bitcoin has value that might take El Salvador longer to catch up or to surpass other countries in relative wealth.

I don't disagree with your other implied point regarding some kind of need for El Salvador to have something that they produce of value that contributes to their ability to be able to accumulate bitcoin, so of course, it remains a challenge for any country to figure out how they can increase their generation of value so that they might be able to accumulate more bitcoin..

So if we were to get into some kind of fantasy hypothetical and El Salvador were to be able to generate enough surplus income that they could purchase (or mine) all of the new bitcoins, then currently they would be acquiring about 900 bitcoins per day (that is 144 blocks per day x 6.25 BTC per block), but so even if they were to ONLY accumulate 10 bitcoin's per day for the next 8 years - that would be 29,200 bitcoins (10 per day x 365 days x 8 years).  Even acquiring 10 BTC per day, it seems that El Salvador would be sitting quite pretty in that kind of a hypothetical in which they ongoingly accumulated small amounts of bitcoin on a regular basis  

Maybe in such a hypothetical of accumulating 10 BTC per day, they would not be the richest of countries in the world, but they may have increased their wealth quite a bit relative to other countries who had not been following such a consistently ongoing BTC accumulation strategy...(assuming that they do not lose the bitcoin along the way).

Maybe this is a bit of a fantasy for a country the size of El Salvador to accumulate 10 BTC per day, but the scenario seems to be much more realistic than your opening assertion Japinat that it would even be possible for El Salvador to acquire "most of the remaining" bitcoin... something like that (such an aggressive approach that would accumulate so much of the new BTC supply on an ongoing basis) is just not doable, practical or reasonable based on bitcoin's game theory and incentives, even for countries with the deepest of pockets.

That’s not convincing. Bitcoin is being called a risky asset at the moment and a country that has accepted it as a legal tender might face issues in establishing it in their country.

Bitcoin need not be an all or nothing proposition for individuals, institutions or countries, including in El Salvador bitcoin has been adopted as one of the currency options.

Another thing is that when any of us is engaged in the process of measuring risk, we are likely going to be better served if we consider such risk ideas in broader ways that help us attempt to establish which aspect of something that we consider to be risky.. is it the price volatility?  Is it the possibility that it could go to zero, and what are we measuring it against and are there ways that we can engage in investment and allocation tactics that mitigate risks that we perceive to exist, and even some unknown risks that might exist as well, which unknown risks exist with a lot of asset classes and currencies, so sometimes we will deal with various kinds of risks by attempting to figure out some balancing strategies in regards to whether and how we allocate and then if we might attempt to maintain our balancing of options based on a variety of individual psychological and financial considerations.

Governments, institutions and individuals will share some considerations, but of course, with something like bitcoin there will be some differences too.

Yes it's another payment method that is legalized by the state, but how convenient is it for the population, namely for small and possibly medium-sized businesses? After all, now for them, payment for goods and services must be offered without fail to the consumer, since this is provided for by law. In this sense, everything was done a little wrong, because they don't do it by choice, but in a sense it is a mandatory measure. The business gets paid in bitcoin but the price of bitcoin is falling and this can be a problem for small businesses, this is an increase in risks...

You are talking gobbledy gook Cryptmuster.

No company in El Salvador is forced to hold bitcoin, and the law does not even contemplate such "forced" holding of bitcoin, even if they are big enough to be able to process payments (including bitcoin payments), then they need to be able to accept bitcoin as part of those payment services, but they need not hold bitcoin any bitcoin at all beyond the transaction..  They can convert whatever bitcoin that they receive to dollars or they can do whatever they like with such received bitcoin.

The purported concern that you are raising about poor widdo businesses being forced to accept bitcoin (and your false assertion that they have to expose themselves to bitcoin's volatility), is largely a nothing burger... so let's see how these matters play out for the country, for the people and for the various institutions who choose to operate in bitcoin... and who choose to figure out some various ways to get involved in bitcoin and perhaps even to retain some of their value in bitcoin.  

