ㅤ

[jokers10]

...
But I doubt that they will become the richest country in the world with only bitcoin, we need to be realistic, bitcoin will give them a big fortune to be able to solve domestic problems as well as develop the country. Bitcoin cannot make them the richest country in the world, the amount of bitcoin they hold is still too little to be the richest.

Oh we can see that they are trying to develop in different directions. Tourism attracted by bitcoin, they try to improve it. Volcano mining is not just bitcoin mining, it is about generating green cheap power for which huge initial investments needed — if bitcoin will help with that it is wonderful. And each one project like that can have a significant impact on economy of such a small country like El Salvador. Hope they'll succeed.

[1714277639]

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[1714277639]

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[1714277639]

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[Doan9269]

...Just wait until BTC goes to the moon, and El Salvador could instantly become one of the richest countries in the world. ...

My prediction, if they can maintain and continue to develop things with bitcoin, then when the bull season comes, they will have significant achievements, and that will be a strong impetus for other countries to do same El Salvador. Many countries will accept bitcoin as legal tender.

But I doubt that they will become the richest country in the world with only bitcoin, we need to be realistic, bitcoin will give them a big fortune to be able to solve domestic problems as well as develop the country. Bitcoin cannot make them the richest country in the world, the amount of bitcoin they hold is still too little to be the richest.

When we are talking about bitcoin making El-Savador the richest country, it's not something we should expect within a blink of an eye else people will as well term it a ponzi scheme, it has to go through some process because it's just on it second year journey in El-Savador, why not we ive it time to exercise patience, growth is as good as when the maturition time begins, i believe with the little ones we have seen there's no argument about it that El-Savador has been benefiting from it bitcoin adoption in a number of ways evident enough.

[ultrloa]

Failed if we only look at the price perspective. But if we look at the overall situation there maybe it somehow didn't fail since they are still promoting bitcoin on their country and there candidate in miss universe represent them with Bitcoin symbol on their national costume.

Bitcoin take a good spotlight there when Miss El salvador walk in the runway.



Photo credit taken from google

For this bringing up on international stage they are damn serious on bitcoin adoption to their country.

In all means El Salvador is trying to keep its growth and provide stage for bitcoin. Maybe in the future El Salvador flag will have bitcoin. In all possible means El Salvador is doing the best to prioritize bitcoin. Some say the country have failed, but the reality is they're with the fighting spirit. Now tourism have experienced success, slowly one by one other sectors too will progress. The small move by the fashion industry to have bitcoin staged too can cause a turn.

That's to much and impossible to see since we didn't see a currency symbol place on a flag in any country so if their government do that maybe there are people will do a protest since its like insulting their country. Maybe in the side of adoption they do all  to make this currency circulate on this country and for now they are doing a good track since for sure what they experience on early days of adoption is great things need to learn to improve more.

[eddie.gouws]

Just like maybe most of us here, I did celebrate when it was announced that El Salvador is going to recognized Bitcoin not just another form of money but as its legal tender...wow that news send good amount of positive vibes all over the crypto world. I was then expecting that people would love to taste the freedom they can enjoy with Bitcoin and that a critical number of people would be using Bitcoin everyday even as to buy a toothpaste or a soda in a nearby convenience store. So what happened then with that assumptions? Is there now a big failure after 7 months of opening the gates for Bitcoin in this small country...or have we looked at things in a very myopic way of view? Hate to say that whatever outcomes in El Salvador would have a far-reaching repercussions in the general adoption of Bitcoin especially with many countries who can be modeling their decisions here in El Salvador. Anyway, we can all magnify what happened or we can just shrug them off as non-important to Bitcoin.

Bitcoin adoption has failed to take off within the nation of El Salvador because its regulatory framework is largely unfavorable towards cryptocurrencies. At this time, there are no regulations in place that recognize cryptocurrency as legal tender or deal with taxation and licensing of businesses related to Bitcoin. In addition, due to the lack of protection through financial regulators like the Central Bank or Securities Commission, El Salvador’s citizens are reluctant to invest in digital currencies which present many risks including fraud and volatility.

Furthermore, recent political events that have taken place in El Salvador has made it harder for people living there to access banking outside of the country and make international payments. Bitcoin holders rely on exchanges like those located inside El Salvador for trading but without a proper framework in place transactions done through local marketplaces pose significant security risks. Finally, since most crypto transactions occur online it can be difficult for users from El Salvador who may not have reliable internet access or devices capable of securely recording and storing their details regarding transactions.

