Bitcoin can help all nations.

[kryptqnick]

I've read it earlier about El Salvador that they have a special attitude toward foreign debt: they try to repay as much as they can and be independent of others. That, in a way, helped them deal with the IMF, which was against El Salvador making Bitcoin legal tender, but since El Salvador tries not to owe money, the IMF didn't have much leverage over them.
So even if they owe something to the IMF now, I don't think El Salvador will change its policies regarding Bitcoin. I'm impressed if Bitcoin actually helped them as much. It hasn't been great over the last year for Bitcoin, so I assumed they lost money rather than gained it.

[Artemis3]

I believe the issue of high volatility is one of the major reason why IMF is issuing warnings to El Salvador.  For IMF, investing in a high volatile asset is a red flag since IMF believe that the Bitcoin market can crash anytime and will incur losses to El Salvador's economy.

We know that IMF is a strong believer of centralized financial institution, so Bitcoin being decentralized is one negative point for IMF.


Bitcoin if taken seriously and with right regulation can surely help one country.  It has been discussed and stated that Bitcoin can bring new jobs, potential business venture and start-ups that can give a country profit. 

Not it doesn't, so called "crash" already happened but Bukele is no idiot. He is holding the bitcoins while spending the fiat.
Don't think of bitcoin as asset, think of it as currency. But different than fiat. Use what you must hold the rest. If you can hold all of it even better, but in a future without fiat income, then yes, you are going to spend some of it, but there is no need to get in debt or burn it all before it loses is value...

Yes, Fiat is designed to lose its value, its not a "maybe", it is intentionally made to lose value from their dogmatic economy beliefs (Monetarists). Instead the so called "volatility" of bitcoin, turns out when you zoom out the graph, that is not such. Long term its tendency is more than clear, even right now, its still valued higher than 3 years ago, think about it. At the same time, fiat has gone down worldwide, as designed to do, just a bit faster with govs overspending and abusing their powers to just "print more" whenever they feel like it.

Inflation is the worst of taxes, and govs can cause it at will, not Bitcoin...

[Gcrypto786]

IMF issues another warning to El Salvador on its Bitcoin decisions:
The country has been very certain about its decision to integrate Bitcoin into its financial sector. However, the International Monetary Fund (IMF) keeps issuing warnings. After a recent visit of IMF staff in the country, they observed that the Bitcoin risk to the country has not materialized yet. This is said to be due to its limited use of the decentralized asset.

Many people only see the Huge money in crypto but only a few of them realize the dark side of crypto. Regularizing Crypto but on the user, risk will be a good decision instead of mixing it with the whole country and involving it with the Government. That's the main reason IMF warn them and many others.

[Mpamaegbu]

Despite how dearly I love the idea of Bitcoin, both as an asset and means of payment from my POV, I strongly believe it won't solve the world's financial problems. My reasons aren't far fetched. Not all nations are blessed with electricity supply like what we've in the advanced countries. Dealings in Bitcoin require power supply but sadly not every nation has that. Secondly, accepting Bitcoin as legal tender is a matter of choice. Invariably, not everyone is in tune with using Bitcoin and that counts for something. Its use won't be globally accepted. So, it can't really be of help to all nations.

[uneng]

I believe the issue of high volatility is one of the major reason why IMF is issuing warnings to El Salvador.  For IMF, investing in a high volatile asset is a red flag since IMF believe that the Bitcoin market can crash anytime and will incur losses to El Salvador's economy.

We know that IMF is a strong believer of centralized financial institution, so Bitcoin being decentralized is one negative point for IMF.


Bitcoin if taken seriously and with right regulation can surely help one country.  It has been discussed and stated that Bitcoin can bring new jobs, potential business venture and start-ups that can give a country profit.  

Not it doesn't, so called "crash" already happened but Bukele is no idiot. He is holding the bitcoins while spending the fiat.
Don't think of bitcoin as asset, think of it as currency. But different than fiat. Use what you must hold the rest. If you can hold all of it even better, but in a future without fiat income, then yes, you are going to spend some of it, but there is no need to get in debt or burn it all before it loses is value...

Yes, Fiat is designed to lose its value, its not a "maybe", it is intentionally made to lose value from their dogmatic economy beliefs (Monetarists). Instead the so called "volatility" of bitcoin, turns out when you zoom out the graph, that is not such. Long term its tendency is more than clear, even right now, its still valued higher than 3 years ago, think about it. At the same time, fiat has gone down worldwide, as designed to do, just a bit faster with govs overspending and abusing their powers to just "print more" whenever they feel like it.

Inflation is the worst of taxes, and govs can cause it at will, not Bitcoin...

If Bukele is an idiot or not, only time will tell. The fact is that he took a big risk when investing in bitcoin during a bearish market, and now luck must be on his side in order to not finish as an idiot on the story. As he is using fiat and keeping bitcoins untouched, he is creating more debt for the country through loans, while betting bitcoin can overcome the bearish scenario soon, so he can finally pay the debt created with profit from bitcoin investment.

[borovichok]

Despite how dearly I love the idea of Bitcoin, both as an asset and means of payment from my POV, I strongly believe it won't solve the world's financial problems. My reasons aren't far fetched. Not all nations are blessed with electricity supply like what we've in the advanced countries. Dealings in Bitcoin require power supply but sadly not every nation has that. Secondly, accepting Bitcoin as legal tender is a matter of choice. Invariably, not everyone is in tune with using Bitcoin and that counts for something. Its use won't be globally accepted. So, it can't really be of help to all nations.

