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

[The Cryptovator]

I can't read the article though, but adapting Bitcoin isn't enough to make rich the whole country. There should be overall development like other rich countries. But it's true Bitcoin adaption would help to push on development if they hold a handsome amount of Bitcoin. We can't imagine now where will go Bitcoin price in 8 years. So definitely it would help to improve the overall economy even not make them much rich.

[uneng]

Well, El Salvador needs much more wealth to become the richest country in the world in 8 years. Currently, it's well known they hold at least 1801BTC, which is proportional to 54,856,659$ dollars in real time rates. Let's say bitcoin hits its ATH at 70,000$. Then El Salvador will have more than multiplied their investment into 126,070,000$. That is a lot of money, but not enough to become the richest country in world, though...

Solely investments in bitcoin aren't sufficient. Territory size isn't an issue, but a country needs to develop their own technology to rise in GDP ranking. Look the example of Japan. They are a small island, but rank at third in GDP.

[Vaculin]

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/

El Salvador is not a developed country since then. So even if they start to use bitcoin as a legal tender, i don't expect much from this country but just a little improvement that they can get from the profits they will gain from bitcoin in the next possible years. But honestly, i don't see El Salvador to be the richest country 8 years from now, its still quite impossible to believe. I would only have my high hopes if El Salvador has been a progressive country way back then and that bitcoin could become a tool to realize its country's goals that will put the country in line with those wealthy countries.

[Doan9269]

bitcoin can make a person or organization rich by holding bitcoin but a country to become rich must rely on resources

let's understand this, at first bitcoin has been recognized as the most profitable digital currency over gold or any natural resources, now if someone can get rich in bitcoin and bitcoin having the highest profitability rate then i see no reason if a whole country can embark an adoption without having a change of story, this is logical, you invest on something that has highest values over any other investment, automatically there's no doubt about this, it will sure improve lives, businesses, finance and economy, you can't be claiming bitcoin and denying the power thereof.

by only adopting it they will not become richest country in the world.

life is an expressway and overtaken is permitted, many developed countries also started from somewhere before getting to where they are today, when you desire it, hope for it and work by it then you will achieve it with time, things like this goes along with protocols, process and time.

if another country also adopt it over these years so what will be it's status?

Bitcoin has gone beyond adoption, there must be a future plan backing the adoption, Central African Republic adopted and Panama as well considering that, but yet they needed to put many things in place if they needed to see the difference, 8 years may be an assumption but with time, bitcoin adoption could change the entire story of a country to total turnaround.

It's possible that El Salvador can become one of the richest countries of the world but it wouldn't be only because of Bitcoin.

why shouldn't it be only bitcoin? can you count the years fiat currency has been in use and the natural resources and yet there's no any delicable difference to improving better opportunities for the masses, i can only recall the oil boom in Dubai UAE which has promped them to this far and yet they give more opportunities for bitcoin development because they picture the future benefits could turn a great fortune if such opportunity is well utilized in bitcoin, if you're on a race, you don't stop nor look back not until you achieve your target.

[Argoo]

Is it possible for him to become that rich in such a short time

Yes nothing is impossible with bitcoin when it comes to financial investment, El-Savador whole story about debt might have been cleared right before that eight years you thought, one thing with bitcoin as an investment is that it secures the future for you, there's no how you could make an investment in bitcoin over a long duration and never have a reason to smile at the end, it appreciate, its a digital good store of value, its an investment asset, its secured, its anonymous, if you look at the the history from how it all started from 2009 till date then you could get more conviction that El-Savador or you could achieve a big dream with bitcoin adoption and investment.

Finances on their own mean almost nothing. The basis of the development of any state is its economy. Material goods should be created in the country, all branches of the economy should develop, and gross domestic income should grow. And any currency only serves this process. Therefore, little depends on bitcoin in El Salvador. Without a proper organization of the growth of economic development, no currency will save El Salvador. Everything needs to be dealt with as a whole. Bitcoin can eliminate the shortcomings of the previous currency, although it is also not perfect. But it cannot replace the country's economic development.

[Ryu_Ar1]

Finances on their own mean almost nothing. The basis of the development of any state is its economy. Material goods should be created in the country, all branches of the economy should develop, and gross domestic income should grow. And any currency only serves this process. Therefore, little depends on bitcoin in El Salvador. Without a proper organization of the growth of economic development, no currency will save El Salvador. Everything needs to be dealt with as a whole. Bitcoin can eliminate the shortcomings of the previous currency, although it is also not perfect. But it cannot replace the country's economic development.

agree with what you said considering that in this case bitcoin also cannot guarantee their finances from anything because as you said, there must be other good management whether it is infrastructure or other economic strengthening that makes them rich.
On the other hand, bitcoin adoption is actually a pretty good thing, but it is still a double-edged sword that can only make a country worse, especially if it can't manage it properly.

