El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[Lucius]

I did not just make the post, the quote below make me

You are a funny character, it is easiest to blame others for what you do - so if others do wrong, it gives you the right to do the same? Are you still wondering why your thread about Tonga in the Bitcoin discussion is locked?

I posted yesterday and your news you post was published today, what I read before in the early hour of yesterday or two days ago was that no death was recorded. I would have more appreciate this if you said two deaths are now recorded rather than saying someone is wrong but your post is good though.

I heard about the first confirmed death 2 days ago ( January 17, 2022), but I'm not going into whether you could have found such information before your post - besides, there will be more dead (for now 3) because many people are still missing.

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[bbc.reporter]

This might be the best moment for the president Bukele to be silent instead of finding recognition and the approval from the bitcoin community. I am aware that it is not yet certain, however, we might be witnessing the beginnings of a bubble pop. This downgrade on El Salvador’s sovereign debt might be a risk on the country’s economy and might also put the country’s financial condition in danger.

Also, this 3rd world country consists more of poor people than bitcoin holders.

El Salvador president tweeted 'El Salvador don't give a fuck' (DGAF) in response to that dept degrading or whatever. I did more research to know that this kind of action against El Salvador is not new

July 31,2021
Moody’s downgrades El Salvador’s long-term foreign currency issuer rating, and it has a Bitcoin connection
https://blockchainbarista.com/moodys-downgrades-el-salvadors-long-term-foreign-currency-issuer-rating-and-it-has-a-bitcoin-connection/

LatinNews Daily - 03 August 2021
In brief: Moody’s downgrades El Salvador
https://www.latinnews.com/component/k2/item/89453-in-brief-moody-s-downgrades-el-salvador.html

The president should be silent for what reason? He is a Bitcoin Enthusiast and know bitcoin is having a brighter future. El Salvador is no much different from countries that make bitcoin legal because citizens are allowed to either accept Bitcoin or US dollar. But just that it was a great news that a country adopts Bitcoin.

See the recent inflation of 7% recently in US which some people say it is higher than that, see the progressive devaluation of dollar from over decades ago. What makes fiat better? What makes dollar better? Fiat that is controlled by the government to make its value to reduce.

El Salvador is having over 700 or 1000 Bitcoin now, I do not know the amount. This is because their president knows that this will benefit El Salvador. People still do not want to understand that fiat is the killer not bitcoin. I do not mean killer directly but you should get me.

Yes the president should be silent, however, if he really wanted to say something about it, do you think DGAF was really the response on it? How much is El Salvador’s debt load? There was an article that said that the debt load is $22 billion. That might be 90% of the country’s GDP and his response on the downgrade is DGAF? I shake my head to those people who praise him for it.

Also, how much bitcoin is El Salvador holding? It might be less than $100 million. That will not be enough to cover their debt load. We want to witness adoption of bitcoin, however, president Bukele should not be arrogant.

[_act_]

Yes the president should be silent, however, if he really wanted to say something about it, do you think DGAF was really the response on it? How much is El Salvador’s debt load? There was an article that said that the debt load is $22 billion. That might be 90% of the country’s GDP and his response on the downgrade is DGAF? I shake my head to those people who praise him for it.

Also, how much bitcoin is El Salvador holding? It might be less than $100 million. That will not be enough to cover their debt load. We want to witness adoption of bitcoin, however, president Bukele should not be arrogant.

El Salvador is a developing country, developing countries are used to borrowing and El Salvador is not the only country in dept, developing countries that do not make bitcoin a legal tender are also in dept, they all borrow.

If El Salvador has adopted bitcoin earlier, will the country foreign dept be up to $22 billion? Do not get me wrong in this direction, I understand that before a country will accept an asset like bitcoin as a legal tender, there are some things to consider. El Salvador would have grown more than this if the country adopted bitcoin earlier and their dept will not be up to this.

