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

[Zlantann]

El Salvador toys with renting 170 volcanoes to Bitcoin miners, aims to disrupt industry

El Salvador's President Nayib Bukele Plans pay rent Volcanoes for Bitcoin Mining. Nayib Bukele social media platform X mentions 170 volcanoes in his country. Since El Salvador adopted Bitcoin as legal tender in 2021, a total of 474 Bitcoins have been mined using volcanic power.

I also read it here https://bravenewcoin.com/insights/el-salvadors-bukele-floats-plan-to-rent-volcanoes-for-bitcoin-mining . It's a great move, bukele. With the current conditions, he has recorded profits from his policies. I don't understand how the economic problems are in detail, but I think he should start making concrete steps for the effects of his policies to be felt by the wider community. The reason is to attract people's interest to use crypto more. The reason is that currently I hear that people and even hotels and restaurants still rarely use Bitcoin as a transaction. I think if more users believe it, it will benefit El Salvador. This seems to be better than reissuing debt, the project has a greater impact than creating new debt.

Source:

1. https://bravenewcoin.com/insights/el-salvadors-bukele-floats-plan-to-rent-volcanoes-for-bitcoin-mining
2. https://news.bitcoin.com/latam-insights-el-salvadors-bitcoin-debt-idea-mileis-maga/

El Salvador's economic problems are complex. The country has the highest poverty rate in Latin America and there is an infrastructural deficit and there was high rate of insecurity caused by gang violence. The government have been taking some positive steps to ensure that they tackle these problems.

One notable move by the President is to cut down the debt of the country because debt servicing is taking a large chunk of the country's revenue. Next year's budget based on report will be financed by generated revenue and no fund will come from.borrowing. This move will help the government to develop other means of generating funds instead of depending on loans that have stringent conditions.

For now people prefer to use Bitcoin as an asset rather than a currency. There are other factors that are also limiting El Salvadorians from embracing the use of Bitcoin as a legal tender such as poverty and lack of basic infastructure. Maybe more people will consider using Bitcoin as a currency in the future when it has achieved stability and the economic conditions of the country have improved.

[Popkon6]

How El Salvador Became Latin America’s Comeback Story...

El Salvador has undergone a remarkable transformation under President Nayib Bukele, emerging as a beacon of innovation and resilience in Latin America. From adopting Bitcoin as legal tender to enacting sweeping fiscal and social reforms, the nation has defied global skepticism. VanEck recognized this potential early and made investments in Salvadoran sovereign debt. Despite the fierce rally in these assets, we estimate the nation’s just-issued 30-year bond is still priced 200 basis points cheap compared to its fair value, with projected returns exceeding 33% over the next year should spreads narrow to our target.

During our visit to San Salvador last week to meet President Bukele and speak at the “Adopting Bitcoin” conference, we re-explored the ambitious vision driving El Salvador's future as the "Singapore of Latin America."
Source Link: https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-how-el-salvador-became-latin-americas-comeback-story/


Here is all the information about the work that El Salvador has done from beginning to end, but I think that the government of El Salvador, Nayib Bukele, is very wise because the role he is playing is the reason for the success of the country in all aspects.
You are challenging the issue that Nayib Bukele has tested the courage of Bitcoin and he has succeeded, this challenging is acceptable to the whole world. At present, he is the most successful and challenging in all the work he has done, he has risen to the top of success from his own experience.

[STINKYBEE]

Edited out.

[Luzin]

For now people prefer to use Bitcoin as an asset rather than a currency. There are other factors that are also limiting El Salvadorians from embracing the use of Bitcoin as a legal tender such as poverty and lack of basic infastructure. Maybe more people will consider using Bitcoin as a currency in the future when it has achieved stability and the economic conditions of the country have improved.

Seeing this condition, Bukele should start thinking creatively. Perhaps Bukele can take some of the funds to make infrastructure that supports ease of accessibility to support the backwardness that is a problem for the government. Hoping on the stability of bitcoin to become money, don't happen. I don't expect Bitcoin to be stable. Basically I think Bukele can take policy, but in a halving cycle the price of bitcoin will not always be the same at the moment. So if you calculate the halving period, there will indeed be halving that may be skipped while still president. It seems that Bukele still hopes that there will be even better prices.

[PremiumcryptoHub]

Trump's Bitcoin Backing and Supply Chain Agenda Could Position El Salvador as Key Ally

Tiny El Salvador has become a Latin American success story — thanks in large part to its bitcoin-loving president, according to investment manager VanEck.

