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

[Popkon6]

Happy Bitcoin Legal Tender Day 🙌

On September, 7th 2021, 🇸🇻 El Salvador became the first country to officially adopt Bitcoin. here

September 7, 2021 was one of the most significant days in Bitcoin’s history.

El Salvador became the first country in the world to adopt BTC as legal tender — defying warnings from the International Monetary Fund.

It was a rapid rollout for the dramatic new policy, especially considering it had been announced by President Nayib Bukele just three months earlier.

Every single Salvadoran citizen could claim $30 in free Bitcoin if they downloaded the government’s Chivo app.

Meanwhile, Bukele excited the crypto markets by regularly announcing that the country was buying thousands of BTC to hold in reserve.

Source link: https://cryptonews.com/exclusives/has-el-salvadors-bitcoin-bet-been-a-success/

They have been holding bitcoins every day since accepting bitcoins as legal tender on September 7th, 2021, I think this complements the DCA approach. Because they have been holding Bitcoin for the past four years, and their Bitcoin holdings were purchased at their 2021 peak.  And again in 2022 and early 2023 Bitcoin had very low buying prices, which I think they continue to hold until now. 
And the price of each bitcoin is on average (roughly around 40k) of bitcoins purchased. So it must be noted that no matter how much the price of Bitcoin increases, holding Bitcoin for a long time following the second method will definitely reduce the purchase price.

[GigaBit]

This is getting more exciting, and we are seeing it happening in other to help make a conservation of resources through bitcoin investment in El-Salvador, am more delighted in seeing that they work as accordingly to what they have said in making bitcoin investment every day, it is very important to know that this was not only said by spoken words, but the appearance still remain as what manifest in every of their actions towards bitcoin investment, in due time, they world will soon realize the impact of their decision and many will have to blame themselves for not starting early as they have done.

And now thanks to the continued adoption of Bitcoin in the country of El Salvador, the country has become wealthy despite its small size. I am also truly amazed at the determination of the citizens there and also by the government there who continue to prove what they have said before to be a sweet reality. I have found El Salvador to be an amazing country because they have been able to rise to become wealthy through Bitcoin adoption and also continue to provide Bitcoin education in every school so that children of a suitable age can learn it properly.

Their plan about Bitcoin is far-reaching. The steps they have taken with Bitcoin will certainly take time to implement even though they have already come a long way to implement the plan. But it must wait a long time to reap the benefits from adopting Bitcoin. Wherever El Salvador stands today, future generations will be able to take the country's economy to another level. Children in El Salvador are being taught to use Bitcoin and Blockchain technology from a young age. Children are already learning about Bitcoin and with in few years El Salvador will be among the most economically developed countries with light of bitcoin.

[Zanab247]

Its fascinating to read such good stories in El Salvador like this where taxi driver find a good fortune with bitcoin  https://news.abs-cbn.com/business/2024/9/8/how-a-taxi-driver-in-el-salvador-got-rich-with-bitcoin-947

This are some of the things the El Salvador president  seen ahead, that made him thought about BTC legal tender it will bring success to those that will accept BTC as payment in their businesses, which is what the taxi driver experienced from the taxi driving business to grow to this level to establish other business that will double his profit. Anytime I see good stories like this about El Salvador, it make me to praise El Salvador president that allowed legal tender in the country because it has brought a lot of developments to the country which it will make the country to continue to experience the benefit of legal tender.

Still lots of promising things gonna happen with their country especially that bitcoin still gaining good exposure to the world.

Just wait for the BTC to reach or cross 20 years in the world, then you will see a lot of things it has done to people and countries that made it legal tender because many people has used it to grow their businesses, and countries too has used it to grow their economics.

[Fiatless]

Still lots of promising things gonna happen with their country especially that bitcoin still gaining good exposure to the world.

Napoleon Osorio the taxi driver

This is an uncommon story. It shows how beneficial it is not to follow the crowd. When others were busy selling their coin, he started a business and was receiving Bitcoin for services he renders. His patience and dedication have paid off, as he has been able to buy more taxis and is no longer struggling financially. This is just one of the success stories among many. This shows that Bitcoin is having some level of impact on the economic conditions of El Salvadorians.

[As-Soon-As]

Has Bitcoin inspired you to start a business?
here




Bitcoin is a thing that once entered the person must have succeeded, you note the country of El Salvador. An ordinary citizen of El Salvador, he was a taxi driver, and he got into Bitcoin and became known as a major investor today. Full credit goes to the government of the country, Naib Bukele, he has shown the right path to the people of his country, and he has once again proved that he can succeed completely with the people of his country.