[Ale88]

I don't know, 8 years to me looks like a very short amount of time, I really don't understand how some of you may even think that bitcoin will be able to turn ES from one of the poorest economy in the world into the richest country in the world. Especially because they own just less than 2,000 BTC, that's a huge number for an individual but a small one for a company and/or a country.

have you seen people investing on ordinary fiat and making it successful in life? if that happens then i can assure you bitcoin can do better in many ways because it appreciates with time forget about being volatile or not, am not saying a country will turn fully developed from developing and underdeveloped countries within this short range but the entire economic and financial status of such countries can be improved, they will be debt free, their government will concentrate on what to offer the country to improve development and livelihood, because i believe a house is not built a day, it takes a while and same is expected of countries that adopt bitcoin, they will be growing gradually till they become fully developed.

Wait, saying that bitcoin can completely change the course of a country and improve a lot of things, ok, I totally agree with that and I believe it's actually possible; saying that ES will become the richest country in the world just because they have a few thousands bitcoins, that's totally a different thing. At that point we'd have single individuals richer than the richest country, it's something basically impossible.

[Finestream]

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/

If this is possible, i guess the rest of the countries too have anticipated this and won't waste their time questioning about bitcoin. But its not the case. Bitcoin is not a tool to make a country become rich, the biggest asset are still their country's resources that will create sales and revenues for them. Bitcoin is only a currency that will beat hyper inflation but there's no way it can make El Salvador the richest country, but i believe bitcoin can create big developments on the country's economy.

[kawetsriyanto]

El Salvador is not a developed country since then. So even if they start to use bitcoin as a legal tender, i don't expect much from this country but just a little improvement that they can get from the profits they will gain from bitcoin in the next possible years. But honestly, i don't see El Salvador to be the richest country 8 years from now, its still quite impossible to believe.

I agree with you. It seems unlikely that El Salvador will turn into one of the richest countries in the world in less than 10 years. They need more than Bitcoin to be rich, I doubt they can be that rich if they rely on Bitcoin only. We know that Bitcoin offers huge profits, but El Salvador is a country, not an individual (person), so they need to improve everything to be one of the richest countries. Making Bitcoin a legal tender is the right step to improving their financial level, but too early if dreaming to be a rich country.

[Vaskiy]

El Salvador is not a developed country since then. So even if they start to use bitcoin as a legal tender, i don't expect much from this country but just a little improvement that they can get from the profits they will gain from bitcoin in the next possible years. But honestly, i don't see El Salvador to be the richest country 8 years from now, its still quite impossible to believe.

I agree with you. It seems unlikely that El Salvador will turn into one of the richest countries in the world in less than 10 years. They need more than Bitcoin to be rich, I doubt they can be that rich if they rely on Bitcoin only. We know that Bitcoin offers huge profits, but El Salvador is a country, not an individual (person), so they need to improve everything to be one of the richest countries. Making Bitcoin a legal tender is the right step to improving their financial level, but too early if dreaming to be a rich country.

What have been predicted before the adoption have turned upside down. If not El Salvador could've made some big money out of its bitcoin adoption. El Salvador have spend around $103 million bitcoin, and the market have now declined and valued at $66 million. Already it have a pending due for July that amounts to $38m. By the year end it has got $382m due to be settled. El Salvador planned for fund raising of $1 billion through the Bitcoin bonds and this has been getting postponed as the market isn't that supportive. So, depending on the market we can expect growth in El Salvador and not to be rich soon.

[lionheart78]

The article is written in Portuguese so I used Google for translation, however it can be said that this is a little exaggerated,

It isn't a little, it is too exaggerated.

it is not likely that the adoption of Bitcoin will make El Salvador one of the richest or most prosperous countries in the world in 8 years!!!

True, there are lots of factors to make a country rich.  Even with the largest investment if the country is corrupt, it won't show even a little progress.

This is a great exaggeration. Bitcoin cannot solve all the problems of this country and make it compete with rich countries that have great resources. The country suffers from great economic problems there, and Bitcoin can be a solution to these problems, but it will not make this country rich.

A country must solve its internal problem first and then create a system that can synergize any form of investment or technological breakthrough to the financial system of a country.  For it to fully function, a country also needs to get rid of corruption.

[kryptqnick]

El Salvador is a very poor country. Third of the population live is poverty, the GDP puts the country around 100th place among the countries (slightly below), and on top of everything the IMF is pissed because of the Bitcoin-friendly policies they those. So there's absolutely no way El Salvador would become the richest country in the world or even get into the top-10 in 8 years. It would be an economic miracle if they reduce the poverty rate by half in that time, and if their GDP gets somewhere around 50 (similar to that of Portugal or Greece). So far, though, not enough time passed to see if their crypto policy is doing any good to the economy.

[kawetsriyanto]

What have been predicted before the adoption have turned upside down. If not El Salvador could've made some big money out of its bitcoin adoption. El Salvador have spend around $103 million bitcoin, and the market have now declined and valued at $66 million. Already it have a pending due for July that amounts to $38m. By the year end it has got $382m due to be settled. El Salvador planned for fund raising of $1 billion through the Bitcoin bonds and this has been getting postponed as the market isn't that supportive. So, depending on the market we can expect growth in El Salvador and not to be rich soon.