For sure, one of the great things about El Salvador in terms of being a sovereign nation is that they are providing options for their citizens that seem to NOT be available in a lot of other locations (or at least not so clearly asserted as being options) - even thought it is also likely that some countries (and even smaller subnational locations) are opening themselves to bitcoin and using aspects of El Salvador as a model regarding various bitcoin-related programs that they might implement and various kinds of bitcoin-related transactional options that they may well be opening up to their citizens and businesses that operate therein.  I have not heard of any location making it mandatory to have to hold bitcoin, and surely there might be more and more forcing of businesses in the future in terms of making sure that they retain and maintain options for customers to send them bitcoin.. but again, those kinds of measures still seem to be early and so far not really being enforced, even though some enforcement in that direction would be potentially within options that governmental institutions would have... and hardly seems oppressive in the whole scheme of current status of bitcoin in terms of its so far relatively low adoption levels, even while awareness of bitcoin continues to grow.

Sorry that you got the whole concept wrong about El-Savador @cryptmustser, Nayib Bukele government does not enforces, mandated or make a compulsory for every El-Savadoran to make use of bitcoin for their daily transactions, as far as i know the two currencies were acceptable which is the USD and Bitcoin, he considers every potential citizens that will rise through the impact of bitcoin in the economy, he also work in providing freedom that has hold alot of the people down to being limited to a certain level of standard in the country, the bitcoin adoption just didn't come in place like that, it has also brought in divers opportunity in which the main target still remains the people.

El Salvador has legalized Bitcoin in its country through legal tender. He was the first to legalize Bitcoin in his country and simultaneously set up several Bitcoin ATM. Statistics from the country's finance department show that they currently have 2,300 bitcoins in their coffers. The government of the country is very much in danger due to the extreme fall in the price of Bitcoin. Here if Bitcoin goes from 200k to 500k dollars but El Salvador will not be able to become the first richest country in the world. El Salvador will never come to the top of the world leaving behind many developed countries. This is completely ridiculous.

I am glad that you got it all figured out.

They might stashed out lots of coins and if Bitcoin soars up its value in that 8 years then it would really be putting up on a situation which they do have that huge funds but it doesnt mean that it would overtake out those current rich countries that their main revenues arent really solely depending on one source but rather having multiples.El Salvador might overtaken them but it would be temporal.
Sustain is the key on here, what if they would really be using up all of those funds?  Well, this isnt talking about getting yourself on top rankings but on how
a country would be able to make it better than before when it comes to economic state.

As the first country to totally adopt bitcoin, of course we hope that this can happen, but it seems like this will be difficult to happen considering Salvador's current capacity as a country that does have a relatively small state income compared to other developing countries, even though Salvador has bitcoin reserves with a large enough value but it seems difficult for them to become a rich country without any economic power or income from other larger fields.

Bitcoin may have enriched the government of El Salvador, but not as a country. The real wealth is that the country's economic order is stable, the military power has become stronger, and it is no longer controlled by other big countries. Everyone is in a state of balance. As the first country to adopt Bitcoin as a legal tender, El Salvador deserves praise. His success or failure will give many positive guidelines to latecomers.

Despite if Bitcoin price gets to like $100k-$200k plus price value in the future ,this is not gonna be the only criteria to actually put them in the position to be the richest country within 8 years from now. So as awareness and adoption increases, more and more countries that is currently richer than El Salvador might also get their hands into Bitcoin (Buy BTC) as well and even own more Bitcoin than El Salvador. The possibility is very small.

Even though sometimes there are periods in which it seems that the BTC price is depressed for long periods of time, we can look back at bitcoins history and we can see that if we go back in 4 year increments and we attempt to evaluate various dominant BTC price points, we will likely notice that there have been periods of time in which current BTC holders were accumulating BTC at much lower prices than are really available in subsequent periods.. and even if the BTC price dips back down, it does not necessarily go back down to prices in which later adopters are able to get into BTC and to acquire BTC at similar prices as the earlier adopters.. providing more and more evidence that the earlier that we are in the game and the earlier that we are figuring out ways to accumulate BTC, the more likely that it is more difficult and/or going to take later adopters more time to catch up (even if they can catch up with the same amount of capital).

In 2014-2016, there were a lot of folks accumulating bitcoin between prices of largely between $230-ish and $600-ish, and a lot of those seem like decent prices today.