Until such time as measures designed to regulate cryptocurrency usage within the country become law Bitcoin adoption will remain limited within El salvador’s borders despite its potential advantages over traditional financial systems present worldwide currently.

[Fiatless]

...Just wait until BTC goes to the moon, and El Salvador could instantly become one of the richest countries in the world. ...

My prediction, if they can maintain and continue to develop things with bitcoin, then when the bull season comes, they will have significant achievements, and that will be a strong impetus for other countries to do same El Salvador. Many countries will accept bitcoin as legal tender.

But I doubt that they will become the richest country in the world with only bitcoin, we need to be realistic, bitcoin will give them a big fortune to be able to solve domestic problems as well as develop the country. Bitcoin cannot make them the richest country in the world, the amount of bitcoin they hold is still too little to be the richest.

When we are talking about bitcoin making El-Savador the richest country, it's not something we should expect within a blink of an eye else people will as well term it a ponzi scheme, it has to go through some process because it's just on it second year journey in El-Savador, why not we ive it time to exercise patience, growth is as good as when the maturition time begins, i believe with the little ones we have seen there's no argument about it that El-Savador has been benefiting from it bitcoin adoption in a number of ways evident enough.

Bitcoin would never make any country the richest. One of the benefit of Bitcoin is that it gives the citizens a viable and superior financial transaction alternative. It can also free nations from external influence from global financial institutions like world bank. Every nation must ensure they develop other sectors of the economy because relying only on Bitcoin for economic growth is unacceptable. People should be gainfully employed, there should be good infrastructure,  less corruption and stable currency  in any country that wants to be rich.

[Aanuoluwatofunmi]

Bitcoin adoption has failed to take off within the nation of El Salvador because its regulatory framework is largely unfavorable towards cryptocurrencies.

I don't expect it to work for cryptocurrencies at large because that's the name that include every other shitcoins together under the same umbrella being crypto, we are dealing with bitcoin and bitcoin alone here, what sort of regulatory framework could be more favourable than the government giving the opportunity for both bitcoin and fiat to serve as means of payment, rendering free chivo wallet with some coins to have a good start up, allow every businesses to accept bitcoin as payment media without leveraging embargoes on them.

At this time, there are no regulations in place that recognize cryptocurrency as legal tender or deal with taxation and licensing of businesses related to Bitcoin.

Cryptocurrencies are not legal means of payment in El-Savador, bitcoin is the only cryptocurrency accepted as a legal tender in El-Savador

In addition, due to the lack of protection through financial regulators like the Central Bank or Securities Commission, El Salvador’s citizens are reluctant to invest in digital currencies which present many risks including fraud and volatility.

When we are talking about bitcoin Which is a digital decentralized currency you don't made mention of banks here, they are centralized, the volatility is what bitcoin price is made of, not a misfortune if you study bitcoin well, you will understand it operates both on market demand and supply.

[Fiatless]

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Didn't you go through the rules of the forum before you started posting? You just obstructed or tried to distract a very important discussion with your advertisement. Please to avoid punishment ensure you don't spam or troll around the forum. Make sure you read every thread careful before making comments or posting. Your post most be inline with the discussion. I hope you know that clicking on sites indiscriminately is risky.

[arwin100]

Failed if we only look at the price perspective. But if we look at the overall situation there maybe it somehow didn't fail since they are still promoting bitcoin on their country and there candidate in miss universe represent them with Bitcoin symbol on their national costume.

Bitcoin take a good spotlight there when Miss El salvador walk in the runway.



Photo credit taken from google

For this bringing up on international stage they are damn serious on bitcoin adoption to their country.

In all means El Salvador is trying to keep its growth and provide stage for bitcoin. Maybe in the future El Salvador flag will have bitcoin. In all possible means El Salvador is doing the best to prioritize bitcoin. Some say the country have failed, but the reality is they're with the fighting spirit. Now tourism have experienced success, slowly one by one other sectors too will progress. The small move by the fashion industry to have bitcoin staged too can cause a turn.

