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

[Texac]

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

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

[CryptoHeadlineNews]

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

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

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

[kryptqnick]

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

[Fivestar4everMVP]

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

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

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

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

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

[Texac]

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

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

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

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

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

[sokani]

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

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

[romero121]

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

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

[Aanuoluwatofunmi]

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

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

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

[Zlantann]

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

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


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

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

[aoluain]

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

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


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

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

or brave enough!

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