In 2018-2020, there were a lot of folks accumulating bitcoin between prices of largely between $4k-ish and $8.5k-ish, and a lot of those seem like decent prices today.

What are we going to end up saying about the potential 2022 to 2024 BTC accumulation period? what is going to be the price range in which we are largely accumulating BTC?

Will it largely look like $16k to $28k?  And will those prices look good in 2026 to 2028?  There are no guarantees in terms of whether current BTC accumulators are going to look good in 4 years.  or whether later BTC adopters are going to need a lot more capital to acquire a similar level of a BTC position in BTC.

Let's take a hypothetical person who has $100k in capital in 2014-2016, s/he had been able to largely accumulate between 166 BTC and 434 BTC depending upon when s/he got into bitcoin in that time period with $230-ish to $600-ish BTC prices.

Let's take a hypothetical person who has $150k in capital in 2018-2020, s/he had been able to largely accumulate between 17.6 BTC and 38 BTC depending upon when s/he got into bitcoin in that time period with $4k-ish to $8.5k-ish BTC prices.

Let's take a hypothetical person who has $200k in capital in 2022-2024, s/he may well be able to largely accumulate between 7.2 BTC and 12.5 BTC depending upon when s/he got into bitcoin in that time period with $16k to $28k BTC prices.

Whether we are looking at countries, institutions or individuals, we have similar kinds of dynamics in terms of possible budgets that might be available during a certain period of time, and the kinds of decisions that will need to be made in terms of whether those budgets will be used to accumulate bitcoin or be used in other ways.

One thing that people don't tend to discuss is that with Bitcoin anyone can open a "bank" and receive money for goods and services, almost for free.

Compare that with the costs of opening a bank account for a business, many people would not be able to do that.

That means that heaps of people in El Salvador will now be able to sell goods and services to all the world, almost for free.

Of course anyone in the world can do that, but it's now expected in El Salvador. It's not a weird thing to say "I'll pay with BTC"

Saving huge amount of money in the Bank right now we have to pay for good and service with higher fees, actually our money cut off every months and depending Bank regulation. In my country have removed with Bank interest and not matter anymore when holding or saving much money in the back to earn interest at the end month. I agree with cryptocurrency and Bitcoin make us easy when saving our assets or our money there.

Never have to pay with good and service at every month and easy when withdrawing our money to be cash, I think little impossible when withdrawing huge amount in the Bank and need procedure waiting until few days withdraw with all our assets.

Yeah almost for free if they are willing to hold the coins and use it as a regular currency. But then again, they might become the victim of volatility. They received $1,000 worth of bitcoin from a sale. They keep it in bitcoin, but the next the price might become $900. He will have to pay more in bitcoin for the goods/services he buys for his business. He would be making a loss. But if he decides to convert it to fiat, it is no longer "free". You will usually pay a percentage fee on the conversation, or a platform fee unless you are doing direct p2p transaction with no third party involved which we all know is going to be hard and not convenient for everyone.

Not a single, even the most perfect financial system is capable of leading the state to prosperity. The key to the successful development of the state is the growth of its economy. Therefore, with the help of bitcoins, El Salvador needs to think about where to invest possible financial investments in order to raise its economy. The 2,300 bitcoins currently available in El Salvador are not so much for the state as a whole. We need to make sure that money brings even more money. If you bet only on a possible increase in the price of bitcoin, El Salvador will still not achieve a good result. It will be eating up the budget and will not end in anything good.

They don't need to convert to fiat over there. In El Salvador you can pay anything directly with Bitcoin.

So yes, sometimes it will go down in value, and sometimes will go up, but at the end of the day if you keep your buying and selling close to each other, then it shouldn't make a huge difference. And the money you save in Bitcoin should appreciate in value over the long term.