[Glen Hoddle]

Happy Bitcoin Legal Tender Day 🙌

On September, 7th 2021, 🇸🇻 El Salvador became the first country to officially adopt Bitcoin. here




El Salvador is the first country in the world to accept Bitcoin in 2021, allowing Bitcoin to become legal tender. And since then its Salvador has stood head and shoulders above the rest of the world in Bitcoin adoption, and has gained one of the world's reputations for being the only Bitcoin adopter. And gained even more reputation because he taught Bitcoin using various techniques to educate the people of his country from students to young and old people about Bitcoin. And has been successful in many ways, I can say the president of El Salvador, Nayib Bukele, is a successful entrepreneur and his contribution to bitcoin holdings is the most.

Since El Salvador adopted Bitcoin, they are only gaining success, as the people of their country are ready to learn Bitcoin at any time. Now, the country has gained a reputation as one of the most popular places in the world, and they are known today as successful investors in Bitcoin investing. They will benefit the most if they are willing to hold Bitcoin for a longer period of time, as they have seen massive gains in just four years from 2021.

[wmaurik]

Their plan about Bitcoin is far-reaching. The steps they have taken with Bitcoin will certainly take time to implement even though they have already come a long way to implement the plan. But it must wait a long time to reap the benefits from adopting Bitcoin. Wherever El Salvador stands today, future generations will be able to take the country's economy to another level. Children in El Salvador are being taught to use Bitcoin and Blockchain technology from a young age. Children are already learning about Bitcoin and with in few years El Salvador will be among the most economically developed countries with light of bitcoin.

I also like the important points they have built from now on and one of them is in the children's sector who have been taught how to use Bitcoin and also Blockchain knowledge from now on. Because I am also quite sure that this will have a quite good impact on their own future and also the future of the country of El Salvador as a whole if all citizens of the country continue to be consistent in using Bitcoin and also Blockchain. Even though El Salvador is not a rich country at the moment, it is also not a poor country at the moment so it would not hurt for other countries to see El Salvador as an initial motivation in order to adopt Bitcoin.

[Just Say]

Has Bitcoin inspired you to start a business?
here




Bitcoin is a thing that once entered the person must have succeeded, you note the country of El Salvador. An ordinary citizen of El Salvador, he was a taxi driver, and he got into Bitcoin and became known as a major investor today. Full credit goes to the government of the country, Naib Bukele, he has shown the right path to the people of his country, and he has once again proved that he can succeed completely with the people of his country.

This is perhaps best illustrated by the fact that Bitcoin has changed the economic status of Salvadorans. Where many people are interested in selling bitcoin investments is the person who has traded in bitcoins i.e. he paid his car rent with bitcoins. He became a successful businessman after owning Bitcoin and now owns a company where he also owns a few cars.
You can see that this topic has already been discussed here a few times and you have mentioned the same thing again today.

[Fiatless]

You can see that this topic has already been discussed here a few times and you have mentioned the same thing again today.

Is there any rule that stops you from continuing a current topic? If you check the date of my post it is on the 9th not the 10th, so you are wrong. This was the first time I saw the news and I quoted @rwin100.

I think every good news from El Salvador should be celebrated. After all, if it were negative news about the country, you would see it in headlines for a long period. I will keep celebrating Napoleon Osorio because he is a testimony that Bitcoin can change lives financially.  

However, it is important to note that it was not just Bitcoin that made him a millionaire. He was able to manage his business effectively and efficiently, and Bitcoin was able to contribute to the growth of the business. That's also what El Salvador is doing but it will take some time for the positive effect to be visible in the economy.    

[famososMuertos]

::///:::

Individuals are a vital part of any process. Years ago, a well-known businessman in my area with whom I had establish a good business relationship told me: "I have built several businesses in my productive years, and there are always three essential things, money, the idea and people... and of those three, the most difficult to achieve in any of my projects is always the people."

And that is the case here, it is not just Bukele, it is not just bitcoin, and it is not the idea of ​​your (us) project, it is (are) the individual(s) who, with his talent, leads his venture to success.

