Nayib Bukele prediction: 2 more countries will adopt Bitcoin as legal tender

[Leviathan.007]

I don't trust his prediction and can't trust what he says about bitcoin the future of bitcoin but on the other hand as far as I know there are many other countries with worthless fiat currencies and their fiat money got low value so I expect to see these countries open their arm for bitcoin, the other reason for these countries to accept and use bitcoin for them can be economic sanctions from some other governments such as USA and EU because using bitcoin can they easily bypass these sanctions.

[24Kt]

Several other countries will certainly adopt bitcoin and make bitcoin a legal tender. this is also influenced by El Salvador which first legalized bitcoin. Nayib Bukele's strategy by adopting bitcoin is of course expected to further improve the economy of the country of El Salvador, especially since El Salvador does mining using volcanic mountain energy which of course is energy from nature that will not pollute the environment. The prediction described by the president of El Salvador is certainly still very likely to happen, because I am also sure that Bitcoin ATH will reach $100k or even more. and Bitcoin City which will be built by Nayib Bukele will add to the euphoria of bitcoin.

The prediction of at least 2 more countries will make btc legal tender is indeed possible. Like what Leviathan said, there are countries especially small countries that have worthless fiat currencies. So those are good candidates to deploy btc in their financial system. If El Salvador will continue to show positive progress with their adoption of btc, some countries will possibly follow their path. Looking forward about the construction of their Bitcoin City and how they will influence the citizens of El Salvador.

[hatshepsut93]

because using bitcoin can they easily bypass these sanctions.

It's a bit of a myth that Bitcoin can be used to bypass all sanctions. Sanctions mean that companies of a country that imposed them are prohibited from doing business with the sanctioned country. Using Bitcoin could help hide such actions, but not completely, and there still need to be companies willing to break the law, which not many would actually want to do. Sanctioned countries don't really have a problem of paying to each other, so Bitcoin is not a great help for that.

[pooya87]

because using bitcoin can they easily bypass these sanctions.

It's a bit of a myth that Bitcoin can be used to bypass all sanctions. Sanctions mean that companies of a country that imposed them are prohibited from doing business with the sanctioned country. Using Bitcoin could help hide such actions, but not completely, and there still need to be companies willing to break the law, which not many would actually want to do. Sanctioned countries don't really have a problem of paying to each other, so Bitcoin is not a great help for that.

It is more complicated than that. It is also not always about hiding.

For individuals, they will be prohibited to make a payment through banking system if their country is sanctioned. That means using bitcoin means they can make payment regardless of that, effectively bypassing those sanctions.

On a bigger scale for countries to trade, the issue of sanctions isn't about trading with the country that sanctioned them but to trade with everyone else. Right now trades are still mostly happening in USD even if US is not involved and it goes through US controlled channels and if US has sanctioned that country they will block steal their money. For example right now US has stolen trillions of dollars of Iranians since Iran is under US sanctions in dozens of countries (eg. South Korea, Canada, Iraq, a bunch of European countries). Using a different means of payment (eg. using SPFS ie. the equivalent of SWIFT from Russia) or bitcoin means bypassing the US control through a channel they can never intervene.

[TheNineClub]

I was expecting him to drop some names and inside info, but he literally just says 2 countries. That's vague as one can be. But let's say, for the sake of the argument, that he is right, I imagine those 2 would be of the same economic stature as el salvador. I don't se any big names adopting it in a way they did, and not anytime soon. And maybe that's for the best. This seems to be going too fast for it's own good.

[Sanitough]

I was expecting him to drop some names and inside info, but he literally just says 2 countries. That's vague as one can be. But let's say, for the sake of the argument, that he is right, I imagine those 2 would be of the same economic stature as el salvador. I don't se any big names adopting it in a way they did, and not anytime soon. And maybe that's for the best. This seems to be going too fast for it's own good.

Same for what i expect that he'll be dropping those two names of countries. But this thing is already expected that there will be more countries who will adopt bitcoin as a legal currency and i know it will be happening in the near future.

However, Bukele's first prediction is close to its realization as bitcoin will certainly reach $100k few months from now once there is no bearish season. But no worries, because after its bearish season, i think a bullish season will appear and in less time, we will soon to witness $100k as new bitcoin's ATH. It could be this year or the next year around.

[aoluain]

Nayib Bukele is undoubtedly one of the most bullish politician in bitcoin history. So it's no surprise, he will speak highly about it! Also I assume, not just two but more countries will adopt bitcoin as a legal tender in coming months. But none of them is likely to wipe out their own currency system in this process just the way El-Salvador did. Bitcoin will be adopted as a parallel currency alongside their own fiats. Also it makes sense for the small countries as it will save them a ton of money from foreign remittances.

