El Salvador will be the richest country in the world in 8 years?

[JayJuanGee]

I don't think that El Salvador has the chance of becoming the richest country in eight years not even their interest in Bitcoin can make that happen let's be realistic.
The economy of El Salvador is already bad at is it and their currency actually doesn't have much value, I still believe that their citizens would benefit more as the government are very crypto friendly.

From my understanding, El Salvador is not "crypto friendly" - but they are bitcoin friendly. 

... yes a distinction worth pointing out...   

In other words, fuck shitcoins. El Salvador did not make shitcoins as legal tender, and if they had made such a dumb move they probably would have already been sufficiently and adequately reckt from such nonsense.

[1715070829]

1715070829

[coupable]

I don't think that El Salvador has the chance of becoming the richest country in eight years not even their interest in Bitcoin can make that happen let's be realistic.
The economy of El Salvador is already bad at is it and their currency actually doesn't have much value, I still believe that their citizens would benefit more as the government are very crypto friendly.

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

[Razmirraz]

More countries like El Salvador should approve the btc as legal, so the country's economy would advance as well as its population, and even more so if bitcoin manages to reach new historical records as the years go by.

There are many considerations that could legalize Bitcoin like El Salvador. Because Bitcoin is currently still a minority in the world's financial institutions, the IMF and World Bank forbid it. So countries that legalize Bitcoin are certainly ready to receive sanctions from the IMF or world banks. Just look at China, they finally banned all crypto-related activities. It seems they are scared because of the decentralized nature of crypto. It is different from the money system from the government.

Because it is still a minority, financial regulators and law enforcement agencies (IMF and World Bank) are still debating the status of Bitcoin. Bitcoin at first glance appears as an established digital currency system, thus encouraging several countries dare to go beyond the limits set by world financial institutions by legalizing Bitcoin. However, there is no uniform international law governing the status of Bitcoin. Most countries have not clearly determined the legality of Bitcoin, and prefer to wait and see.

Apart from China several other countries have also rejected Bitcoin because they are wary of its volatility, its decentralized nature, posing a threat to the monetary system. Apart from being different from government-issued money systems, Bitcoin is also often associated with illegal activities such as black market trading and money laundering. China has banned All banks and other financial institutions from transacting or dealing with Bitcoin, official cryptocurrency exchanges are banned and the Chinese government has cracked down on Cryptocurrency miners in their country.

[wmaurik]

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

Besides being a very extraordinary thing, they can also save themselves from the amount of losses they have experienced and also this can be very good for large numbers of Bitcoin holders. Because when purchases start to increase slowly, the price will also increase steadily in the market and that will obviously be a very big thing for everyone as well as El Salvador.

[Bobrox]

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

El Savador announce to public when first time adopt bitcoin as legal currency transaction, but little mistake made because when bitcoin still higher price really hurry for investing and not waiting when bitcoin price drop. I don't see have chance for El Savador keep profitable when investing with bitcoin trough made investment when bitcoin still above $50,000. How many time try to buy back and El Savador keep make bitcoin as long term assets investment not give chance how take profit every great moment. I think El Savador president need to change their mind how keep worth when investing with bitcoin, sell when have chance on top price then later buy back after bitcoin going dump, not always have to be strong hand by holding.

[JayJuanGee]

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

El Savador announce to public when first time adopt bitcoin as legal currency transaction, but little mistake made because when bitcoin still higher price really hurry for investing and not waiting when bitcoin price drop.

Huh?  your comment makes almost NO sense at all, except that you are imputting knowledge onto El Salvador as if it was supposed to have had known the future and that bitcoin prices were going to drop from its couple of purchases of BTC that were done late last year at $50k and above.

How the fuck are they supposed to know that BTC prices are going to drop back down?

And another thing, you are proclaiming that El Salvador bought BTC higher than $50k and those purchases of BTC at those higher than $50k prices were mistakes; however, you know that El Salvador also made around eight purchases of bitcoin below $50k - including a couple of purchases in the $30ks and one purchase around $19k.  

You even commented on the chart (here's a link to your response) that had been posted by DdmrDdmr.

The chart that DdmrDdmr had posted - attached below for ease of reference:

I don't see have chance for El Savador keep profitable when investing with bitcoin trough made investment when bitcoin still above $50,000. How many time try to buy back and El Savador keep make bitcoin as long term assets investment not give chance how take profit every great moment.

