El Salvador plan to make BTC legal tender

[suzanne5223]

I am really happy about El Salvador to move in making Bitcoin a legal tender and with their positive towards Bitcoin, I don't think it will  be nice fothir anyone to consider their President not to be the best economist out there. However, this is wonderful by  El Salvador cause more good things are coming their way.

Now that El Salvador is on its way to bitcoin legalization, its economy will more likely to progress too. However, the President of this state got an issue that he's owning a large amount of bitcoin and he's only doing this to create bitcoin hype. I think whether its true or not, he's free to do things on his own as what crypto is all about, freedom. Hope this proposal will be approve soon because if this comes out positively, bitcoin would definitely be in a hype again.

I also believe El Salvador will experience more growth in the coming weeks and for the rumor said about the President of the state owning some Bitcoin is what I dont know even if it was true, the bold move is what's important to we crypto community and I believe the news about El Salvador legalization of Bitcoin is what current impact the market.

If you are optimistic, you can say the potential is still enormnous.

Its more like a long term domino effect but alot of potential for the country. If somehow there is a drastic change in their Economy and GDP after making bitcoin as their legal tender in around 10 years or so, then some other countries might follow their steps. Some other low income countries are most likely going to monitor this before making the same decision

I am really happy about El Salvador to move in making Bitcoin a legal tender and with their positive towards Bitcoin, I don't think it will be nice for anyone to consider their President not to be the best economist out there.

It was a bold move and on top of that, they made the decision while bitcoin is still one of most googled subject in 2021 so El Salvador got the full coverage about this news from all over the world. Genius indeed

Yes, it was a genius decision cause it was made when the market is experiencing some sump in price which could help the crypto adopter during the dipping price in the country and around the world. Besides, this legal tender decision will also advertise El Salvador and I can see some crypto enthusiasts relocating to El Salvador soon.

[Sithara007]

Everyone here is talking about El Salvador. But hardly anyone has mentioned Bulgaria. Let's not forget the fact that Bulgaria is the only country to have Bitcoin in its forex reserve. The government didn't purchased any BTC from the market. In May 2017, they seized a total of BTC213,519 from an organized criminal network. And unlike what the FBI did with the Silk Road coins, the Bulgarian authorities chose not to sell those coins. Back then, these coins were worth around $200 million. Now their worth has increased to $8.65 billion.

[JayJuanGee]

Everyone here is talking about El Salvador. But hardly anyone has mentioned Bulgaria. Let's not forget the fact that Bulgaria is the only country to have Bitcoin in its forex reserve. The government didn't purchased any BTC from the market. In May 2017, they seized a total of BTC213,519 from an organized criminal network. And unlike what the FBI did with the Silk Road coins, the Bulgarian authorities chose not to sell those coins. Back then, these coins were worth around $200 million. Now their worth has increased to $8.65 billion.

Well played, sir.

[Chato1977]

Everyone here is talking about El Salvador. But hardly anyone has mentioned Bulgaria. Let's not forget the fact that Bulgaria is the only country to have Bitcoin in its forex reserve. The government didn't purchased any BTC from the market. In May 2017, they seized a total of BTC213,519 from an organized criminal network. And unlike what the FBI did with the Silk Road coins, the Bulgarian authorities chose not to sell those coins. Back then, these coins were worth around $200 million. Now their worth has increased to $8.65 billion.

Is that for real? Bulgaria has Bitcoin in their Forex?

Wow this is really a Mind blowing idea, i have not even got crossed about this for information since then.

When was Bulgaria starts having this?

[arallmuus]

Everyone here is talking about El Salvador. But hardly anyone has mentioned Bulgaria.

Well the reason that everyone talked about it is because it was announced when the whole world got their attention in bitcoin. If this was announced somewhere in 2019 then it wont get as many publicity as it currently is. Aside from getting positive publicity, less people seems to notice that El Salvador currently use USD as their legal tender as well

This means that their action of making bitcoin as legal tender could be seen as a threat to the USD and someday might force The US to crack down on bitcoin and stuff

Wow this is really a Mind blowing idea, i have not even got crossed about this for information since then.