To cap it all again, i also come across the updates that talks about how the ambassador to the US made a statement and declared that El-Savador is expecting more bitcoin investors to come in the country https://twitter.com/BTC_Archive/status/1610231317354147841?t=mfqLwVSsju4v4p0BU82wCA&s=19 this will also give room to diverse opportunities in bitcoin when we have any establishements and bitcoin investors in addition to the once on ground along with the implementation Nayib Bukele had made through bitcoin tourism, volcano bonds, bitcoin free zone, bitcoin beach, bitcoin education, there's no doubt on the possible outcome that may spring out of these because part of its dept had already been paid while the crime rate is well dealt with yo the minimal level

I wouldn't say El Salvador is at a loss, since the government hasn't sold a single Bitcoin yet. It is accumulating to sell once market prices go all the way to the moon. But I don't think El Salvador will become the richest country in the world, especially when developed countries wouldn't want to miss a piece of the pie. It could become the richest country in Latin America if it plays its cards right.

Everything will depend if Nayib Bukele stays in power. If another President is elected, then you can say bye-bye to the Bitcoin experiment for good. Who knows what the future holds for the country? Just my thoughts ;D

I certainly agree, and what was the whole excitement about for Bitcoin enthusiasts back then when El Salvador took this step? Apart from we now have a country that has made Bitcoin a legal tender, the belief was also, like anyone that has been investing in Bitcoin from the beginning, making a profit, in the long run, is also the target.
As the article stated if the Bitcoin mining company powered by the geothermal energy of volcanoes are actually operational wouldn't this generate huge profits for the country down the years? I believe your guess is as good as mine, however, whether this will make El Salvador the richest country in the world in 8 years time I doubt but will definitely set the county up well. 

El Salvador has accepted the adoption of bitcoin as a legal currency, which means there is no need to convert to fiat when making buying and selling transactions there, because direct payment services are available with this adoption.

That's why bitcoin is considered fluctuating, because it involves rising and falling prices, but as you said, bitcoin is the best investment that can maintain the value of the investment we make. So it doesn't matter when the price goes down, because there will be a bullish resistance point in the next quarter.

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

In El Salvador, I heard they have these bitcoin cities or bitcoin hubs. I think this was the place where you can spend your bitcoins the most but on some other places I think you will still need a fiat to avail something. In countries where BTC isn't a legal tender yet, it still possible to use your Bitcoins directly as long as there is a signage or a BTC logo being posted on that shop. BTC is volatile and that is what makes it unique compared to other traditional currencies.

This is also the reason why it can be use for trading or investing other than for simply making a payment and sending money. For someone who is bothered about its volatility, good thing stable coins are now invented to give a solution to this problem.

Whether El Salvador is in some kind of outrageously better place in which it passes up all kinds of countries seems to be the wrong kind of framework, because it seems that the odds are quite great that investing into bitcoin makes El Salvador a better place with more options and also likely a better place than it would have had been if it had not adopted a variety of bitcoin-related investment strategies.

Also with the economics of any country (even small ones) there are going to be a variety of things going on, and yeah Bukele is and has been responsible for some of the overall framework and helping to establish the tone - while at the same time, the framework and tone helps for a variety of private and public sector actors to engage in behaviors and practices that are complimentary to the framework and tone that has been created at the top.   

Not everyone is going to act cooperatively with the bitcoin framework and tone that has been created, so there will also be a variety of ways in which citizens may or may not completely profit because of the current El Salvador framework that promotes bitcoin and attempts to incentivize that folks learn about and get involved with bitcoin.

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

And what's unique is that not only Australia is doing this, but there is also Spain which has installed 215 crypto ATM and made Spain the third largest crypto ATM center. This means that crypto ATM have now begun to spread in several developed countries and this indicates that developed countries are starting to accept crypto as a legal payment. And one more thing that is really interesting is Nigeria's efforts to enforce adoption of internal central bank digital currency (CBDC) - eNaira - forced the government to limit ATM cash withdrawals to $225 (100,000 naira) a week. _{Source: https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub}

I don't think so, relying on bitcoin alone to make El Salvador the richest country in the world is impossible, even if bitcoin hits $1 million per bitcoin. But if they continue to maintain and develop without any obstacles, then surely their country will have more significant development and improvement steps than when using USD. El Salvador has only accepted bitcoin for over a year, so it can be said that it is very early to conclude whether they fail or succeed, we need more time to evaluate.

Absolutely, plus also the amount of investment done in El Salvador with Bitcoin is really tiny compared to the budget of a whole country.