I was about to swear again, but I will restrain myself a wee bit in order to attempt to describe this in a bit less of a shouting way.

Do you happen to understand the idea of long-term investing that attempts to establish a long-term position that involves ongoing accumulation of an asset until such position is established, in this case bitcoin?  

In that regard, there is no real evidence that short-term profits and short-term trading would be a preferred strategy prior to establishing both a decent position and also making sure that the asset is sufficiently in profits.

Of course, there can be all kinds of variation in terms of how a country, institution or individual would go about BTC accumulation in terms of dollar cost averaging, lump sum investing and buying on dips, and likely countries and institutions are less able to be fucking around with trying to trade their position back and forth - as compared to liberties of individuals so your Monday morning quarterbacking of a country's need to whimsically needing to get in and out of positions seems presumptuous at best.

Furthermore if bitcoin is being accumulated in order to be a hedge against the dollar system, which seems to be part of El Salvador's motivation in getting into bitcoin, then it also makes little to no sense to be selling it - even if you want to impute clairvoyance on El Salvador based on subsequent BTC price moves of the past year-ish and especially of the past several months.

I think El Savador president need to change their mind how keep worth when investing with bitcoin, sell when have chance on top price then later buy back after bitcoin going dump, not always have to be strong hand by holding.

You don't really seem to know what the fuck you are talking about.  At what point should El Salvador have had sold in the past, and then at what point should it have had bought back lower?  

Are you suggesting that they take a BTC trading strategy into the future too, and in that regard at what points should El Salvador sell some or all of its BTC, and if so, how much should it sell?  and if it does sell, when should it buy back? 

I am questioning if I should have even been asking these questions from someone like you who seems to be lacking in terms of understanding how there can be reasonable ways to establish a position in an asset (such as BTC) through accumulation and because you seem to believe that there is some value in selling bitcoin during an accumulation phase in order to pray to buy back lower rather than just continuing to buy (such as DCA, buying on dips and lump sum).. and yeah.. HODLing too.

Maybe you should outline a somewhat comprehensive plan regarding what approach is going to allow El Salvador (and I suppose anyone else too?) to continue to accumulate more bitcoin without running into the frequent dumbass errors that traders tend to encounter on a fairly regular basis.  Do you believe that because El Salvador is a country, they would be in a better position if they were trading bitcoin rather than merely accumulating it through buying and HODLing?  Presumptively creating some kind of a Bitcoin trading (management position that would make those kinds of trading calls, or do you believe that Bukele personally should make those kinds of trading calls concerning when and how much to sell BTC and to when and how much to buy back moar BTC later (in theory)?

[maartenhaha]

op said whether bitcoin will become the richest country in the world in 8 years so my question is now el salvador country is bankrupt or is their assets declining because bitcoin is now down?

[Tomohisa]

op said whether bitcoin will become the richest country in the world in 8 years so my question is now el salvador country is bankrupt or is their assets declining because bitcoin is now down?

Both, they're on the very edge of a debt default because of low foreign reserves while their crypto assets put a burden on the country's ability to pay off debt's interest since their avg DCA for Bitcoin is still quite high. Though, they are not completely out of options. El Salvador could ask crypto financials to help them with loans since El Salvador is everyone's favorite thanks to adopting Bitcoin. In short, El Salvador might be rich after 8 years if the Bitcoin price hit some kind of new high, $100k, $200k  but they might not able to hodl to that point because of the pressure on their Bitcoin bag.

[coupable]

The author of this topic had posted it last May. The price was not expected to reach these record levels, so El Salvador will record a loss of millions of dollars compared to the price at which it was bought.
What is remarkable about the matter is that the Salvadoran president had already announced his intention to buy more, taking advantage of the low price.

Besides being a very extraordinary thing, they can also save themselves from the amount of losses they have experienced and also this can be very good for large numbers of Bitcoin holders. Because when purchases start to increase slowly, the price will also increase steadily in the market and that will obviously be a very big thing for everyone as well as El Salvador.