When was Bulgaria starts having this?

https://www.coininsider.com/bulgarian-government-owns-3-billion-usd-bitcoin/. Read this

[boyptc]

Everyone here is talking about El Salvador. But hardly anyone has mentioned Bulgaria. Let's not forget the fact that Bulgaria is the only country to have Bitcoin in its forex reserve. The government didn't purchased any BTC from the market. In May 2017, they seized a total of BTC213,519 from an organized criminal network. And unlike what the FBI did with the Silk Road coins, the Bulgarian authorities chose not to sell those coins. Back then, these coins were worth around $200 million. Now their worth has increased to $8.65 billion.

True to that.

Congratulations to Bulgaria though and the media should come up with articles that are coming from this country and how they've ended with that net worth.

Well, the same as the El Salvador news, this is going to refresh the community just as a bullish news mostly today, that we've got more new investors and institutions.

[boumalo]

If you are optimistic, you can say the potential is still enormnous.

Its more like a long term domino effect but alot of potential for the country. If somehow there is a drastic change in their Economy and GDP after making bitcoin as their legal tender in around 10 years or so, then some other countries might follow their steps. Some other low income countries are most likely going to monitor this before making the same decision

I am really happy about El Salvador to move in making Bitcoin a legal tender and with their positive towards Bitcoin, I don't think it will be nice for anyone to consider their President not to be the best economist out there.

It was a bold move and on top of that, they made the decision while bitcoin is still one of most googled subject in 2021 so El Salvador got the full coverage about this news from all over the world. Genius indeed

El Savador is a very small undebted nation, let's hope it helps them.

[Sithara007]

True to that.

Congratulations to Bulgaria though and the media should come up with articles that are coming from this country and how they've ended with that net worth.

Well, the same as the El Salvador news, this is going to refresh the community just as a bullish news mostly today, that we've got more new investors and institutions.

Neither the media, nor the government want to admit that they have made billions of USD in profit by holding Bitcoins. On top of that, these coins were seized from a criminal enterprise, and there is a chance (although less than 0.01%) that the coins may ordered to be returned back to the rightful owners. But in the end, this turned out to be the best investment decision made by the Bulgarian government ever since it became independent in 1908. Can be compared to the purchase of Alaska by William H. Seward in 1867.

[Obito]

Everyone here is talking about El Salvador. But hardly anyone has mentioned Bulgaria. Let's not forget the fact that Bulgaria is the only country to have Bitcoin in its forex reserve. The government didn't purchased any BTC from the market. In May 2017, they seized a total of BTC213,519 from an organized criminal network. And unlike what the FBI did with the Silk Road coins, the Bulgarian authorities chose not to sell those coins. Back then, these coins were worth around $200 million. Now their worth has increased to $8.65 billion.

They might be waiting for something before selling their bitcoin and I think that they will sell at some point but even though that can happen, pretty sure that it will still be beneficial for the whole market that there's bitcoin being sold. Plus, it's not a one man decision to sell those bitcoin so they might be having a hard time agreeing with each other.

[kayiboyu]

World Bank stated that it won't support El Salvador as it has made Bitcoin legal tender. I wonder what kind of results will El Salvador get after using Bitcoin as legal tender for some time. If the results become positive, then maybe World Bank can change its mind, who knows.

[ultrloa]

World Bank stated that it won't support El Salvador as it has made Bitcoin legal tender. I wonder what kind of results will El Salvador get after using Bitcoin as legal tender for some time. If the results become positive, then maybe World Bank can change its mind, who knows.

Its expected to see that they said that since maybe they are afraid that USD will lose some value or its dominance will be lessen as the bitcoin is already hitting the major markets and in business sector. Maybe there mine will be change if El Salvador economy will be at positive side after they adopt bitcoin in their country.

[suzanne5223]

El Savador is a very small undebted nation, let's hope it helps them.

What you just said now give me the feeling that you don't totally trust or believe in Bitcoin potential, why won't Bitcoin help El Salvador if their government use the tax they get through crypto very well, understand the risk involved in crypto and also train people about it.