El Salvador government is all out support on bitcoin since maybe they don't want to miss out the global economic changes in future and they want to grab the opportunity while bitcoin is somehow in early stage where adoption to other country didn't happened yet. Good to see how they introduce it on beauty and fashion industry since Miss universe is a big stage bitcoin at that time get a huge exposure for that scene.

[jokers10]

...
Until such time as measures designed to regulate cryptocurrency usage within the country become law Bitcoin adoption will remain limited within El salvador’s borders despite its potential advantages over traditional financial systems present worldwide currently.

Maybe I don't exactly get what you want to say, but which country should adopt a law? El Salvador is a sovereign state and adopted a law about bitcoin, so it is already legal to use it in the country, it is a legal tender in it. Can you clarify which exact laws and where should be adopted from your point of view?

[Crypto_H]

Definitely the most significant event of 2021 was the adoption of bitcoin as a means of payment in El Salvador. Personally, I was initially skeptical about all this. Don't get me wrong, I'm not a bitcoin hater and I'm a supporter of bitcoin adoption because it develops the bitcoin ecosystem itself and opens up new uses for it. My skepticism was rather based on the very approach of the El Salvadorian authorities to this responsible step.

Even on the threshold of adoption, a wave of indignation swept over the country and people came out with pickets against bitcoin. It was at the end of August, right before the adoption:

https://i.ibb.co/XJ45B43/image.png

The people of El Salvador are protesting against Bitcoin bill

But the president said that everything will be fine, bitcoin will be optional, the state will not punish those who refuse to accept bitcoin with sanctions, and the introduction of bitcoin will significantly save money on commissions, and payments, thanks to LN, will be fast.

Nayib Bukele has consistently demonstrated the success of Bitcoin on Twitter through the number of Chivo wallet downloads. But was it really a success? It's all about the initiative from the government of $30, which was received by anyone who downloaded and installed the Chivo wallet. This was the real reason that users downloaded the wallet so often. Just for $30.

Subsequently, there was the idea of ​​​​introducing bitcoin bonds, the terms of which were constantly postponed. The real reason for this was that investors were not interested in bitcoin bonds, as the former head of the central bank of El Salvador said:

Economistas dan por “muertos” acuerdo con FMI y los Bonos Bitcoin

The country is in a very bad state of affairs. The IMF refused to issue a loan of 1.3 billion dollars, in 7 months the country became even closer to default, and the project of bitcoin bonds for a billion dollars did not find due interest among investors, especially at a time when bitcoin is considered as a risky asset.

Most recently, a report was released where a survey of residents of El Salvador was conducted. And judging by this survey, bitcoin adoption in El Salvador failed.

Full report here: https://www.nber.org/system/files/working_papers/w29968/w29968.pdf?utm_campaign=PANTHEON_STRIPPED&amp%3Butm_medium=PANTHEON_STRIPPED&amp%3Butm_source=PANTHEON_STRIPPED

It reflects the real state of affairs and it is, to put it mildly, deplorable. Here are some of the indicators:

https://i.ibb.co/KbhCR59/Opera-2022-04-27-184843-www-nber-org.png

Judging by this chart, the number of regular users of Chivo is much less than the number of people who learned about it or tried to use it, most likely to extract those 30 dollars of initiative from the state.

https://i.ibb.co/HGpT3Vq/Opera-2022-04-27-185114-www-nber-org.png

Of course, there is no need to talk about such functions as paying taxes or receiving money transfers through Chivo. Almost no one used these functions.

https://i.ibb.co/Msmqrvf/Opera-2022-04-27-184813-www-nber-org.png

The number of downloads of the wallet was high on the wave of hype and of course thanks to the airdrop. Over time, interest in this wallet has constantly dried up.

https://i.ibb.co/zFWSdYS/Opera-2022-04-27-184738-www-nber-org.png

Despite strong support from the state, in the country, after 7 months, every 3 people do not know anything about the Chivo wallet.

https://i.ibb.co/b7BpsQ7/Opera-2022-04-27-185738-www-nber-org.png

Businesses in El Salvador are not interested in bitcoin, although it is a prerequisite from the state that they add bitcoin, but the rate of addition is only 20%, and this is 7 months after the launch:

https://i.ibb.co/BjKDj6t/Opera-2022-04-27-185657-www-nber-org.png

Well, as I said earlier, there are a lot of those who downloaded the wallet just for the sake of receiving airdrop money. The graph confirms this, most of the users have never added money to the wallet.