But I really doubt about the 100k claim. As Franky rightly pointed out, it is extremely difficult to sustain at 100k level. Some hype of whale movement may push the price beyond 100k but it won't sustain due to the huge sell pressure. So if we don't see a whole new array of investors in the market with a similar or higher buy orders, 100k will not sustain. The market has to eat up the supplies to sustain at that level. Simple economics!   

With his breakthrough investing a big amount of BTC for a country, other country leaders could be stimulate to also invest in cryptocurrency because crypto is already recognized by the world and no longer said as a scam thing or something that going to bubble.
The price increase is not the most important thing for bitcoin and the whole crypto markets right now, we need more adoption and more reach to make people invest on it and the price will be followed, sudden price pump is not good for the market we would rather to make it slow but steady increasement

I would imagine that a number of "countries" have at this stage already been in contact
with Bukele so he would be in a position to know something of this and there
has been speculation from the community already as to who those countries are likely
to be.

We can be fairly sure though that they are likely to be similar countries to El Salvador
who are using the $

[CryptoYar]

I do agree with the Nayib Bukele predictions. If two more countries adopt bitcoin as a legal tender. And the Security Exchange Commission (SEC ) approves some spot ETFs. Then bitcoin will likely cross 100k or at least could touch that mark in 2022.

So In my view, this is the time to grab some BTC for long-term prospects ( if price drops, buy more to reduce your average price). As fundamentally bitcoin getting stronger.

[nullama]

Making Bitcoin legal tender is a long process, and it requires of support in government.

AFAIK there's only Tonga planning to discuss this in parliament in 2022, but maybe there are others.

If you don't have laws/bills or at least people in government pushing for it, then it's very unlikely to have it happen this year.

[Raflesia]

When I see things like this, I wouldn't be too surprised because sooner or later there are certain countries that will follow the adoption rate which will continue to increase.
while saying that maybe in the future it will be even more so.
Apart from that, until now, only Elsavador has dared to be so vocal in making a clear adoption.
but on the other hand there may be more than that because indeed countries such as paraguay and the dominican republic have now coded for this adoption several times

[dothebeats]

Probably not going to happen any time soon. Bukele is probably just hyping up bitcoin yet again, and he knows that not a lot of countries have the leeway to approve bitcoin as a legal tender.

It is a long and tedious process, and not some plan that can easily be executed if they so do wish, especially if the country in question is already facing enough economic problems of their own.

We will certainly see other countries following suit, but it's most certainly not any time soon.

[Poker Player]

It's probably going to be at least one South American country (maybe even two) with a ruined economy. It's very doubtful that we will see a western nation do it.

I was thinking that. If he says that based on information he has, and it is not a simple lucubration, it is because he will have talked to other presidents of other countries, probably from South America, and they will have been discussing the subject. We would like to, but I am sure he is not thinking of countries of great international economic importance at the present time.

[m2017]

President of El Salvador Nayib Bukele tweeted

Very nice of him to tweet about Bitcoin, but we already know that he's bullish on Bitcoin and has his own interest in Bitcoin being successful.
And I clearly don't mind, but:
* I don't think that he's a specialist, by far.
* His tweets should be taken with a grain of salt. Or two. Just because they're greatly biased.

I like your sane assessment of this news.

I believe that one should not take Bukele words as something "wow" and believe that his positive predictions will come true. The future is unknown to anyone and any scenario is possible.

If his predictions come true, then this will raise Bukele in the eyes of many. If he makes a mistake, then, in principle, Bukele don't lose anything. Well, I didn't guess, so what.

[famososMuertos]

Somewhat excited Bukele! That tweet is attached to his style, it goes against clock, they are only predictions based on the heart of a politician and the love for bitcoin that any enthusiast can have, bitcoin is destined to that price (100k) but it is not a matter of a tweet, at least we hope not this year.

On the other hand, it will be really unpredictable to determine which country or countries will be included in this list with bitcoin as legal currency, which in reality practices as demonstrated with El Salvador has not had an influence on the value of bitcoin but has had a great influence in the community as a premise.

I think that first we will reach $ 100k before another country is added to El Salvador in the use of bitcoin as legal currency, in my region at least it is not legislating efficiently on bitcoin as an asset for legal use although some are already touching the subject as a proposal, this should be the beginning in any country before reaching the subject of legal currency, what happened in El Salvador was definitely the exception to the norm, so in 2022 it will be difficult to see another country to be added to the list.

[OgNasty]

I'm not sure which way to lean on this news.  Either he has been in communication with other countries about this (logical they would ask him for his experience) or he is trying to wish it into existence while trying to pump his bags.  I wouldn't put either past him and both seem likely.  I don't think it would be far fetched for anyone to make this claim, but considering he would be the guy countries would ask, you have to put a little respect on his name and assume that he's in the know and sharing some knowledge with us.  I just hope no disasters happen with the lightning network that cause this sort of adoption to be a massive failure that hurts Bitcoin.

