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

[DdmrDdmr]

<…>

I’ve gone over some local Salvadorian press to try to get some insights into what this collaboration between El Salvador and Lugano (Switzerland). In case anyone is wondering why Lugano, check-out the city’s crypto plans here. Bear in mind that Lugano is planning on becoming a crypto adoption hub, currently focused on bitcoin (essentially through LN), Tether and LVGA, the goal being to get close to 1K business to accept these forms of payment (currently, only around 53 do: https://planb.lugano.ch/crypto-payments/).

The article below referenced points to collaboration between the two territories in economical areas with bitcoin adaption at its core, extending the agreement to closely related initiatives in the areas of education and research amongst others.

See: https://diarioelsalvador-com.translate.goog/ciudad-suiza-y-el-salvador-firman-acuerdo-de-cooperacion-economica/290678/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

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[BTCGalaxyA12]

But the fall of cryptocurrencies is adding to the pressure on governments as long as they continue to bet big on Bitcoin.

I just want to ask questions related to the financial institution system in El Salvador in providing understanding related to Bitcoin. Have they already made a complete exposure to bitcoin so that there is no more wrong mindset in understanding bitcoin in regulation even though there are already laws that have been made.

[DdmrDdmr]

<…>

I’d say that, in general terms, people there are far from being bitcoin literate there. Judging by some of the stats seen on this thread, usage is still far from being a common day-to-day choice. Whether that is due to a lack of education on the subject (which is not that trivial for a newcomer), fear of using it, conscious decision to not use it, or whatnot is something to dig deeper into in a survey with boots on the ground. Obviously these things are going to take their time, but I do get the feeling that conscious education can go quite a bit further.



In the meantime, and on a rather much unrelated matter, though interesting from a merchandising point of view:

It seems that people in the US can now savour a coffee labelled "Bitcoin blend", which is brought by the hand of the government of El Salvador and Compass Coffee, created to honour the first anniversary of bitcoin adaption in El Salvador (well, created to try to earn money through it really). Regardless of what the product itself may taste like, the can certainly looks appealing, and an item to have around the kitchen for those who wish to show-off (as opposed to being discrete).

See:
https://www.compasscoffee.com/products/bitcoin-blend?variant=39564113477728
https://es-beincrypto-com.translate.goog/gobierno-el-salvador-lanza-cafe-bitcoin-promover-exportaciones/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
https://twitter.com/MilenaMayorga/status/1588234746475053056 (watch the short video)

[Doan9269]

But the fall of cryptocurrencies is adding to the pressure on governments as long as they continue to bet big on Bitcoin.

I just want to ask questions related to the financial institution system in El Salvador in providing understanding related to Bitcoin. Have they already made a complete exposure to bitcoin so that there is no more wrong mindset in understanding bitcoin in regulation even though there are already laws that have been made.

Let me assume responding to the two quotes thesame time using this opportunity, whenever bitcoin falls the government take such advantage to cause a move in the society, government feels at ease because they had thought that it will be a time stipulated for it to go down but this never come true, that's why whenever there's a bullrun they say less because they would have realized the muchbthings they were already missing out for not investing, while from the second quote, consider yourself been a teacher and know this that not every attending students of your class will eventually know well, or pass a test given, does that mean you ain't good enough in teaching? those that will invest with bitcoin will definitely engahe it no matter the circumstance and have the knowledge while some will always be on the other side, but the government of El-Savador have done it best in providing every necessary aid to learning bitcoin and even having it for every citizen and this all started with the $30 worth of bitcoin that comes with El-Savador's chivo wallet, the free bitcoin zone, bitcoin beach, and bitcoin educational materials all given.

[Wiwo]

<…>

I’d say that, in general terms, people there are far from being bitcoin literate there. Judging by some of the stats seen on this thread, usage is still far from being a common day-to-day choice. Whether that is due to a lack of education on the subject (which is not that trivial for a newcomer), fear of using it, conscious decision to not use it, or whatnot is something to dig deeper into in a survey with boots on the ground. Obviously these things are going to take their time, but I do get the feeling that conscious education can go quite a bit further.

The major draw back in most contemporary survey is, the lack of verifiable data that will support the result of the survey to confirm it authenticity so most surveys as regard to the El Salvador Bitcoin adoption among the citizens are based on assumption and lack any scientific proven method. So to that extent, we may not be able to exact any conclusion on the level of Bitcoin adoption and the rate of Bitcoin day to day usage against other currencies within the region, the topic of El Salvador Bitcoin adoption have been relegated to just theoretical discussion since we lack data that can enhance a more healthier discussion that can relate to the true realities of things in El Salvador.