On the other hand, regarding the news, you can see many people giving their opinion on the debate, blah, blah, blah, and it is important, because the United States, whether we like it or not, is a reference for many economies, but there are people who see more brilliance in that, than remembering September 7, or that there are people trying to use bitcoin as a way of life. (ojo: I'm not talking about people in general, I'm talking specifically about this niche, our forum)

^{ojo x Ad}

[Popkon6]

El Salvador’s Bitcoin Office Celebrates 21 Months of Success, Sets Stage for Renaissance 2.0

The National Bitcoin Office (ONBTC) of the Office of the President of El Salvador, led by Stacy Herbert, aims not just to help further integrate Bitcoin into El Salvador’s economy but foster a cultural, artistic and psychological renaissance.

By many metrics, The Bitcoin Office has already achieved much success since its founding in December 2022. It’s stockpiled 5,836 bitcoin on behalf of the country. It’s educated 80,000 Salvadoran civil servants on what Bitcoin is and why it’s important. It’s helped implement Bitcoin education from kindergarten to university levels through programs like Mi Primer Bitcoin and CUBO+. And it’s attracted entrepreneurs, investors and other bright minds to the country.
Source link: https://bitcoinmagazine.com/business/el-salvadors-bitcoin-office-celebrates-21-months-of-success-sets-stage-for-renaissance-2-0


More detailed information is available at the link above, but currently the government of El Salvador has introduced further improvements to education about Bitcoin. And they will definitely get the benefit of holding bitcoins because their benefit is built in these 5836 bitcoins. And the more it holds, the more it will see growth, so the government of El Salvador has placed the highest importance on Bitcoin holdings, and it is everyone's choice.

[Cryptmuster]

I think every good news from El Salvador should be celebrated. After all, if it were negative news about the country, you would see it in headlines for a long period. I will keep celebrating Napoleon Osorio because he is a testimony that Bitcoin can change lives financially.  

However, it is important to note that it was not just Bitcoin that made him a millionaire. He was able to manage his business effectively and efficiently, and Bitcoin was able to contribute to the growth of the business. That's also what El Salvador is doing but it will take some time for the positive effect to be visible in the economy.    

In this case, Bitcoin simply turned out to be a tool that this person was able to use, because there are many similar applications, but only some become successful. And in this case, Bitcoin was exactly what was able to attract attention, because despite the fact that Bitcoin was approved as an official means of payment, not everyone was able to immediately adapt their activities with Bitcoin, and those who were able to do so received an advantage from this. There are always many opportunities in our lives, you just need to be able to find them and use them.

[As-Soon-As]

Today is 🇸🇻 El Salvador Independence Day 🙌

El Salvador gained independence from Spain on September 15, 1821.

200 years later, it became the first country to adopt Bitcoin as legal tender.here



The country of El Salvador has come a long way in terms of Bitcoin holdings, and El Salvador is the only country in the world to have achieved success in a short period of time. Seeing their Bitcoin holdings, other countries are showing interest in Bitcoin, which is the biggest positive point for Bitcoin. The country of El Salvador has found a future permanent address for holding these bitcoins.

[laijsica]

Today is 🇸🇻 El Salvador Independence Day 🙌

El Salvador gained independence from Spain on September 15, 1821.

200 years later, it became the first country to adopt Bitcoin as legal tender.here



The country of El Salvador has come a long way in terms of Bitcoin holdings, and El Salvador is the only country in the world to have achieved success in a short period of time. Seeing their Bitcoin holdings, other countries are showing interest in Bitcoin, which is the biggest positive point for Bitcoin. The country of El Salvador has found a future permanent address for holding these bitcoins.

As an emerging economy, the economic potential created by the adoption and massive holdings of Bitcoin by the President of El Salvador Nayib Bukele could be a model for the world to follow. Originally President Nayib Bukele primary objective of adopting Bitcoin was that it would increase the efficiency of remittances, reduce dependence on the US dollar and open up underbanked services that would reduce pressure on the domestic currency. Bukele positive initiative may take some time to fully implement and the world is looking at how they can make the use of Bitcoin more positive and effective. Meanwhile, Russia is looking to implement Bitcoin for its internal trade transactions and Panama may similarly legalize the use of the cryptocurrency for its internal trade transactions.

[AirtelBuzz]

Today is 🇸🇻 El Salvador Independence Day 🙌

El Salvador gained independence from Spain on September 15, 1821.