What do we end up with? Bitcoin adoption in El Salvador failed. Why did this happen? It’s not about bitcoin, it’s about the approach, of course. Since this is still uncharted territory and this was the first time that bitcoin was recognized as legal tender by an entire state, I believe that the El Salvadorian government was very hasty in passing this law. The point is that you can't force people to voluntarily use bitcoin, especially when they're new to it. People themselves should want to use bitcoin, and the state should create an infrastructure around this desire to make using bitcoin even more comfortable at any level, as a transfer of money, paying taxes, etc.

I think that this case will be indicative for other states that also sought, following El Salvador, to accept bitcoin as legal tender. And that in order to implement this, everything will need to be very well checked and considered. The most optimal would be to first create a separate bitcoin zone in a single city or region and, based on its data, already make a decision on the introduction of bitcoin throughout the country. Need research and infrastructure, and then the adoption of a law. El Salvador did the exact opposite.

Well, it hasn't necessarily "failed" in El Salvador, but it has faced challenges. One reason is that El Salvador is a primarily cash-based economy, and many people there may not have access to the technology or financial infrastructure necessary to use bitcoin.

Additionally, the government has not yet put in place regulations or infrastructure to support the use of bitcoin, which has made it difficult for businesses to accept it as a form of payment. Furthermore, the general population may not be aware of the benefits of using bitcoin and how to use it. Despite these challenges, there are some signs of growing interest in bitcoin in El Salvador, and it is possible that adoption will continue to increase in the future.

[Abiky]

In all means El Salvador is trying to keep its growth and provide stage for bitcoin. Maybe in the future El Salvador flag will have bitcoin. In all possible means El Salvador is doing the best to prioritize bitcoin. Some say the country have failed, but the reality is they're with the fighting spirit. Now tourism have experienced success, slowly one by one other sectors too will progress. The small move by the fashion industry to have bitcoin staged too can cause a turn.

El Salvador has been doing a pretty good job promoting the use of Bitcoin within its borders. Not only that, but it's also helping BTC reach mainstream adoption worldwide with its tactics. I'm pretty sure the country will become the biggest Bitcoin hub in the world within a few years from now. It hasn't failed simply because it hasn't sold any BTC yet. You can't lose if you don't sell. The government just keeps buying and accumulating BTC to increase its chances of profit in the future.

If President Bukele stays in power, it's likely El Salvador will become a very rich country in the long term. With Bitcoin-backed (geothermal mining) government bonds, and now a Miss Universe model from El Salvador promoting Bitcoin, I wonder what will come up next? Just my thoughts

[JayJuanGee]

Just like maybe most of us here, I did celebrate when it was announced that El Salvador is going to recognized Bitcoin not just another form of money but as its legal tender...wow that news send good amount of positive vibes all over the crypto world. I was then expecting that people would love to taste the freedom they can enjoy with Bitcoin and that a critical number of people would be using Bitcoin everyday even as to buy a toothpaste or a soda in a nearby convenience store. So what happened then with that assumptions? Is there now a big failure after 7 months of opening the gates for Bitcoin in this small country...or have we looked at things in a very myopic way of view? Hate to say that whatever outcomes in El Salvador would have a far-reaching repercussions in the general adoption of Bitcoin especially with many countries who can be modeling their decisions here in El Salvador. Anyway, we can all magnify what happened or we can just shrug them off as non-important to Bitcoin.

Bitcoin adoption has failed to take off within the nation of El Salvador because its regulatory framework is largely unfavorable towards cryptocurrencies. At this time, there are no regulations in place that recognize cryptocurrency as legal tender or deal with taxation and licensing of businesses related to Bitcoin. In addition, due to the lack of protection through financial regulators like the Central Bank or Securities Commission, El Salvador’s citizens are reluctant to invest in digital currencies which present many risks including fraud and volatility.

Last time I checked, El Salvador is a sovereign country, and therefore it can set forth its own regulatory framework, which it seems to have done in regards to bitcoin (which has been a point responding to your post - already raised by jokers10).

Furthermore, recent political events that have taken place in El Salvador has made it harder for people living there to access banking outside of the country and make international payments. Bitcoin holders rely on exchanges like those located inside El Salvador for trading but without a proper framework in place transactions done through local marketplaces pose significant security risks. Finally, since most crypto transactions occur online it can be difficult for users from El Salvador who may not have reliable internet access or devices capable of securely recording and storing their details regarding transactions.