When did El Salvador made bitcoin a legal tender? that was mid 2021, but see El Salvador's dept comparing it with gross domestic product in the country from 2012 to 2020 which is what you are talking about:

El Salvador Government Debt to GDP

https://tradingeconomics.com/el-salvador/government-debt-to-gdp

Is bitcoin the cause of the dept? EL Salvador has not made bitcoin a legal tender in 2020 but the dept grew as years passed by. If president Bukele know all these, it is frustrating which could be the reason for his tweet.

If bitcoin adoption continues, do you no think this can not help El Salvador? It will help the country. if your answer is no, then you might be one of the people that did not support bitcoin in the past.

[romero121]

As a next move El Salvador government have planned for bitcoin backed loan for small and micro businesses. Here the interest rates were calculated to be more less than the present ones. The details about the loans weren't disclosed for now, as the news happened through a facebook live from Taher who is the advisor for El Salvador government.

El Salvador explores low-interest loans backed by Bitcoin

[Kasabus]

As a next move El Salvador government have planned for bitcoin backed loan for small and micro businesses. Here the interest rates were calculated to be more less than the present ones. The details about the loans weren't disclosed for now, as the news happened through a facebook live from Taher who is the advisor for El Salvador government.

El Salvador explores low-interest loans backed by Bitcoin

Unfortunately the link is not working.

But if my understanding is correct, it's just right that the interest is low because bitcoin is a high volatile asset, it could end up a borrower paying more than 100% of his original loan if he spends the money and bitcoin will have its bull run during the due date period.

[estenity]

Yes the president should be silent, however, if he really wanted to say something about it, do you think DGAF was really the response on it? How much is El Salvador’s debt load? There was an article that said that the debt load is $22 billion. That might be 90% of the country’s GDP and his response on the downgrade is DGAF? I shake my head to those people who praise him for it.

Also, how much bitcoin is El Salvador holding? It might be less than $100 million. That will not be enough to cover their debt load. We want to witness adoption of bitcoin, however, president Bukele should not be arrogant.

El Salvador is a developing country, developing countries are used to borrowing and El Salvador is not the only country in dept, developing countries that do not make bitcoin a legal tender are also in dept, they all borrow.

If El Salvador has adopted bitcoin earlier, will the country foreign dept be up to $22 billion? Do not get me wrong in this direction, I understand that before a country will accept an asset like bitcoin as a legal tender, there are some things to consider. El Salvador would have grown more than this if the country adopted bitcoin earlier and their dept will not be up to this.

When did El Salvador made bitcoin a legal tender? that was mid 2021, but see El Salvador's dept comparing it with gross domestic product in the country from 2012 to 2020 which is what you are talking about:

El Salvador Government Debt to GDP

https://tradingeconomics.com/el-salvador/government-debt-to-gdp

Is bitcoin the cause of the dept? EL Salvador has not made bitcoin a legal tender in 2020 but the dept grew as years passed by. If president Bukele know all these, it is frustrating which could be the reason for his tweet.

If bitcoin adoption continues, do you no think this can not help El Salvador? It will help the country. if your answer is no, then you might be one of the people that did not support bitcoin in the past.

the figures that you present for salvador's debt to GDP ratio are low, much lower than developed occidental countries, that are largely above 100 percent presently.
but apparently there has been an upward tendancy recently.
this could eventually be due to the present government, that invests a lot in permanent structures.

hence an evident difficulty for developing countries is that they cannot control sufficiently their currencies quotes, in front of dollar and euro for example;
adopting an independant international currency could eventually be a great advantage, if the horse chosen is adequate.

[worldofcoins]

This is a Huge move from a small country in Central America, and I suppose this is only the start for other nations to also think and join for bitcoin adaptation. El Salvador moves could help the majority in terms of p2p, remittance, cashless payment to its citizen to Facilitate bitcoin.

Great news, and it's another positive thing in the cryptocurrencies market. No one can now stop the flow of bitcoin as many people accept it.
I googled "El Salvador" and found Bitcoins on their Offical Currencies, which makes me happy.
We're slowly growing, and soon we'll reach the $100M, and that's the dream of every bitcoins lover.