A report by the New York firm says the country's bet on bitcoin and radical reforms have made it "Latin America's ultimate comeback story."

Before accepting Bitcoin as legal tender, El Salvador was a very unknown and crime-prone country to the rest of the world. But when a great man like Nayib Bukele became the president in this country then since he accepted bitcoin as legal tender in 2021 this country has slowly changed and even this country has become a peaceful country at present.

Moreover, it goes without saying how widespread Bitcoin has become in this country. We saw a news a few months ago that a taxi driver out there was accepting Bitcoin as a car rental. Moreover, schools in El Salvador are teaching Bitcoin in schools and even everyday necessities are paid for in Bitcoin.

[Popkon6]

El Salvador's Bitcoin Worth >$600M



El Salvador’s Bitcoin strategy extends beyond reserves. There are plans for $1 billion “Volcano Bonds”, half of whose proceeds would buy Bitcoin, aim to fund the development of Bitcoin City, a futuristic economic zone powered entirely by geothermal energy. This city is designed to attract international investment and innovation with zero taxes on income, property, or capital gains. Additionally, the government offers a “Freedom Visa” program, which grants citizenship to individuals who donate $1 million to the nation’s development efforts.
Source link: https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-how-el-salvador-became-latin-americas-comeback-story/

The government of El Salvador, Nayib Bukele, has made Bitcoin transactions tax-free, offered visas, and made arrangements for all people in his country, from adults to teenagers, to learn about Bitcoin. He has arranged for various schools to teach about Bitcoin, all of which are used only for the development of his country. All of this has been possible only through the adoption of Bitcoin, and El Salvador will move towards greater progress in the future.

[Sonia_123]

Billion-Dollar Investment Firm Vaneck Highlights Bukele’s Bitcoin Gambit in El Salvador
https://news.bitcoin.com/billion-dollar-investment-firm-vaneck-highlights-bukeles-bitcoin-gambit-in-el-salvador/

The consistence usage and investing into Bitcoin by El Salvador will make them one of the richest countries in the world in the next 30 to 35 years, because looking at their achievements since adoption which has helped reshapened their economy and the future of the country .

[Zlantann]

Billion-Dollar Investment Firm Vaneck Highlights Bukele’s Bitcoin Gambit in El Salvador
https://news.bitcoin.com/billion-dollar-investment-firm-vaneck-highlights-bukeles-bitcoin-gambit-in-el-salvador/

The consistence usage and investing into Bitcoin by El Salvador will make them one of the richest countries in the world in the next 30 to 35 years, because looking at their achievements since adoption which has helped reshapened their economy and the future of the country .

Only Bitcoin investments cannot make El Salvador the richest country in the world in three decades and above. To achieve this feat, the country has to engage in diverse economic programs that will lead to diverse economic growth. They will have to tap into diverse natural resources that are available in the country.

The article you referenced also said that President Nayib Bukele invited Vaneck’s geologist to do research on the country's gold deposits. If they can keep diversifying their economy, the country has the potential to achieve strong economic growth.      

[Just Say]

The consistence usage and investing into Bitcoin by El Salvador will make them one of the richest countries in the world in the next 30 to 35 years, because looking at their achievements since adoption which has helped reshapened their economy and the future of the country .

Since adopting Bitcoin as legal tender, the country's economic situation has greatly improved. This country's Bitcoin holdings are also increasing as time goes on, and the value of their Bitcoin holdings is also increasing as the price of Bitcoin has increased in recent times. Which is helping them to have a positive impact on the economic sector of the country. One step Nayib Bukele  took to boost El Salvador's economy was to accept remittances through Bitcoin.

Because many people in El Salvador live in diaspora and the remittances sent by these diaspora are about twenty percent of the country's GDP.

[Popkon6]

Billion-Dollar Investment Firm Vaneck Highlights Bukele’s Bitcoin Gambit in El Salvador
https://news.bitcoin.com/billion-dollar-investment-firm-vaneck-highlights-bukeles-bitcoin-gambit-in-el-salvador/

The consistence usage and investing into Bitcoin by El Salvador will make them one of the richest countries in the world in the next 30 to 35 years, because looking at their achievements since adoption which has helped reshapened their economy and the future of the country .

I definitely believe that El Salvador will definitely become a developed country within 30 to 35 years, I will highlight here from the beginning of their work to the current success. You will notice that in 2021, the government of El Salvador under Nayib Bukele declared Bitcoin legal tender and they started holding it.