Until such time as measures designed to regulate cryptocurrency usage within the country become law Bitcoin adoption will remain limited within El salvador’s borders despite its potential advantages over traditional financial systems present worldwide currently.

You seem to NOT know what the fuck you are talking about.   El Salvador already passed laws in June 2021 in which Bitcoin would be implemented as a legal tender in September 2021, which already took place.

There have been various kinds of ongoing usage and building of bitcoin related practices in El Salvador in the past year and a half, and even the passage of further legislation related to the issuance of bitcoin related bonds and clarifications in the past month or so, too.

Of course, you are not incorrect in your suggestion that El Salvador's citizens and institutions are interacting with people and institutions that are located outside of El Salvador, so surely there has been ongoing adjustments in which bitcoin is one of the possible available options for people and institutions who might figure out ways to employ such options, whether we are talking about remittances or other ways in which value might be transmitted and transacted from outside of El Salvador towards destinations inside of El Salvador. 

[Ayers]

...Just wait until BTC goes to the moon, and El Salvador could instantly become one of the richest countries in the world. ...

My prediction, if they can maintain and continue to develop things with bitcoin, then when the bull season comes, they will have significant achievements, and that will be a strong impetus for other countries to do same El Salvador. Many countries will accept bitcoin as legal tender.

But I doubt that they will become the richest country in the world with only bitcoin, we need to be realistic, bitcoin will give them a big fortune to be able to solve domestic problems as well as develop the country. Bitcoin cannot make them the richest country in the world, the amount of bitcoin they hold is still too little to be the richest.

When we are talking about bitcoin making El-Savador the richest country, it's not something we should expect within a blink of an eye else people will as well term it a ponzi scheme, it has to go through some process because it's just on it second year journey in El-Savador, why not we ive it time to exercise patience, growth is as good as when the maturition time begins, i believe with the little ones we have seen there's no argument about it that El-Savador has been benefiting from it bitcoin adoption in a number of ways evident enough.

Bitcoin would never make any country the richest. One of the benefit of Bitcoin is that it gives the citizens a viable and superior financial transaction alternative. It can also free nations from external influence from global financial institutions like world bank. Every nation must ensure they develop other sectors of the economy because relying only on Bitcoin for economic growth is unacceptable. People should be gainfully employed, there should be good infrastructure,  less corruption and stable currency  in any country that wants to be rich.

El-Salvador is a poor country subject to sanctions by major powers such as the US and the West. Bitcoin adoption  may not make El-Salvador the richest country in the world but it will make El-Salvador a rich country, a developed country, and a chance to become a strong economy in the future without having to worry about sanctions or overdependence much on the great power.

El-Salvador is like the poor, like us, bitcoin is our chance to catch up with the rich people's lives. Without bitcoin, it would be difficult for us to change positions with other investments like gold or real estate but with bitcoin it will become easier.

[Aanuoluwatofunmi]

Just like maybe most of us here, I did celebrate when it was announced that El Salvador is going to recognized Bitcoin not just another form of money but as its legal tender...wow that news send good amount of positive vibes all over the crypto world. I was then expecting that people would love to taste the freedom they can enjoy with Bitcoin and that a critical number of people would be using Bitcoin everyday even as to buy a toothpaste or a soda in a nearby convenience store. So what happened then with that assumptions? Is there now a big failure after 7 months of opening the gates for Bitcoin in this small country...or have we looked at things in a very myopic way of view? Hate to say that whatever outcomes in El Salvador would have a far-reaching repercussions in the general adoption of Bitcoin especially with many countries who can be modeling their decisions here in El Salvador. Anyway, we can all magnify what happened or we can just shrug them off as non-important to Bitcoin.

Bitcoin adoption has failed to take off within the nation of El Salvador because its regulatory framework is largely unfavorable towards cryptocurrencies. At this time, there are no regulations in place that recognize cryptocurrency as legal tender or deal with taxation and licensing of businesses related to Bitcoin. In addition, due to the lack of protection through financial regulators like the Central Bank or Securities Commission, El Salvador’s citizens are reluctant to invest in digital currencies which present many risks including fraud and volatility.