200 years later, it became the first country to adopt Bitcoin as legal tender.here



The country of El Salvador has come a long way in terms of Bitcoin holdings, and El Salvador is the only country in the world to have achieved success in a short period of time. Seeing their Bitcoin holdings, other countries are showing interest in Bitcoin, which is the biggest positive point for Bitcoin. The country of El Salvador has found a future permanent address for holding these bitcoins.

El Salvador was the first country in the world to recognize Bitcoin as a legal tender. Following the adoption of Bitcoin as legal tender, the President of El Salvador Nayib Bukele claimed that it would improve the economy and simplify the banking system in his country. We found that in 2022, one year after Salvadorans adopted Bitcoin as legal tender, Salvadorans had more Lightning accounts than bank accounts. Nayib Bukele contribution to El Salvador's economic self-sufficiency after adopting Bitcoin as legal tender is immense. His country is gradually becoming the world's largest bitcoin holder through his important steps. It was his breakthrough move to buy one bitcoin per day.
 

President Bukele said that El Salvador will no longer need external debt to finance its budget and has achieved financial independence

https://x.com/BTC_Archive/status/1835627373586202940?t=64prWqfJkyByh4eC0sOCnw&s=19

[PremiumcryptoHub]

Nayib Bukele Says El Salvador No Longer Dependent on Debt

El Salvador's President Naib Bukele has announced that El Salvador is no longer dependent on external debt to finance the upcoming national budget. Naib Bukele has been vocal about the importance of cryptocurrencies, particularly Bitcoin, in building a strong, indigenous national reserve. After El Salvador adopted Bitcoin as its official currency, it gained worldwide attention.
source

[Lucius]

Nayib Bukele Says El Salvador No Longer Dependent on Debt

El Salvador's President Naib Bukele has announced that El Salvador is no longer dependent on external debt to finance the upcoming national budget. Naib Bukele has been vocal about the importance of cryptocurrencies, particularly Bitcoin, in building a strong, indigenous national reserve. After El Salvador adopted Bitcoin as its official currency, it gained worldwide attention.
source

I don't think the IMF would agree with his vision completely - and as long as they are negotiating with them, they are far from being able to say that they have gotten out of the problem.

Washington, DC: An International Monetary Fund (IMF) mission led by Mr. Raphael Espinoza issued a statement following in person and virtual discussions over the past months with the Salvadoran authorities. These discussions focused on policies that could be supported by an IMF program to address macroeconomic imbalances and strengthen El Salvador’s medium-term growth prospects and resilience.

“Progress has been made in the negotiations toward a Fund-supported program, focused on policies to strengthen public finances, boost bank reserve buffers, improve governance and transparency, and mitigate the risks from Bitcoin.....On Bitcoin, while many of the risks have not yet materialized, there is joint recognition that further efforts are needed to enhance transparency and mitigate potential fiscal and financial stability risks from the Bitcoin project. Additional discussions in this and other key areas remain necessary.

[Fiatless]

Bukele States El Salvador Will Self-Finance 2025 Budget, Won't Issue Even 'a Cent' of Debt

Besides adopting Bitcoin as a legal tender, President Nayib Bukele has been an economically sound leader. When he became president in 2019 the budget deficit was $1.2 billion but it has reduced to $338 million in the 2024 budget. I don't doubt his ability to achieve this feat because he has shown from records that it is possible. The country needs to invest in infrastructure because that is what will attract investors, so I wonder how it will be funded.


https://www.bnnbloomberg.ca/investing/2024/09/16/el-salvador-bonds-soar-after-bukele-signals-zero-deficit/   

The announcement that the 2025 budget wouldn’t be funded by issuing new debt caused El Salvador bonds to soar. The yield for the bond dropped over 40 basis points to 10.7%. According to Bloomberg country’s dollar bonds which due in 2035 experience a massive rise of 2.2 cents on the dollar, reaching their highest level since 2021.

[DiMarxist]

El Salvador business has started. Coffee Roastery from US used Bitcoin to buy coffee from El Salvador. And the coffee is one and half ton. The trading process was smooth and there was no middle man or third party and it was a direct trade with the United States and El Salvador government. They paid $39.59 as Bitcoin to get the coffee. Salvadoran Embassy was involved to fast track the trade. And according to the news they have done such transaction in the year 2022 before.
Compass Coffee has been involved in Bitcoin activities and was in Bitcoin conference 2024 and also in most times addressing issues on the Bitcoin community.
https://www.google.com/amp/s/bitcoinblog.de/2024/09/24/international-coffee-trade-first-time-paid-with-bitcoin/%3famp=1