Actually, it has been predicted that crypto market will begin the bearish season after the bullrun in 2021. We already experienced this previously and the scheme is almost the same, El Salvador must be aware of the possibility of a big drop in BTC value. But I don't know why El Salvador forced themselves to buy Bitcoin in hurry and they choose the wrong way if tried to hold it for a long time. Except, they just want to hold temporarily and sell again when there is a pump. However, we cannot judge if they have failed already, there is still a chance to gain profits but they must wait for the next bullrun. They just did a wrong strategy, so they cannot get their target soon. According to this situation, surely they aren't a rich country yet, they are even suffering huge losses now.

[blatchcorn]

Not sure about what will happen after 8 years but I was going through this thread after 8 months of El Salvador crypto adoption, Why has bitcoin adoption failed in El Salvador?. Just after 8 months of this adoption they are under crisis.

Third of the population live is poverty, the GDP puts the country around 100th place among the countries (slightly below), and on top of everything the IMF is pissed because of the Bitcoin-friendly policies they those. So there's absolutely no way El Salvador would become the richest country in the world or even get into the top-10 in 8 years.

This adoption will take El Salvador GDP further down since such countries are heavily dependent on IMF and other monetary bodies. Moreover there current ruler to buy bitcoin when it was at its ATH is a mistake that not many countries have made. He is testing his country future by using people money.

[Doan9269]

Well, El Salvador needs much more wealth to become the richest country in the world in 8 years.

let's be realistic El-Savador may not necessarily be the richest country as thought but can br one of the richest, it is also important to increase all other aspects of the economy to growth so as to aid the development and we cannot as well be precise if this will be achieved within eight years or not, this are just predictions base on conviction which may be true or not, but my personal conviction about El-Savador is the next couple of years is it's rising as the morning star in all economical aspects.

But honestly, i don't see El Salvador to be the richest country 8 years from now, its still quite impossible to believe.

don't let us overlooked the potentials in bitcoin adoption, it can change a complete story about something, that's one of its ability, anything than van rise and fall can't be underrated, it may surge high beyond everyone's imagination, bitcoin has such capacity and ability.

El Salvador is a very poor country. Third of the population live is poverty, the GDP puts the country around 100th place among the countries (slightly below)

i disagree El-Savador been very poor, go and check the list of first 100 poorest countries and give a commendation on El-Savador, and third of it population leaving in poverty as claimed by you is wrong, i need a link to prove that, its not underdeveloped but can rather be categorize under developing regions, so why should it be among  the poorest countries.

[arwin100]

Don't know how we can really say that and its hard to digest those idea or info on which not really possible in real life. Maybe El Salvador will get huge revenue if the pump will happen on the span of years you mention but for sure they will still not the richest country exist at that time.

What more interesting to know here is how their citizens handle the market stress brought up by bearish market season.

[evilgreed]

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/

               At first glance it would seem that it would be possible if bitcoin adoption really does increase more in El Salvador like people really using it with good understanding of it and not just for the hype or suggestions. But if you really think about it, there are many things that can happen within that span of time specially when we talk about bitcoin which is already as volatile as it is. Which means that El Salvador citizens adopting the use of bitcoin more alone would not be enough to make the country rich. Because even if the people do so, iif the rest of the world doesn't yet or major fud and dumps happen El Salvador would suffer more losses than gains. That is unless the volatility reduces or if the country itself finds a good back up plans for sudden drastic drops that bitcoin does every now and then.

[Nrcewker]

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/

What does the article exactly states?
As it was not in English, so i was unable to read comprehend it.
Does the article mention about the recent purchase of 500 Bitcoins done by El Salvador?
As yes holding 500 Bitcoins for the next few years will surely make you rich, but if you see in perspective of a country then it’s still too less.
In India, Mukesh Ambani and Adnani, together will be make triple of these what El Salvador will be making in the next years.
So the direct answer to the OP will be NO, El Salvador won’t become the richest country in the world. Leave the world, it won’t cross any decent ASIAN country also.

[Mr.sprin]

the country of elsalvador legalized bitcoin in its country yesterday I saw the bitcoin market the price went up and now the price of bitcoin is going down again, I think the country of elsalvador is now experiencing economic problems in their country is this true?

[KingsDen]

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

How is this gonna happen?
Firstly,  El Salvador is not a rich country, so for them to become the richest country in 8yrs time, they first need to escape from the list of poort countries and this cannot happen so quick.

Secondly, I don't know how much of bitcoin El Salvador holds. And I don't know if there are any guarantees that they will not spend from the bitcoin they are saving even when they need financial relief. They also run to IMF for financial help and the institution will be unwilling to help since they have toed the lane of bitcoin.

Thirdly, I earn below $500 monthly, my living expenses is above $350. My uncle who lives in UK earns $20,000 monthly,
I know bitcoin and buys some fraction which I tend to withdraw the profits even parts of the capital when relateives choke me with financial problems. So, tell me how I'm gonna be richer than my uncle  who has many investments in the duration of 8 years.