Last time I checked, El Salvador is a sovereign country, and therefore it can set forth its own regulatory framework, which it seems to have done in regards to bitcoin (which has been a point responding to your post - already raised by jokers10).

Furthermore, recent political events that have taken place in El Salvador has made it harder for people living there to access banking outside of the country and make international payments. Bitcoin holders rely on exchanges like those located inside El Salvador for trading but without a proper framework in place transactions done through local marketplaces pose significant security risks. Finally, since most crypto transactions occur online it can be difficult for users from El Salvador who may not have reliable internet access or devices capable of securely recording and storing their details regarding transactions.

Until such time as measures designed to regulate cryptocurrency usage within the country become law Bitcoin adoption will remain limited within El salvador’s borders despite its potential advantages over traditional financial systems present worldwide currently.

You seem to NOT know what the fuck you are talking about.   El Salvador already passed laws in June 2021 in which Bitcoin would be implemented as a legal tender in September 2021, which already took place.

There have been various kinds of ongoing usage and building of bitcoin related practices in El Salvador in the past year and a half, and even the passage of further legislation related to the issuance of bitcoin related bonds and clarifications in the past month or so, too.

Of course, you are not incorrect in your suggestion that El Salvador's citizens and institutions are interacting with people and institutions that are located outside of El Salvador, so surely there has been ongoing adjustments in which bitcoin is one of the possible available options for people and institutions who might figure out ways to employ such options, whether we are talking about remittances or other ways in which value might be transmitted and transacted from outside of El Salvador towards destinations inside of El Salvador. 

You're right JayJuanGee, many thoughts they have a clue behind what El-Savador is upto but to their greatest surprises things weren't just as they thought, all i wonder is that people carry the wrong informations with the bitcoin adoption in El-Savador and work nothing about it in confirmation, but I don't think El-Savador is in for giving attention to those rumors than rather concentrate more on the more possible outcome that may come through it adoption, but permit me to hear more clarification about this old article i saw online, how genuine could this be.

More reasons to why El-Savador adopted bitcoin as a legal tender emerging.
https://twitter.com/DocumentingBTC/status/1613591151872806921?t=RqPTtGz_XQozqgC94VqPVg&s=19

[Mauser]

Failed if we only look at the price perspective. But if we look at the overall situation there maybe it somehow didn't fail since they are still promoting bitcoin on their country and there candidate in miss universe represent them with Bitcoin symbol on their national costume.

Bitcoin take a good spotlight there when Miss El salvador walk in the runway.

I agree with you, timing wise it was a bad decision for El Salvador to adopt bitcoins when they were so expensive. Nobody could have known how bad 2022 is going to get, but in my opinion the project didn't fail yet. There is some public opposition against bitcoins that doesn't make much sense. Selling all the bitcoins now will only result in a big financial loss. It would be much better to keep holding and sit the bear market out. I am still convinced that long term El Salvador will succeed with bitcoins as a legal, if they can withstand the political pressure until prices are going to recover. The dress of Miss El Salvador looked amazing, I hope they can use more public places to promote bitcoins for their use. And once the next bear market comes we will talk about the success for El Salvador and hopefully other countries will follow.

[jokers10]

I agree with you, timing wise it was a bad decision for El Salvador to adopt bitcoins when they were so expensive.
...

Their decision was not just of investing in bitcoin, they adopted it as a second official currency in the country. It has multiple effects and not all of them are directly connected to nowadays exchange rated of bitcoin. For instance we know that statistically lots of Salvadorians still have no access to a bank service and still need to pay huge fees while transferring their salaries from abroad job. So using bitcoin they can save some money even if they will change it to dollars after transfer. Moreover as far as I remember Chivo Wallet gives an opportunity to operate both bitcoin and USD, so Salvadorians can have a bank with all those options right in their pocket in smartphone. So until El Salvador doesn't sell its bitcoins it was not so bad idea to start even at the low market.

[JayJuanGee]

Failed if we only look at the price perspective. But if we look at the overall situation there maybe it somehow didn't fail since they are still promoting bitcoin on their country and there candidate in miss universe represent them with Bitcoin symbol on their national costume.

Bitcoin take a good spotlight there when Miss El salvador walk in the runway.