[lalabotax]

I googled "El Salvador" and found Bitcoins on their Offical Currencies, which makes me happy.
We're slowly growing, and soon we'll reach the $100M, and that's the dream of every bitcoins lover.

It should be. Since El Salvador has legalized Bitcoin as a legal tender, it automatically becomes their national currency. Sure, we are all happy with this because this indicates the great adoption of Bitcoin. With big support from one of the government in the world, we are more confident about the future of Bitcoin adoption around the world.

Regarding the possibility of BTC price $100M, I don't think any strong correlation with El Salvador. It purely depends on the demand on the market, and how the trend in the future. If Bitcoin is getting popular and more people are interested to buy Bitcoin, then $100M is possible to reach although we don't know when it is.

[bbc.reporter]

Yes the president should be silent, however, if he really wanted to say something about it, do you think DGAF was really the response on it? How much is El Salvador’s debt load? There was an article that said that the debt load is $22 billion. That might be 90% of the country’s GDP and his response on the downgrade is DGAF? I shake my head to those people who praise him for it.

Also, how much bitcoin is El Salvador holding? It might be less than $100 million. That will not be enough to cover their debt load. We want to witness adoption of bitcoin, however, president Bukele should not be arrogant.

El Salvador is a developing country, developing countries are used to borrowing and El Salvador is not the only country in dept, developing countries that do not make bitcoin a legal tender are also in dept, they all borrow.

If El Salvador has adopted bitcoin earlier, will the country foreign dept be up to $22 billion? Do not get me wrong in this direction, I understand that before a country will accept an asset like bitcoin as a legal tender, there are some things to consider. El Salvador would have grown more than this if the country adopted bitcoin earlier and their dept will not be up to this.

When did El Salvador made bitcoin a legal tender? that was mid 2021, but see El Salvador's dept comparing it with gross domestic product in the country from 2012 to 2020 which is what you are talking about:

El Salvador Government Debt to GDP

https://tradingeconomics.com/el-salvador/government-debt-to-gdp

Is bitcoin the cause of the dept? EL Salvador has not made bitcoin a legal tender in 2020 but the dept grew as years passed by. If president Bukele know all these, it is frustrating which could be the reason for his tweet.

If bitcoin adoption continues, do you no think this can not help El Salvador? It will help the country. if your answer is no, then you might be one of the people that did not support bitcoin in the past.

Where are you going with your argument? Who in this community does not want bitcoin or the cryptospace to succeed? My comment was on Bukele. He should be silent about the downgrade or make a more empricial argument than being arrogant and tweeting does not give a fuck in public as if that would help El Salvador’s finances. Are you praising him for tweeting DGAF? Is that a step forward for the global adoption of bitcoin?

[mindrust]

as we know there are lots of countries that want to adopt bitcoin but among these countries only El Salvador is really serious about showing that they want to adopt bitcoin widely in the country and they have even created several bitcoin ATMs for transactions by the public. And we really hope that with this adoption.we can at least re-increase public trust in the cryptocurrency.because currently bitcoin is hit by a crisis of public confidence, causing the price of bitcoin to continue to decline sharply.

Theere is no crisis of public confidence. Only FUD. Ignore the FUD and you will be fine. 1 btc = 1 btc. No one can change this fact. If you see some one telling you that 1 btc isn't 1 btc, just hit him in the face or ignore him. Your call.

Bitcoin has gone through worse situations than this before. It will go through this one too.

In the end when these are all over, bitcoin will absorb the whole fucking thing. Imagine the price when that happens. I don't know If I can type that many 9's or 0's. So, a lot.

[DdmrDdmr]

@El Holdedor (El Salvador) just bought another 410 BTCs, which is close to their maximum purchase batch of 420 BTCs made last October, and that brings the alleged total held to the 1801 BTC mark. I figure it’s buying the dip from dipping into the Bitcoin Trust …


see: https://twitter.com/nayibbukele/status/1484651539587289091

It would be really nice to see some official balance from the Government, instead of Tweets that need to be tracked and taken for granted, specially for the local population’s benefit (as in knowledge).