There is a problem with the El Salvador example regarding its relationship to Bitcoin. It is good that the country has already adopted Bitcoin and it has become an official currency that is allowed to be traded. But the forms remain in the state’s monopoly of the largest proportion of the bitcoin used inside it, as well as the launch of a special wallet for the state, which will facilitate the tracking operations.
The state’s adoption of Bitcoin does not mean the financial independence of individuals, but rather that the state seeks to use Bitcoin as it was and is still using fiat money by all means of control .

[2stout]

Nope, dont' see it happening by a longshot.  Will they be in an exponentially much better financial situation in 8 years?-  I would say absolutely yes.  It going to be fun to watch how this plays out.

[Joswa Russell]

No, I don’t think it will be as there are many other factors that add into the overall health of the economy of a country. Policies, trade, GDP, etc., to name a few.

[harapan]

I think that’s highly debatable. El Salvador being the richest country in the world in 8 years just cause they’ve adopted and now use bitcoin is debatable and in my opinion, you’re being biased in seeing bitcoin as the Saviour of mankind or in this case El Salvador that would end hunger and boost revenues to make the small country the richest in 8 years. Bitcoin can’t and probably won’t make the country the richest in the world in 20 years.
Any country looking to be “rich” should first have a much higher rate of exports than imports. That would build the foreign reserves over time and far much better than looking to bitcoin to make the country rich.

[CryptoHeadlineNews]

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

I strongly doubt this very statement of yours, because mere adopting Bitcoin as a legal tender in a country does not guarantee that it been the richest in the next 5 to 8 years from now, because I know there are certain things which makes a country rich and they include ( I.e Policy of government, available natural resources, good leadership) because there is a actual difference between hodling and using, and what El Salvador is doing is Using Bitcoin and not holding it. And for you to make much profit from Bitcoin, it an investment suitable for long term

[SK360]

Always make use of the search feature on the forum to search out your topic to know if it has been discussed before, there is already a thread dedicated to everything as regards El Salvador Bitcoin adoption here is the link to the to the discussion:
https://bitcointalk.org/index.php?topic=5342087

I disagree that the OP has to comment on this specific issue in the thread you link to, mate. Here he is asking if El Salvador will be the richest country in the world in 8 years and for that I think it is justified to create a separate thread.

As for what you ask, OP, no, I don't think so at all, and I would like to but I think that raising that, as crazy as it is, would have made more sense last year, when many still believed that the price cap in this cycle was going to be $200-$400K.

But even then, that El Salvador could end up being richer than the top producing countries in the world due to Bitcoin is simply laughable.

[8rch7]

In my personal opinion, I am not too sure with the 8 year deadline El Salvador will become the richest country in the world, because in my opinion El Salvador is not a producing country of oil, gold and natural gas, El Salvador only relies on agriculture as a source of wealth and a source of state income. indeed last year El Salvador has adopted bitcoin and has made bitcoin a legal tender, even though they have legalized bitcoin but that does not guarantee them to be the richest country in 8 years, because bitcoin has been adopted by almost all countries and bitcoin is limited.

[Franctoshi]

I saw this post and what do you think? Is it possible for him to become that rich in such a short time?

look at the post here https://boletimbitcoin.com/2022/05/19/com-o-bitcoin-el-salvador-sera-o-pais-mais-rico-do-mundo-em-8-anos/

Likely, but just depends on two very important factors that will determine if they are gonna be the richest country or not.

1•Depends on the price of Bitcoin as that 8 years time period (2030) because no one knows what would be the price of Bitcoin during that time.

2• Depends on the quality of their Bitcoin holdings, because tomorrow another country may likely adopt Bitcoin as legal tender before that 8 years and buys more Bitcoin than El Salvador, so in this case are they gonna be the richest country due to their Bitcoin holdings?, No.
In my general view on these is that , it a probability and only time will tell .

[KennyR]

In my personal opinion, I am not too sure with the 8 year deadline El Salvador will become the richest country in the world, because in my opinion El Salvador is not a producing country of oil, gold and natural gas, El Salvador only relies on agriculture as a source of wealth and a source of state income. indeed last year El Salvador has adopted bitcoin and has made bitcoin a legal tender, even though they have legalized bitcoin but that does not guarantee them to be the richest country in 8 years, because bitcoin has been adopted by almost all countries and bitcoin is limited.