I agree with you, timing wise it was a bad decision for El Salvador to adopt bitcoins when they were so expensive. Nobody could have known how bad 2022 is going to get, but in my opinion the project didn't fail yet. There is some public opposition against bitcoins that doesn't make much sense. Selling all the bitcoins now will only result in a big financial loss. It would be much better to keep holding and sit the bear market out. I am still convinced that long term El Salvador will succeed with bitcoins as a legal, if they can withstand the political pressure until prices are going to recover. The dress of Miss El Salvador looked amazing, I hope they can use more public places to promote bitcoins for their use. And once the next bear market comes we will talk about the success for El Salvador and hopefully other countries will follow.

It makes little sense to focus on short-term price moves, and any investment into bitcoin should be a 4-10 year or more timeline and probably for countries the timeline should be longer than for individuals  - even though we have already discussed that there are no successorship guarantees when we are looking at governmental entities making investment plans.

Of course, anyone has the right to reconsider any investment that they make (whether we are talking about individuals, institutions or countries), yet it seems that individuals are going to have the most flexibility in terms of their getting in or getting out of an investment - and of course, institutions and countries can attempt to act like individuals, but it surely looks more silly for either countries or institutions to be making in and out rash behaviors - unless they disclose from the start that they are getting into an investment (such as bitcoin) as a short-term trade and just for the lols.. but most serious and grown up countries (and institutions) are not going to purposefully engage in those kinds flip-flopping kinds of behaviors  - even though we do see examples of such flip-flopping behaviors happening.. flip-flopping does not tend to be the responsible and/or grown-up way of going about something that is set-forth and described as an "investment."

[Smack That Ace]

Since El Salvador accepted bitcoin as a legal tender, most developed countries and their press have published hundreds of articles talking about the failure of El Salvador, and El Salvador will soon default on accepting bitcoin. But by January, El Salvador had officially paid $ 800 million in debt, and interest, especially no newspaper wanted to mention this, they are trying to hide. Bitcoin has yet to make El Salvador rich, but it has done what USD will never do, if President Nayib Bukele had not risked bitcoin and continued to use USD, that debt would have run into trillions of dollars.




https://twitter.com/nayibbukele/status/1617983798037327876

[Abiky]

Since El Salvador accepted bitcoin as a legal tender, most developed countries and their press have published hundreds of articles talking about the failure of El Salvador, and El Salvador will soon default on accepting bitcoin. But by January, El Salvador had officially paid $ 800 million in debt, and interest, especially no newspaper wanted to mention this, they are trying to hide. Bitcoin has yet to make El Salvador rich, but it has done what USD will never do, if President Nayib Bukele had not risked bitcoin and continued to use USD, that debt would have run into trillions of dollars.

https://twitter.com/nayibbukele/status/1617983798037327876

Mainstream media are on governments' and central banks' side. They will do anything they can to discredit Bitcoin as much as possible. People tend to believe what they're told by mainstream media these days without doing their own reasearch beforehand, so any negative news tied to BTC would surely affect its market price in the short term. At least, El Salvador is on the right track by adopting BTC as legal tender.

If the "Bitcoin Experiment" becomes a huge success, it's likely the Salavadorian government will ditch the USD for good. This won't look in the eyes of the IMF and big banks. After all, they want to remain in power/control over the global economy. Imagine what would happen if a considerable amount of countries adopt BTC as legal tender. It will mark the end of Fiat for good.  Who knows if El Salvador will be the one laughing in the end? Just my thoughts

[Aanuoluwatofunmi]

If President Bukele stays in power, it's likely El Salvador will become a very rich country in the long term. With Bitcoin-backed (geothermal mining) government bonds, and now a Miss Universe model from El Salvador promoting Bitcoin, I wonder what will come up next? Just my thoughts

Even if there's a change in power today in El-Savador, bitcoin has gone far beyond what can be stopped by any new government in power, nobody is protesting against it like the first ever, the people were already getting used to it and their children were having the best of education about bitcoin freely in schools.

As i was going through the El-Savador's bitcoin adoption as a legal tender today and in checking various comments, informations and replies that people have made over time, i could see that there's nothing showing interest on bitcoin adoption going on a low priority in El-Savador than the continuous adoption and development backing it up already, i also join in the conversation and give some reply on the discussion to come over here and remind us about nothing is recorded as a failure yet, El-Savador is going well with its economic activities without having any form of set back from it decision on bitcoin adoption and as a legal tender.