In the meantime, and on a rather much unrelated matter, though interesting from a merchandising point of view:

It seems that people in the US can now savour a coffee labelled "Bitcoin blend", which is brought by the hand of the government of El Salvador and Compass Coffee, created to honour the first anniversary of bitcoin adaption in El Salvador (well, created to try to earn money through it really). Regardless of what the product itself may taste like, the can certainly looks appealing, and an item to have around the kitchen for those who wish to show-off (as opposed to being discrete).

See:
https://www.compasscoffee.com/products/bitcoin-blend?variant=39564113477728
https://es-beincrypto-com.translate.goog/gobierno-el-salvador-lanza-cafe-bitcoin-promover-exportaciones/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
https://twitter.com/MilenaMayorga/status/1588234746475053056 (watch the short video)

This looks so appealing and indeed a piece to have around the house as a bitcoinnair that wants to see some Bitcoin fancy logos and products lying around the house, and seeing that this product is coming from the El Salvador government gave it more public acceptance since it can be proven that the content inside the can have undergone verified test by government agencies, and am also curious to know if the product is easily sold in major stores around the US.

[Smack That Ace]

El Salvador has never let us down and they always tell the world the truth. Why do we need CBDC when we already have bitcoin?

El Salvador Ambassador to the US: "We didn’t go for CBDC, we went straight for the best which is #Bitcoin

In recent days, I also heard that President Nayibbukele criticized the West for using dirty media saying that they have failed not to use USD but to use bitcoin for the country. Recently, Nayibbukele also said that their tourism industry is benefiting from bitcoin adoption and has grown by 95%, a congratulatory success for them.

https://twitter.com/BitcoinMagazine/status/1588220589524848640

[Die_empty]

In recent days, I also heard that President Nayibbukele criticized the West for using dirty media saying that they have failed not to use USD but to use bitcoin for the country. Recently, Nayibbukele also said that their tourism industry is benefiting from bitcoin adoption and has grown by 95%, a congratulatory success for them.

The West would always criticize, oppose and resist any country that wants to gain freedom form their financial bondage. The US would always want the USD to become the leading legal tender so that it could be used to manipulate the economy of other nations. El Salvador might not have gotten to its destination as regards to its bitcoin investment but it is paying the price for bravery and boldness. After this tough adventure, I am sure El Salvador would be a role model to other nations.

The media hype about the high probability of El Salvador defaulting on its debt obligation received a very wide media coverage but the attraction of tourist and foreign investment due to bitcoin adoption is neglected and even coveredup by the Western media.       

[yudi09]

In recent days, I also heard that President Nayibbukele criticized the West for using dirty media saying that they have failed not to use USD but to use bitcoin for the country. Recently, Nayibbukele also said that their tourism industry is benefiting from bitcoin adoption and has grown by 95%, a congratulatory success for them.

We don't really know much about El Salvador's developments regarding Bitcoin adoption. We keep following them from several online media such as coindesk and cointelegraph, including through Nayib Bukele's official twitter account. For us the development of Bitcoin in El Salvador is very important for us to know.

The incident that happened to FTX made President Nayib Bukele give his opinion. He said on Twitter that ["Some understand it, some not yet. We're still early."] For us the sentence is a reality. Many do not understand what to do in investing for the future.
He continued with the line ["Bitcoin's protocol was created precisely to prevent Ponzi schemes, bank runs, Enron's, WorldCom's, Bernie Madoff's, Sam Bankman-Fried's..."]
What we understand is that we need to be careful and don't be fooled because Bitcoin is here to prevent financial crimes.

quote source: https://twitter.com/nayibbukele/status/1591951579930058752

[livingfree]

There were speculations that I've read that El Salvador has deposits on FTX and they can't take it out. I don't know if that's true but I guess that was just another made FUD to make the market's move as much as these speculators want.

What we understand is that we need to be careful and don't be fooled because Bitcoin is here to prevent financial crimes.

And there's really no need for some new amazing tech and project to come out to kick bitcoin's ass. That's overused and exaggerated already that has made a lot of projects think that they're better than bitcoin.

[Sang Veronike]

Almost no one in El Salvador uses Bitcoin, except for a few in the capital and in crypto-friendly beach spots.
In fact, the future of tokenized money is more likely to be CBDC or stablecoins.