1. In 2021, Bitcoin was declared legal tender and they began holding the first Bitcoins.

2. The government of El Salvador, led by Nayib Bukele, has worked the hardest to suppress terrorism and provide extensive benefits to tourists from various countries, and has created strict laws against terrorism.

3. El Salvador is teaching Bitcoin to all young people, from teenagers to adults, in various school institutions to educate the country's people about the currency.
4. He has made Bitcoin fee/tax free for the people of his country, where every citizen can transact Bitcoin at absolutely no cost.

El Salvador is taking the country to the roots of development in many other ways, I believe that Nayib Bukele will definitely be able to take the country forward. Because he is the best in his country at the moment and has taught about digital currencies, which I think is the most positive aspect.

[As-Soon-As]

1. In 2021, Bitcoin was declared legal tender and they began holding the first Bitcoins.

2. The government of El Salvador, led by Nayib Bukele, has worked the hardest to suppress terrorism and provide extensive benefits to tourists from various countries, and has created strict laws against terrorism.

3. El Salvador is teaching Bitcoin to all young people, from teenagers to adults, in various school institutions to educate the country's people about the currency.
4. He has made Bitcoin fee/tax free for the people of his country, where every citizen can transact Bitcoin at absolutely no cost.

El Salvador is taking the country to the roots of development in many other ways, I believe that Nayib Bukele will definitely be able to take the country forward. Because he is the best in his country at the moment and has taught about digital currencies, which I think is the most positive aspect.

El Salvador is ready to take any step to improve their country, despite the obstacles and problems they face, and they adopt strategies for the benefit of their people. The country has become very popular for Bitcoin, which is even more enjoyable to hold because they have huge benefits from each Bitcoin.
 Among these aspects, I like the most is that everyone from adults to teenagers are being taught about Bitcoin, and this education is being introduced in many schools, which is a positive aspect for El Salvador to reach the peak of further development.

[freedomno1]

Next up the IMF trys to tell President Trump not to own Bitcoin


The International Monetary Fund (IMF) remains critical of El Salvador’s Bitcoin experiment while continuing to work with the country.

According to Reuters, at a press conference on Thursday, IMF spokesman Julie Kozack stated that the IMF has suggested “limiting public sector exposure to Bitcoin”.

The IMF has been critical of El Salvador’s decision to adopt Bitcoin as legal tender since 2021, and these comments reflect their ongoing caution about the move.

El Salvador made headlines in September 2021 when it became the world’s first country to accept Bitcoin as legal cash. This approach, championed by President Nayib Bukele, has sparked controversy, with the IMF among the most vocal detractors.

The organization has repeatedly expressed worries about the decision’s possible macroeconomic, financial, and legal hazards, warning that Bitcoin’s volatility might disrupt the national economy.

However, it acknowledged in August that many of the hazards of the Bitcoin experiment “had not yet materialized.”

https://www.cryptotimes.io/2024/10/04/imf-urges-el-salvador-to-limit-bitcoin-exposure/

[White pawn]

Being the legal tender of a foreign country has a major effect on the legal status of Bitcoin in the U.S.: https://bitcointalk.org/index.php?topic=5342104.0

Note that several countries have said that Bitcoin is legal, but El Salvador would be the first to make it "legal tender", which is a special status.

Yes,the action was impressive and quite inspiteful.The legalization of Bitcoin in El Salvador was literally one of the best things that occurred and happened to Bitcoin this year;a very remarkable and intelligent approach.I love the fact that every one of them embraces the new innovation and achievement,and that's entirely a big win for Bitcoin.

[ultrloa]

Next up the IMF trys to tell President Trump not to own Bitcoin


The International Monetary Fund (IMF) remains critical of El Salvador’s Bitcoin experiment while continuing to work with the country.

According to Reuters, at a press conference on Thursday, IMF spokesman Julie Kozack stated that the IMF has suggested “limiting public sector exposure to Bitcoin”.

The IMF has been critical of El Salvador’s decision to adopt Bitcoin as legal tender since 2021, and these comments reflect their ongoing caution about the move.

El Salvador made headlines in September 2021 when it became the world’s first country to accept Bitcoin as legal cash. This approach, championed by President Nayib Bukele, has sparked controversy, with the IMF among the most vocal detractors.

The organization has repeatedly expressed worries about the decision’s possible macroeconomic, financial, and legal hazards, warning that Bitcoin’s volatility might disrupt the national economy.