[LUCKMCFLY]

It is interesting that El Salvador has made this determination, honestly the president of El Salvador has always been a very reasonable person and worthy of doing great things. In 2020 the pandemic was just beginning, it was the only country to lock itself up on time, and there was not a single infected, now if with this measure the country opens up in economic matters, since it will be the pioneer country in the adoption of BITCOIN, it is something that many countries do not have the decision and determination to do, this can bring much more volume to the market, a wise decision for this country.

Now as it says in the article, it is necessary to wait for the congress to only give the go-ahead and they can prepare for a large number of movements through Bitcoin, this can give a great pump to Bitcoin, it will undoubtedly be an engine to boost the economy and will have a great tool for them to cope with inflation.

Yesterday the bitcoin law was passed at El Salvador making it the first country to proclaim bitcoin as a legal tender, this is a step on the right direction and it is a sign of things to come, it is going to be interesting what happens during the next years, if El Salvador remains as the only country to declare bitcoin as a legal tender then there is a chance that a great deal of businesses related to cryptocurrencies decide to move to El Salvador bringing a lot of money to their economy.

https://www.cnbc.com/2021/06/09/el-salvador-proposes-law-to-make-bitcoin-legal-tender.html

It is a great omen for BTC, El Salvador will gradually become a more stable economy, I believe that the determination of the president was very audacious, also that it is noted that the Congress of El Salvador fully understands that this is an alternative measure to escape from the traditional economy, it is known that the biggest bubble is in the dollar, FIAT money, in the face of a global collapse, the infallible option for the safe haven of money is in BTC, BTC, Real Estate.

Because El Salvador is a country that has many operations based on remittances, BTC will have the leadership from now on, if they use LN it will be something much better, payment processors if they do not want to be left out of the game must move quickly to offer the best plans to include BTC in their payments.

[Sithara007]

World Bank stated that it won't support El Salvador as it has made Bitcoin legal tender. I wonder what kind of results will El Salvador get after using Bitcoin as legal tender for some time. If the results become positive, then maybe World Bank can change its mind, who knows.

Well.. this is funny? Why should the World Bank even consider this request? They are a fiat based organization. It is like the government of El Salvador asking Coca Cola company to help them with the sales of Pepsi. If El Salvador wants to make Bitcoin more accessible to its population, then they need to work with the core developers, or third party companies such as BitPay, Binance and Coinbase. I don't think that organizations such as World Bank will be offer to extend any help, even if it is possible to do so.

[Kavelj22]

If this indicates anything, it indicates that the President of El Salvador is looking for a global incubator based on the decision he took, which I still insist on considering it a mere consumer decision to cast ashes in the eyes of the people who suffer from the economic crisis suffocating the country.

Has anyone thought about how El Salvador will be able to use Bitcoin in the global markets to purchase its needs if we know that 99 percent of providers do not accept Bitcoin payments?

Today, by inviting these countries, he is trying to find a way out that fits with his decisions by persuading them to adopt the same step, thus providing an appropriate ground in which he can use Bitcoin.

[Dunamisx]

Today, by inviting these countries, he is trying to find a way out that fits with his decisions by persuading them to adopt the same step, thus providing an appropriate ground in which he can use Bitcoin.

let's try to get clear the image El-Savador is trying to picture out in this regards, inviting other countries was not done in other for them to extend pity on him for regretting his decision neither does he took that step because he needed financial aid from then, he only sees an opportunity to share the ideas, plans and opportunities in the beauty of bitcoin adoption that if they can as well see along with him what he perceived as future in bitcoin, things could go more better for tomorrow, he never persuade Central African Republic to make adoption before they chose to all by themselves.

[bitzizzix]

I think we need to wait and see, if it works then there is a possibility other countries could do the same.
and if it is the failure of a project, then the consequences for cryptocurrencies will be very negative.
However, with bitcoin being so volatile, only time will tell whether El Salvador has made a good choice or a terrible mistake, perhaps largely down to luck.
We just hope and pray that any positive news about bitcoin will be smooth and successful, and but this doesn't mean that it might not be a good move in the long run.
much of the success of the El Salvador bitcoin initiative will depend on the relative price of bitcoin over the period of time in which the various initiatives are carried out.