[Bobrox]

We don't really know much about El Salvador's developments regarding Bitcoin adoption. We keep following them from several online media such as coindesk and cointelegraph, including through Nayib Bukele's official twitter account. For us the development of Bitcoin in El Salvador is very important for us to know.

The incident that happened to FTX made President Nayib Bukele give his opinion. He said on Twitter that ["Some understand it, some not yet. We're still early."] For us the sentence is a reality. Many do not understand what to do in investing for the future.
He continued with the line ["Bitcoin's protocol was created precisely to prevent Ponzi schemes, bank runs, Enron's, WorldCom's, Bernie Madoff's, Sam Bankman-Fried's..."]
What we understand is that we need to be careful and don't be fooled because Bitcoin is here to prevent financial crimes.

quote source: https://twitter.com/nayibbukele/status/1591951579930058752

We talked bad rumor happen with El Savador Bitcoin investment source from coindesk and cointelegraph and don't know about this information true or not, not any one know about El Savador Bitcoin investment right now where the place or exchange for saving and how much Bitcoin detail still hold except ever have announce about how much bitcoin invested. Here detail based on COINDESK about Bitcoin purchased by El Savador but source not directly from Nayib Bukele.

I think with Nayib Bukele opinion about FTX exchange because have rumors with El Savador bitcoin assets hold there, maybe he tries by given several opinion not claimed yet that true. Absolutely El Savador seems not have bad announced yet what happen with FTX exchanges and likely based on my opinion El Savador not hold and invested their Bitcoin in FTX exchange

[MarjorieZimmermanGinger]

The West would always criticize, oppose and resist any country that wants to gain freedom form their financial bondage. The US would always want the USD to become the leading legal tender so that it could be used to manipulate the economy of other nations. El Salvador might not have gotten to its destination as regards to its bitcoin investment but it is paying the price for bravery and boldness. After this tough adventure, I am sure El Salvador would be a role model to other nations.

Overall the United States is also the best equipped for Bitcoin adoption, but use not as legal tender. This readiness for adoption is evidenced by the presence of more than 17,000 automated teller machines (ATMs). While ATMs are not limited to just Bitcoin use, I don't think the United States is completely against bitcoin adoption, as the infrastructure that is being built also has the capacity to accommodate crypto and Bitcoin travel.

The media hype about the high probability of El Salvador defaulting on its debt obligation received a very wide media coverage but the attraction of tourist and foreign investment due to bitcoin adoption is neglected and even coveredup by the Western media.

El Salvador still has some drawbacks when it comes to Bitcoin adoption, as it does require infrastructure to run. But so far, they haven't failed to adopt bitcoin as a legal tender, media freming has reported too much negativity without compensating for the positives, so a lot of the news that comes out is unbalanced. Nayib Bukele looks optimistic that El Salvador will become a pilot country for Bitcoin adoption for other countries.

[yudi09]

not any one know about El Savador Bitcoin investment right now where the place or exchange for saving and how much Bitcoin detail still hold except ever have announce about how much bitcoin invested.

Personally I don't want to get to this stage my friend.

Here detail based on COINDESK about Bitcoin purchased by El Savador but source not directly from Nayib Bukele.

I think with Nayib Bukele opinion about FTX exchange because have rumors with El Savador bitcoin assets hold there, maybe he tries by given several opinion not claimed yet that true. Absolutely El Savador seems not have bad announced yet what happen with FTX exchanges and likely based on my opinion El Savador not hold and invested their Bitcoin in FTX exchange

The information you provided from Coindesk is titled El Salvador Purchases 80 Additional Bitcoin at $19K, President Bukele Says published on Jul 1, 2022 at 8:41 a.m. and updated on Jul 1, 2022 at 10:15 p.m.

There is a gap of several months if we compare Nayib Bukele's statement written on his twitter account with this information, it seems that Nayib Bukele does not store Bitcoin assets at all on any exchange, including FTX.

[jokers10]

There were speculations that I've read that El Salvador has deposits on FTX and they can't take it out. I don't know if that's true but I guess that was just another made FUD to make the market's move as much as these speculators want.

What we understand is that we need to be careful and don't be fooled because Bitcoin is here to prevent financial crimes.

And there's really no need for some new amazing tech and project to come out to kick bitcoin's ass. That's overused and exaggerated already that has made a lot of projects think that they're better than bitcoin.