[bbc.reporter]

This is what Bukele should be doing instead of showing arrogance. This shows that we are in this together from the bull market to the bear market. He might only be joking, however, this also shows that he wants to be part of the community and his intentions for bitcoin and the cryptospace are not short term and not only in during the good times, out during the bad times.



#NewProfilePic

https://mobile.twitter.com/nayibbukele/status/1485031106982428677?s=12

[_act_]

@El Holdedor (El Salvador) just bought another 410 BTCs, which is close to their maximum purchase batch of 420 BTCs made last October, and that brings the alleged total held to the 1801 BTC mark. I figure it’s buying the dip from dipping into the Bitcoin Trust …

This is a very great news, this will be an advice for people that bought bitcoin at high price but thinking they have lost all because the price decrease in this period. Organizations know that buying the dip in steps as the price is reducing is a good ways of bitcoin investment rather to not know when the bear time is over and lose for the bull time. El Salvador president has shown courage and brilliant bravery that could help his country, he should be a very good president. He is not following what others are saying, what they could not say when the country has always been in dept and the dept is increasing which was massive in 2020 before El Salvador adopt bitcoin in 2021. I hope bitcoin bull time is coming, a time when that will favour El Salvador if the country continuously buying the deep. Bitcoin buyers which are for long time purpose should always have it in their mind which is true that bitcoin holders will never lose but again make profit.

[_act_]

https://mtmcrypto.com/2022/01/25/imf-urges-el-salvador-to-remove-bitcoins-status-as-legal-tender/

IMF urges El Salvador to remove bitcoin's status as legal tender, stating it can cause risks of financial stability...

According to the IMF's executive board, the use of Bitcoin as legal tender carried “large risks” related to financial stability, financial integrity and consumer protection.

El Salvador make bitcoin a legal tender but citizens can choose accepted payment to be in US dollar, it is not that bitcoin is forced on El Salvadorians. Making bitcoin a legal tender in country like El Salvador is not the same with making bitcoin legal but both have some similarities.

The similarity is that anyone can choose payment accepted to be US dollar which is the currency the country is spending.

[bbc.reporter]

It appears this president is motivated with strong convictions in an ideology which also can be speculated that he will never listen to the IMF’s demand to remove bitcoin’s legal tender status in El Salvador. I support this tweet, however, I am afraid that Bukele should begin to be cautious for his family’s safety and his own. Those bloodless vampires behind the IMF will do anything to maintain the existing state of their monetary system.

I reckon the other South American leaders should unite and push back.



Wanna see hypocrisy?

Look at the ones supporting a President who wants to go to war to boost his approval ratings, sending gas prices to the roof in the midst of a global inflation that will send hundreds of millions into poverty.

But they’re concerned about McDonald’s jokes

Source https://mobile.twitter.com/nayibbukele/status/1485754688628789249?s=12

[Reatim]

as we know that among many developing countries in the world they always say they are interested in adopting bitcoin as a legal transaction tool in their country but I see only El Salvador that really shows their seriousness in the long term bitcoin adoption process even they has created several bitcoin ATMs so that transactions can be carried out by citizens in the country, what the country of El Salvador has put forward is not a figment, they actually do it, we really hope that with the adoption by that country it will be able to make bitcoin return to the top as high as a few years ago

There are many countries that has serious motive in adopting bitcoin but this is not that easy because they must lure their people first to support this like what happened in EL Salvador that their people is divided from the favor and the disagreeing party.

but ATM are being installed all over the world for long time now even those countries has not adopted bitcoin is so i think this is best to believe than to disagree .

[Daltonik]

https://mtmcrypto.com/2022/01/25/imf-urges-el-salvador-to-remove-bitcoins-status-as-legal-tender/

IMF urges El Salvador to remove bitcoin's status as legal tender, stating it can cause risks of financial stability...