I'm not sure that the article gives the clear picture about the richest countries of the world.
Richest Countries in the World

According to the information from the above article El Salvador is placed at 114^th on the list. In eight years time surely the price of bitcoin will increase reaching a new ATH crossing two halving, if not it'll atleast reach the average price of previous ATH for sure. Rather than thinking of being the richest it is good to think of El Salvador moving within the top 100 and then growing gradually.

[348Judah]

In my personal opinion, I am not too sure with the 8 year deadline El Salvador will become the richest country in the world, because in my opinion El Salvador is not a producing country of oil, gold and natural gas

what have now make a difference from the oil producing countries and the ones that are not, i can interpret being the richest when you're satisfied with what you have independently and free of debt, we have many countries that are oil producing but that makes no difference at all from the other non oil producing countries, are they able to control their system from within without relying or depending on others for survival, i think El-Savador deserve some accolades for it adoption of bitcoin.

El Salvador only relies on agriculture as a source of wealth and a source of state income

don't underestimate the role of agriculture especially during food scarcity and inflation as such we are into now.

El Salvador has adopted bitcoin and has made bitcoin a legal tender, even though they have legalized bitcoin but that does not guarantee them to be the richest country in 8 years

you may not be rich financially but when you're contempted and satisfied with what you have then you can be the richest on earth, it's just a mentality of a thing.
 

because bitcoin has been adopted by almost all countries and bitcoin is limited.

just El-Savador and Central African Republic adopted bitcoin as a legal tender while Panama on the run to, few countries ban the use of bitcoin while many other countries allow the people to make use of bitcoin but are not in support for its adoption.

I think that’s highly debatable. El Salvador being the richest country in the world in 8 years just cause they’ve adopted and now use bitcoin is debatable and in my opinion, you’re being biased in seeing bitcoin as the Saviour of mankind or in this case El Salvador that would end hunger and boost revenues to make the small country the richest in 8 years. Bitcoin can’t and probably won’t make the country the richest in the world in 20 years.
Any country looking to be “rich” should first have a much higher rate of exports than imports. That would build the foreign reserves over time and far much better than looking to bitcoin to make the country rich.

If you can think well and change your mentality and approach about being rich then you will discover that even at your own level, you still stand to be a rich guy not until you have the whole currency of the world at hand, i think being satisfied with the peace of mind goes along way here as well.

[wmaurik]

There is a problem with the El Salvador example regarding its relationship to Bitcoin. It is good that the country has already adopted Bitcoin and it has become an official currency that is allowed to be traded. But the forms remain in the state’s monopoly of the largest proportion of the bitcoin used inside it, as well as the launch of a special wallet for the state, which will facilitate the tracking operations.
The state’s adoption of Bitcoin does not mean the financial independence of individuals, but rather that the state seeks to use Bitcoin as it was and is still using fiat money by all means of control .

Well, I also don't think that fiat money is no longer used by El Salvador even though the country has fully adopted Bitcoin. Because El Salvador can still use fiat money for everything and that includes when you want to buy Bitcoin on certain exchanges. It's just that El Salvador is a little different from other countries that don't fully adopt Bitcoin because El Salvador, besides still using fiat money, can also use Bitcoin for anything.

[n0ne]

There is a problem with the El Salvador example regarding its relationship to Bitcoin. It is good that the country has already adopted Bitcoin and it has become an official currency that is allowed to be traded. But the forms remain in the state’s monopoly of the largest proportion of the bitcoin used inside it, as well as the launch of a special wallet for the state, which will facilitate the tracking operations.
The state’s adoption of Bitcoin does not mean the financial independence of individuals, but rather that the state seeks to use Bitcoin as it was and is still using fiat money by all means of control .

Well, I also don't think that fiat money is no longer used by El Salvador even though the country has fully adopted Bitcoin. Because El Salvador can still use fiat money for everything and that includes when you want to buy Bitcoin on certain exchanges. It's just that El Salvador is a little different from other countries that don't fully adopt Bitcoin because El Salvador, besides still using fiat money, can also use Bitcoin for anything.

El Salvador have given access for its people to use cryptocurrency. Along with that, it have got into serious development and educating people to use bitcoin than fiat. The countrymen are still using the fiat in large scale compared to bitcoin. In future this situation will change and 15% of the people find it an opportunity to hold bitcoin. That means they try to hold the bitcoin received on different services and use the fiat.