I mean, a company in the US, Microstrategy, has way more Bitcoin than El Salvador for example.

Have possibility with country placed ATM center in their country and Bitcoin become legal currency transaction at the future? Australia is most influential countries around the world and when announcing about Bitcoin as legal tender I can't imagine what positive side coming on later. Look like placing more than 216 crypto ATM is serious thing did by Australia government and they want take benefit from Bitcoin transaction how possibility allow El Savador to make tourist excited make Australia their destination going place.

Australia is my neighboring country and maybe there are has miracle when Australia makes 216 ATMs my current country will follow it and placed more than ATM cryptocurrency.

Nevertheless, comparing bitcoin ATM tenancy or growth should likely also be shown in relativized form in order to get a clearer picture, and that is something that stats on the matter at hand tend to shy away from. Australia for example has a population nearing 26 M, whilst El Salvador is settling for 6,5 M people, a quarter the size of that of Australia.

Australia is therefore slightly in front of El Salvador in absolute terms (https://coinatmradar.com/countries/), but in terms relative to the population, El Salvador would have a ratio nearly 4 times better than Australia.

Note: Ideally, it would seem even better to relativize the data against adult population, and not the country’s whole population.

I concur. Bitcoin has the potential, yet this is dependent on a lot of other factors. But I do not see it happening in the next 4 years. The country has taken the first step by adopting bitcoin yet, it doesn't stop there.
I believe the shift from poor to rich nation will happen when there is a massive adoption. During the time when we will see people use it to pay for goods and services without any restriction. And as people become more dependent on Bitcoin, fiat of whatever denomination will lose it's dominance.
So, yes. El Salvador will be rich off of bitcoin but not so soon.
 

Bitcoin is but a drop in an ocean full of assets and commodities vying to be the most valuable ownable. There is a debate to be made for whether a large bull run in the crypto scene could skyrocket El Salvador's Per Capita to the big leagues but one thing's for sure, soon as this bull run commences, El Salvador will be one of the few countries who will benefit the most out of this, given the fact that they fully embraced bitcoin and is enacting all possible moves to realize this vision. No doubt El Salvador's gonna be one rich country after this. What they will do when that happens, we'll find out.

it is true that one thing is impossible if in the next 4 years el savador becomes the richest country without any other factors, adopting bitcoin I don't think it will be able to make the country rich forever, because a rich country is supported by other supporting factors such as agriculture, trade,

Much of it is known like that. But we'll come to know about the things in reality if they are truly working (although they are) when there are in-depth analyses and operations conducted to research the same.

I would really like that but they need to have a sustainable model. I have no doubt that they will make good profits with the Bitcoin they keep in their portfolio, but they need more to become the richest country in the world. However, if they use their earnings from Bitcoin in the right ways in the future, they can become one of the richest countries in the world. I think it is not impossible for them...

El Salvador isn't going to be the richest country in the world ever. OP didn't make a new reply. Where's OP?

It looks like mainstream governments are starting to notice Bitcoin's true benefits. Developed countries haven't declared Bitcoin as legal tender yet, but their actions are showing us they've already done so behind the scenes. The installation of Bitcoin ATMs worldwide will help spread adoption of crypto/Blockchain tech at a fast pace. If this keeps up, it won't be long before "hyperbitcoinization" becomes a reality. This should be a warning sign to Fiat's prominence in the mainstream world.

I'm glad El Salvador did the right thing by adopting BTC as an alternative to Fiat. It was the first country to recognize BTC as legal tender. It may not become the richest country in the world anytime soon, but at least it's heading into the right direction. Who knows what the future will look like? Just my thoughts ;D

I doubt it, governments don't realize the benefits of bitcoin, but they probably know that banning bitcoin won't do them any good and instead they accept it to tax us, it's such a huge source of revenue that they don't want to lose. But anyway, it's better they find a way to ban it forever.

El Salvador will never be the richest country in the world, bitcoin alone is not enough to help them do that, but I also support them to use bitcoin as an alternative to USD because they don't have their own currency. Hopefully, they will have more success with Bitcoin in the future.

couple of months left before this thread close to 1 year but what is El Salvador now? does this sounds like something is best coming to  their way , maybe in the next couple of years more? but I'm afraid there will be big chance because the people from that country did not completely support the bitcoin adoption and seems to be having more on negative thoughts?