[Fortify]

President of El Salvador Nayib Bukele tweeted that 2 more countries will adopt Bitcoin as legal tender:

Huge surprise?

Among other things, the President of El Salvador has promised a “big surprise” at the Bitcoin 2022 conference. The event will take place from April 6-9 in Miami. In addition to Bukele, it will be attended by:

•head of MicroStrategy Michael Saylor;
•a modern representative of the Austrian school of economics Seyfedin Ammus;
•Blockstream CEO Adam Back;
•Lightning Labs founder Elizabeth Stark and other famous representatives of the crypto industry .
source

Let's face it, with the price of Bitcoin currently wavering in the short term it is looking like the people of El Salvador overpaid for the Bitcoin that was purchased and subsequently given away as a form of electoral bribe. The irony being that the President was only giving people their own money back and not doing much else. While I think other cryptocurrencies or even digital fiat equivalents could certainly start to be used - we're seeing some movement in China on that front - I don't think it makes sense for other countries to use Bitcoin. It's simply too limiting and El Salvador was in a fairly unique situation where it used the US dollar exclusively and had no control over the fiscal policy that ended up guiding them.

[Vaculin]

I'm not sure which way to lean on this news.  Either he has been in communication with other countries about this (logical they would ask him for his experience) or he is trying to wish it into existence while trying to pump his bags.  I wouldn't put either past him and both seem likely.  I don't think it would be far fetched for anyone to make this claim, but considering he would be the guy countries would ask, you have to put a little respect on his name and assume that he's in the know and sharing some knowledge with us.  I just hope no disasters happen with the lightning network that cause this sort of adoption to be a massive failure that hurts Bitcoin.

I think with Bukele having his high position, maybe he had made his predictions not just out from thin air but with more solid basis. It's possible that he had made good communication with other countries' leaders so he has the idea about this. But if this is made out from his positivity, i guess there's no wrong with it because its definitely bound to happen but with no definite time. Bitcoin is growing not just in its value but also in its scope, and this massive adoption is its ultimate goal so definitely, bitcoin is definitely working in it.

[Kasabus]

President of El Salvador Nayib Bukele tweeted

Very nice of him to tweet about Bitcoin, but we already know that he's bullish on Bitcoin and has his own interest in Bitcoin being successful.
And I clearly don't mind, but:
* I don't think that he's a specialist, by far.
* His tweets should be taken with a grain of salt. Or two. Just because they're greatly biased.

I like your sane assessment of this news.

I believe that one should not take Bukele words as something "wow" and believe that his positive predictions will come true. The future is unknown to anyone and any scenario is possible.

If his predictions come true, then this will raise Bukele in the eyes of many. If he makes a mistake, then, in principle, Bukele don't lose anything. Well, I didn't guess, so what.

Let's leave it to the people if they chose to believe in Bukele or not. After all, we all have our different insight about this, and we just hope all for the best. If his predictions will come into reality, then it will add more positive price into bitcoin because there is an increase of adoption. But if not, i guess he has nothing to lose for sure because he has nothing to prove in the first place. Predictions are freely made by everyone, and it should not be totally right since none of us holds the future.

[stadus]

Probably not going to happen any time soon. Bukele is probably just hyping up bitcoin yet again, and he knows that not a lot of countries have the leeway to approve bitcoin as a legal tender.

It is a long and tedious process, and not some plan that can easily be executed if they so do wish, especially if the country in question is already facing enough economic problems of their own.

We will certainly see other countries following suit, but it's most certainly not any time soon.

Well, things will remain unpredictable until we see them already happening. I understand how bullish Bukele is when it comes to bitcoin as he leads the first country who had made bitcoin a legal tender. And if by chance he has met other leaders and talk all about this, then no wonder he has come up with this predictions. But if he is just making a hype, i don't think its still necessary for bitcoin as we all know that bitcoin will always have its own time to recover and surge its price again.

[hatshepsut93]

It is more complicated than that. It is also not always about hiding.

Yes, it's true that Iran is using Bitcoin in some of their trades with other countries, but I don't think it should be viewed as "Bitcoin allows you to bypass sanctions". The will of some EU countries to trade with Iran despite the US' protests is the key factor here.

Using a different means of payment (eg. using SPFS ie. the equivalent of SWIFT from Russia) or bitcoin means bypassing the US control through a channel they can never intervene.

Right, Bitcoin is one of many alternative ways. People shouldn't start thinking that Bitcoin is the only way to bypass sanctions and that it rendered sanctions useless.