Bitcoin was created with the intention of making trading and owning it profitable for the average person. Due to the rigorous regulations set on cryptocurrencies that carry a fine for breaking them, not all nations can buy bitcoin. Bitcoin is welcomed in industrialized nations, but underdeveloped nations are wary of the initiative for fear that it could replace their fiat money. Existence of bitcoin is beneficial, since it will simplify operations and payment methods worldwide. Although it won't be adopted everywhere, the bulk of European nations are already familiar with it and are reaping significant financial benefits.

[Artemis3]

If Bukele is an idiot or not, only time will tell. The fact is that he took a big risk when investing in bitcoin during a bearish market, and now luck must be on his side in order to not finish as an idiot on the story. As he is using fiat and keeping bitcoins untouched, he is creating more debt for the country through loans, while betting bitcoin can overcome the bearish scenario soon, so he can finally pay the debt created with profit from bitcoin investment.

What risk? There is no risk when you buy bitcoin. Only fools who don't know they need to wait for selling, if ever.

Guess what, of all the bitcoins they have bought, apparently, they have sold NONE. They are holding, this is zero risk, unless you believe the rhetoric that bitcoin is going to zero, repeated every year and actually going the opposite direction...

What El Salvador is doing is building a sovereign reserve, better than gold without the outrageous custody costs... In a future where most of its income is in bitcoin, i suppose they will start using/selling some, but currently they have plenty of fiat to burn, no need to spend precious bitcoin.

It is a normal strategy ("HODL") any bitcoiner should have. He is no fool unlike the rest of the politicians worldwide, at least regarding Bitcoin. However no country can ever develop with crime, so that other part is also correct imo no matter what others say. I know how crime destroys an economy very well, write it down: if they keep walking this path, El Salvador will become the Switzerland of the Americas.

[Flexystar]

Hmm, seems IMF is on wrong foot lately. Anyways they are bank people so they will never agree the very existence of borderless transaction using bitcoin. It is but obvious that they will show negative data more prominently as compared to what nation has achieved with bitcoin acceptance. If such organisations do not render the proper use of crypto currencies then definitely they are not surrounded by very smart people.

Imagine situation where El Salvador’s holdings grown to trillions of dollars in a decade or so? Since price is supposed to go up as we see lesser emission and high demand with the time. The country where bitcoin is legal tender will be looked at as hot hub for the use of crypto currencies. It will be one of the first rich country due bitcoins holding decisions.

El Salvador is doing just that. They are strongly keeping hold of it. They would not care about IMF or any authority once they gain nice returns in the coming years.

[AliKhan5544]

yes it can change everyone,s fate

[MinoRaiola]

If i should ask you this question, how Bitcoin help a nation? From my perspective in cryptocurrency and especially bitcoin which is the most influential coin in cryptocurrency can help a nation when the country decode the important of cryptocurrency, so i believe that cryptocurrency can have a support for a nation when they invest via Bitcoin with a credible traders that knows the advantages and disadvantages of cryptocurrency precisely.

If people do P2P and that globally. An example: If a woman in India lives in poverty and calls for help, then a person in Europe could send her some Bitcoin (or altcoins) within a few minutes so that she can buy some food, or pay a doctor because she is sick. There are millions of people who live with less than 2$ a day, if you want to help these people quickly, you could do it with bitcoin. A nation or the government can watch people help each other, or they can enable the option for all people to help each other. When you eat in a restaurant in Europe, you spend much money compared to India, El Salvador, Africa and many other. We could all support each other all over the world, but that is a dream that may never come true. Who needs the IMF for this?

[TheGreatPython]

Bitcoin was created with the intention of making trading and owning it profitable for the average person. Due to the rigorous regulations set on cryptocurrencies that carry a fine for breaking them, not all nations can buy bitcoin. Bitcoin is welcomed in industrialized nations, but underdeveloped nations are wary of the initiative for fear that it could replace their fiat money. Existence of bitcoin is beneficial, since it will simplify operations and payment methods worldwide. Although it won't be adopted everywhere, the bulk of European nations are already familiar with it and are reaping significant financial benefits.

I don't think it was intentional or the developer of BTC expected that his invention can be used for trading and investing. What he only know is that he created a kind of currency which are opposed to fiats. I wouldn't wonder any more if industrialized nations are like that, it's because they embrace every opportunity, not like to the undeveloped nations who are scared of many things.

This is the main thing that limits them to improve as a nation. BTC can indeed simplify the payment operation because there will be no need for a third party when we use it but some people might think BTC is too complex so they will still stick to what they already know.

[Odusko]

yes it can change everyone,s fate

I agree with you but the fate can change only if bitcoin is focused on with the right perspective, El Salvador have taken the right step in that direction as they have made bitcoin a legal tender among other things that come with that is fhe bitcoin bond which is a fraction of the countries reserve and should yield interest if the price of bitcoin keeps increasing the way it is right now.
But to make a point very clear, the $800 millions debt repayments are not mentioned to be from Bitcoin, because El Salvador has not sold any of their Bitcoin since their bought it some time ago.