El Salvador generally accepts payments using Bitcoin, considering that Nayib Bukele has supported Bitcoin as a legal means of payment, El Salvador has designed a payment system using Bitcoin, by providing several accesses such as ATM equipment and other needs for a faster process of receiving payments using bitcoins. Under Article 7 of the new Bitcoin Law in the country of El Salvador, every company and economic agent must provide payment access to products and services that use Bitcoin, although there are exceptions for persons who do not have temporary access.

So far the adoption of bitcoin in El Salvador is still going quite well, although everyone has not been cooperative in accepting the framework offered by bitcoin, the provision of resources and support in various aspects will make it easier for bitcoin to run quickly and comprehensively for El Salvador.

That's for sure, bitcoin is not what makes a certain country the richest in the world, El Salvador will never be the richest in the world. Even if bitcoins cost $100k and they own 1 million bitcoins, they won't be the richest country, let alone the number of bitcoins they hold. Looking at the total capitalization of bitcoin is less than 400 billion, many times smaller than the total capitalization of a company in the US like apple.

Right now they're not doing too well with bitcoin right now but I agree with what you said because regardless of what they need right now is to wait for the bullrun and bitcoin to improve. on the other hand Elsavador also uses bitcoin only as an option in payment so indeed I think even if they use a lot of money to buy bitcoin but as long as their conditions are not disturbed I think it's okay.

But on the other hand, back to the OP topic, even though bitcoin has become legal in El Salvador, they are still not the richest in the world, whatever the circumstances.

If i may but ask a single question then it's will be like this, has there been any change or improvement from countries yet to adopt bitcoin over 50 years, aren't they the same till now, nothing has changed about their economy yet we have El-Savador which has begin a kind of Satoshi's mindset by giving a new approach to how it can encounter this change, this is just barely a year plus and we expect to see the results like that of a sudden ponzi scheme right? With that El-Savador is rocking well with it adoption and lives and economics are changing for good gradually.

???  Bitcoin is only 14 years old why ask an impossible question? 


which is the Ponzi scheme?  Can you clarify?  As far as I know, it will take years for the economy to develop.  Not because today they implemented Bitcoin adoption, next year the country will be rich.  It is a process, not magic.  So we have to wait longer to evaluate how Bitcoin changes a country's economy.  We have seen how Bitcoin alleviate the kind of living of an individual, I bet in due time we will se how a country progresses because they use Bitcoin.

An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

I think a lot of people have heard about El Salvador because of Bitcoin, and many people are visiting and spending money there because of it.

That in itself is a huge win for El Salvador.

Even the second country that made it legal tender, Central African Republic, is not as famous as El Salvador.

You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

Yes, El Salvador was once known as the murder capital of the world, but over the last few years it has consistently dropped those numbers.

It is now safer in El Salvador than in some areas in the US, like Baltimore


And that's an old statistic, El Salvador has been getting even better than that lately.

OP didn't read replies he isn't interested.

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

El Savador have reached their goal target when adapting Bitcoin as legal currency transaction, they get passive income due many tourism coming to their country increase up every year, we know how advantage and easy for travelling when Bitcoin have been legal payment and El Savador adopted on many transaction kinds.

Probably when El Salvador legalized bitcoin, the government did not think about the impact of this step on the growth of tourism, this was its side effect.
And whether El Salvador can become the richest country thanks to bitcoin, I doubt it. Only one bitcoin will not be enough for this, unless it reaches unrealistic heights, which I also have doubts about. El Salvador will receive a profit from investing in bitcoin, but it will also depend on when Bukele wants to sell it, because he can sell too early, or delay and not get the expected result.

Oh really? Never heard that El Salvador is the most desired place to visit in Central America. I thought that Belize and Costa Rica are the most demanded places to visit. How come number of tourists have increased since Bitcoin legalization, if that has happened during covid times? Everything points on that the amount should have decreased. And I will never believe that Bitcoin legalization is the trigger to increase number of tourists.