However, it acknowledged in August that many of the hazards of the Bitcoin experiment “had not yet materialized.”

https://www.cryptotimes.io/2024/10/04/imf-urges-el-salvador-to-limit-bitcoin-exposure/

But El Salvador President rejects the IMF recommendation https://apnews.com/article/cryptocurrency-technology-business-el-salvador-san-salvador-4612c5008ba1e919d42bdf0724095c91 and with this we can see that Bukele slap their faces with reality that they can't control them and now he proves that they are right with their decision and IMF is wrong with what they suggest before.

If El Salvador follow what IMF recommendation for sure that they will be slave by IMF. But its good they choose to step up and now seeing the result of the efforts and trust they made for bitcoin. More success to come with El Salvador and those countries also institutions still doubts would regret once bitcoin reach new highs.

[Luzin]

United Heritage Sociedad Anonima De Capital Variable ("United Heritage"), has been granted the prestigious license of Digital Service Provider in El Salvador.  United Heritage Sociedad Anonima De Capital Variable is part of Eco Bright Future. They will serve bitcoin transactions buying, selling, and exchanging bitcoins.  Eco Bright Future is famous for
1. Tokenization of assets in the form of real estate or commodities
2. Blockchain Development
3. Integration with secure finance.

Source: https://www.morningstar.com/news/globe-newswire/9313537/eco-bright-future-incs-subsidiary-united-heritage-secures-bitcoin-exchange-license-in-el-salvador

[PremiumcryptoHub]

As I mentioned in an earlier post, El Salvador the country of Nayib Bukele, offered their first tokenized US Treasury. El Salvador has already managed to raise $30 Million through this tokenized treasury. El Salvador once again leads global financial innovation by raising $30 million through a tokenized offering.

The platform of El Salvador raises 30 million dollars through a tokenized offering of the US Treasury

El Salvador once again establishes itself as a pioneer in global financial innovation, thanks to the success of its NextBridge platform, which has raised a whopping 30 million dollars through an offering of tokenized U.S. Treasury bonds.

This move represents a significant step in the democratization of investments, combining the solidity of Treasury securities with the flexibility and transparency of blockchain technologies.

[BADecker]

If you get a replacement fender for your car in El Salvador with Bitcoin, does that mean Bitcoin has become fender tender?

 

[freedomno1]

If you get a replacement fender for your car in El Salvador with Bitcoin, does that mean Bitcoin has become fender tender?

 

One day, I hope we get the ability to use Bitcoin as collateral to take loans on like property, we are not selling it and then using that Bitcoin to get whatever it is you want

[Taskford]

If you get a replacement fender for your car in El Salvador with Bitcoin, does that mean Bitcoin has become fender tender?

 

One day, I hope we get the ability to use Bitcoin as collateral to take loans on like property, we are not selling it and then using that Bitcoin to get whatever it is you want

Well this statement makes me curious to know about if this is already happening in El Salvador and find this https://cointelegraph.com/news/el-salvador-explores-low-interest-loans-backed-by-bitcoin.

Also they explore this possibilities.

El Salvador's President, Nayib Bukele, continues to offer Bitcoin-related initiatives in the Latin American country. This time, the El Salvadoran government has proposed to establish a Bitcoin bank to attract billions in investments from foreign countries.

Read more here https://dailycoin.com/el-salvador-builds-bitcoin-bank-to-bolster-foreign-investment/

Imagine how everything turn into their favor now and El Salvador is gaining a lot of momentum especially for their countries growth by taking good decisions with bitcoin. This one really make those doubters scratch their heads and for sure they regret on why they didn't support bitcoin earlier.

[PremiumcryptoHub]

El Salvador’s Bitcoin Bet Pays Off as BTC Hits $102K, With 118% Surge in BTC Holding

El Salvador’s bold Bitcoin strategy is paying off as the cryptocurrency reaches an impressive $102,000. Under President Nayib Bukele’s leadership, the nation has seen a 118% surge in its Bitcoin holdings this year.

https://coinpedia.org/crypto-live-news/el-salvadors-bitcoin-bet-pays-off-as-btc-hits-102k-with-118-surge-in-btc-holding/

Today the price of Bitcoin has risen to a unique height and created a unique history. Today, the price of Bitcoin rose to touch above $104k. Such a high increase in the price of Bitcoin has caused El Salvador's Bitcoin holdings to increase by about 118%. The country has already bought a total of about 6000 bitcoins since Nayib Bukele legalized Bitcoin in their country, their bitcoins are now worth more than $611 million. Perhaps they have reached the pinnacle of success today with the adoption of Bitcoin. Over time, the more bitcoins they purchase, the more their investment portfolio will grow, and the more their investment portfolio will grow in value.