According to the IMF's executive board, the use of Bitcoin as legal tender carried “large risks” related to financial stability, financial integrity and consumer protection.

El Salvador make bitcoin a legal tender but citizens can choose accepted payment to be in US dollar, it is not that bitcoin is forced on El Salvadorians. Making bitcoin a legal tender in country like El Salvador is not the same with making bitcoin legal but both have some similarities.

The similarity is that anyone can choose payment accepted to be US dollar which is the currency the country is spending.

Not only the imf is putting pressure on El Salvador, but also private individuals, for example, there is such an economist and bitcoin critic Nouriel Roubini, who calls on the government of El Salvador to impeach President Nayib Bukele because of his investments in bitcoin, I just wonder what his opinion will be after bitcoin reaches a new ATH.
https://twitter.com/Nouriel/status/1485357576711778307

[stepwilli]

There are many countries that has serious motive in adopting bitcoin but this is not that easy because they must lure their people first to support this like what happened in EL Salvador that their people is divided from the favor and the disagreeing party.

but ATM are being installed all over the world for long time now even those countries has not adopted bitcoin is so i think this is best to believe than to disagree .

El Salvador president lure their citizens to use btc in the form of airdrop and its effective because who would ignore free money? But that move is not easy but it requires huge amount of funds. There are btc's ATM's but I think they are only allowed to countries where bitcoin is legal because it would be strange to install them if they did not legalize it first.

People will use them and then few minutes later they will get arrested but in terms of btc legality, all countries will comply on it soon and maybe they are now planning but not really read. Thanks to El Salvador for the big move because that heavily influence other countries to think of doing the same .

[OgNasty]

Others seem to be following suit with El Salvador and exploring their Bitcoin options.  Max Keiser stated that the next country to accept Bitcoin is known by him and that it is in South America.  They'd better hurry because the news today is that Turkey is exploring cryptocurrencies and is now widely expected to recognize Bitcoin as a currency also.  The dominoes are beginning to fall.  I can say that I'm genuinely concerned with so many people being onboarded onto Bitcoin's layer-2 with development of that layer being so extremely centralized to a handful of companies and almost no community support from developers (this website doesn't even have a Lightning section).  I just cross my fingers and hope that one company's mission to take over control of Bitcoin's governance doesn't lead to the failure of our global finance vision.

[Wawa2013]

There are many countries that has serious motive in adopting bitcoin but this is not that easy because they must lure their people first to support this like what happened in EL Salvador that their people is divided from the favor and the disagreeing party.

but ATM are being installed all over the world for long time now even those countries has not adopted bitcoin is so i think this is best to believe than to disagree .

El Salvador president lure their citizens to use btc in the form of airdrop and its effective because who would ignore free money? But that move is not easy but it requires huge amount of funds. There are btc's ATM's but I think they are only allowed to countries where bitcoin is legal because it would be strange to install them if they did not legalize it first.

People will use them and then few minutes later they will get arrested but in terms of btc legality, all countries will comply on it soon and maybe they are now planning but not really read. Thanks to El Salvador for the big move because that heavily influence other countries to think of doing the same .

Although El Salvador is not a big country, but what El Salvador has shown is quite brave by legalizing Bitcoin as a legal tender. Because not
necessarily a big country dares to do what El Salvador did, I am very happy that there is a country that is so serious about supporting
cryptocurrencies like El Salvador. I also really hope the country I live in follows in El Salvador's footsteps, making it easier for me to use Bitcoin.
But for a country to legalize Bitcoin as a legal tender, it really depends on the country's leader, because most state leaders only think about
themselves, so they don't dare to take risks by legalizing Bitcoin as a legal tender. While El Salvador has Nayib Bukele who has enormous courage,
because it is not easy for state leaders to make unpopular decisions. I believe Nayib Bukele can make great progress in El Salvador, which is
the advantage of having such a young leader. Because his thinking is fresher and most importantly he is more daring to take risky steps for
the progress of his country.