As we can learn from press as of today, rumors about that El Salvador holds its Bitcoin assets in FTX probably were first inspired by Mike Novogratz. Then CZ refuted these rumors basing on his conversation with Nayib Bukele. Later Mike Novogratz apologized for misleading. So all this situation looks like a classical FUD (as we see despite these rumors were refuted they are still in discussion).

[Doan9269]

El Salvador has never let us down and they always tell the world the truth. Why do we need CBDC when we already have bitcoin?

This is the common mistake most countries follow suit by introducing CBDC instead of bitcoin since they believe they are both digital currency but they never know that if not bitcoin then any other is termed as alts, thisbis thesame mistake Central African Republic made with it bitcoin adoption in creating another token to compete with bitcoin in disguise for Sango project, other countries that have followed same has nothing to show forth because that does not solve the problems but rather repainted and repackage their ridiculous encounter with centralization using cbdc while the solution everyone want is btc.

And to clear the air I don't think I've come across El-Savador's president Nayib Bukele stating their investment with FTX or any related exchange in the past.

[KennyR]

Whenever the market experience downturn El Salvador will be under criticism. Nayib Bukele who made the strong decision never take those a big thing and moves forward. Even now he have pointed the reality of the market. The funny part CZ have clapped for what he have mentioned, because Binance too falls under the list in which he have stopped with Sam Bankman-Fried’s followed by few dots  

[yudi09]

https://i.imgur.com/4LqBRSW.jpeg

Whenever the market experience downturn El Salvador will be under criticism. Nayib Bukele who made the strong decision never take those a big thing and moves forward. Even now he have pointed the reality of the market. The funny part CZ have clapped for what he have mentioned, because Binance too falls under the list in which he have stopped with Sam Bankman-Fried’s followed by few dots  

If CZ feels that part of Nayib Bukele's tweet is better than not feeling it at all.
We consider the applause given by CZ to be positive, maybe because El Salvadorans also make Bitcoin buying and selling transactions on the Binance exchange.

[wmaurik]

If CZ feels that part of Nayib Bukele's tweet is better than not feeling it at all.
We consider the applause given by CZ to be positive, maybe because El Salvadorans also make Bitcoin buying and selling transactions on the Binance exchange.

There is no doubt that Binance is a large exchange that has been used by almost everyone in the world (especially for crypto lovers and crypto trading), so it is possible that El Salvador also uses Binance in terms of buying and selling Bitcoin. Today I read a tweet from @nayibbukele that he said that he is currently turning the most unsafe country in the world into the safest in Latin America. This reflects that Nayib Bukele doesn't really care about the cases happening in other exchanges and still remains focused on building his country to be very safe in all sectors. And it may also include the crypto and Bitcoin sectors.

[livingfree]

There were speculations that I've read that El Salvador has deposits on FTX and they can't take it out. I don't know if that's true but I guess that was just another made FUD to make the market's move as much as these speculators want.

As we can learn from press as of today, rumors about that El Salvador holds its Bitcoin assets in FTX probably were first inspired by Mike Novogratz. Then CZ refuted these rumors basing on his conversation with Nayib Bukele. Later Mike Novogratz apologized for misleading. So all this situation looks like a classical FUD (as we see despite these rumors were refuted they are still in discussion).

Good to hear about that. Mike is one of the bullish folks in the market and then he attained to make a FUD like that? He should do better than what he has said, he has already lost his credibility long time ago when he has given a lot of bullish predictions but none of them went right.

It seems that these leaders know each other and they're always in close contact to verify some information if it's real or not.

Well, there is a possibility that Mike would be sued for that misleading news that he has spread if Nayib would like to do so.

[_act_]

The El Salvadoran president, Nayib Bukele just tweeted about the upcoming plan of buying bitcoin daily

https://twitter.com/nayibbukele/status/1593113857261965312?t=34fpxL5lJFctwpq5eUGp2g&s=09

We are buying one #Bitcoin    every day starting tomorrow.

I think this is DCA which is a good plan, but buying one bitcoin daily if not weekly may not be regarded as DCA but the price of bitcoin has falled significantly in a way that there may only be little drop in price which would be followed by a significant bull run. We do not know when the next bull run will start, which would take bitcoin to over $30000, but I believe we are getting closer to the period daily.

I see this as a good plan for people that wants to invest in bitcoin to invest now too because it would be profitable.