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

[thaylonramonn]

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/

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[Poker Player]

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.

[yhiaali3]

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

[Dunamisx]

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.

[noorman0]

Bitcoin only supports modern finance, and as it has been said many times that bitcoin is not the ultimate solution to bring about an increase in economic status. It all depends on the human resources in the country.

While limited bitcoins will always be the object of competition from people around the world, the founders of fintech companies are constantly looking for friendly countries. If the Salvadorans don't rush to adapt and keep up with this revolution, then bitcoin means no direct impact on them and only benefits non-natives.

[OcTradism]

Other countries can invest in Bitcoin too and they are richer than El Salvador so they can have bigger budget for national investment in Bitcoin if they do it.

I hope that El Salvador President has good risk management and will not over leverage with his national Bitcoin investment. If they can spend their own reserve to invest in Bitcoin and hold it for 8 to 12 years, I believe they will become a damn rich in future.

If they over leverage, I see a future they can get rekted by liquidations.

Next 8 years is 2030 that is close to a year 99.2% Bitcoin will be mined. If you can hold until 99.2% Bitcoin is mined, you will become billionaire.
https://en.bitcoin.it/wiki/Controlled_supply

[pooya87]

It definitely seems like they are on the right track but you have to admit that just because bitcoin is legal tender in El Salvador and the government has bought some bitcoin that doesn't mean all their economic problems are going to be magically solved and in such a short time (less than a decade).

Basically they have to stick to the right path and continue putting a lot of effort into changing decades of bad mistakes and revolutionizing their country in economy and culture to be able to get past the problems and first get out of debt then start building their wealth. I'd say this alone could take two decades.

I wish them success.

[davis196]

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 would become a rich country, if they find giant amounts of oil, gold and natural gas(not going to happen).
Another way for the country to become rich is to invest in the people and have a great educational system(which will never happen).
Buying Bitcoins and waiting for the BTC price to hit 500K or 1M USD won't make the country rich, because the president(and many politicians and bureaucrats) will put their hands over this massive wealth and steal the Bitcoins. A corrupted minority will become rich, but the majority of El Salvador will stay poor. Corruption is a major problem in the underdeveloped Latin American countries.  

[Kakmakr]

You just have to remember something .... El Salvador approved the use of Bitcoin as legal tender... and what happens when you do that?

Answer : People use bitcoins to pay for products and services. I underlined the word "use" because it is very important, because there is a difference between "use" and "hoard".

If the bitcoins are circulating between people and they are using it as a currency to buy and pay for services, you will find that a big spike in the price will not benefit those that spend the bitcoins. If on the other hand, some of those people "hoarded" some coins, you will find that their wealth have doubled or even tripled in a very short time. (This is not guaranteed, but it has happened in the past)

[ranochigo]

It will definitely not be. The key determinant of a successful country is by their economy, which is in turn influenced by different factors, (HDIs, Corruption, Policies, etc etc). If you were to look at El Salvador at its current state, for a supposed democratically elected leader to call themselves a 'dictator' is absolutely ridiculous.

For El Salvador to even escape the labelling of 'developing country' requires so much more than prudent investments (Bitcoin is not one) but also sustainable and rational steps.

[KennyR]

El Salvador keeps increasing its reserve of bitcoin. This will make El Salvador to be the country with the largest number of bitcoin reserve in 8 years time. The country have got more economical problems which can't be solved with this adoption. There needs to be perfect plans and execution.

At present the major problems faced are poverty, lack of water supply and sanitation, violence, unemployment. Government need to work on it. Just with bitcoin adoption this can't be rectified. Proper education will lower poverty as well as violence. Further government needs to create plans for sanitation and providing healthy water. On the other side with continuous investment on bitcoin, maybe in future the bitcoin City can bring more job opportunities.

[slaman29]

Bitcoin market cap today = 500 billion. Even if in 8 years this becomes 10x, it is only 5 trillion US dollars.

So if El Salvador owns all the bitcoin in existence and it x10 in price in 2030, it will not be the richest country in the world.

China networth today is over 100 TRILLION.

So no need to make complicated calculations, the facts are too large to overcome

[|MINER|]

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 don't understand why this is has been raised ? Is this for only that the El Salvador approved the use of Bitcoin as legal tender ? Yes it's positive site because it will increase the reserve of Bitcoin in there country but This does not mean that they will become the richest Country in the world. I viewed their GDP , Per Capita Income Rank and I think they still have a long way to go. The biggest problems are corruption and terrorism. I think they can go to a better place as long as they can get rid of them. And in the end I will say  this country not only 8years It cannot be the richest country in the world even in 18 years.

[Lucius]

If someone assumes this only because their president buys a few hundred BTC from time to time, then that country will not get very rich even if the price of BTC by the end of the decade is ten times higher than today. And everyone seems to be forgetting that politics can change if some new politicians are brought to power in the next presidential/parliamentary elections.

I would put the assumption that the ES could become the richest country in 8 years in the same category as if someone were saying that Switzerland would become the poorest country in the world in the same period - and that doesn't make any sense.

[hZti]

El Salvador will in any case have the same problem as anyone else here: When do you sell your bitcoin? If the price doubles maybe the next president sells it. Maybe they sell it when it is 200k, maybe they sell it at a loss.... Nobody knows what will happen, since it depends a lot how they handle the coins later.

[bakasabo]

Everything in the article looks like another bla-bla-bla and a vision of the world through pink glasses. El Salvador will be rich if they hold and Bitcoin price goes up. Even newbies on this forum are more realistic. Article does not give any reasons why would Bitcoin price grow. Similar, prices on everything can grow also. The fact that "once Bitcoin cost 1 dollar, but not it cost 30 thousand" is silly. I can say same about gold for example. Anyone can buy or create of pickaxe, go mine gold and become rich. However people dont do that.

[GiftedMAN]

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

I support your statement regarding what Op stated here and I agree that anyone thinking that El Salvador is likely to be one of the richest countries in the world in 8 years because they adopt Bitcoin has exaggerated. El Salvador is the fifth poorest country in North America, the country needs to expand its coffee and sugar production which is their most source of income and they also have to improve their educational system which will help them to do away with violence that is when the adoption of Bitcoin will be fully effective there In regards to them becoming richer than some countries.

[Ale88]

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/

It doesn't make a lot of sense that article, there are single people who own more bitcoins than ES, does anyone think that there will be individuals worth more than the US or China? And what about Saylor and Microstrategy? Don't they have more than 100k BTC? Way way more than ES.

[Leviathan.007]

I don't have much information about different languages but as I can see the article is in Spanish or maybe Portuguese and I used Google Translate to read it. We cannot be sure about the future and it's hard to predict even next year so talking about the next 8 years when another halving cycle passed is completely impossible, fro,m what we can see in the history of bitcoin price if they really can hold bitcoins for this long time they will get a huge amount of profits for it, so they have much more progress economically and can solve many problems in their country.

[stompix]

From the article:

At the current rate of growth, bitcoin will surpass gold in 4 years and the US dollar in 8 years, making El Salvador's efforts pay off, and making the country one of the richest and most prosperous in the world.

Let's ignore extrapolation no matter how funny it is, also the fact that the author speaks in 4 years increments which is not the best choice right now, cause it gives only a 3x every 4 years so, so just no, and let's focus on a different thing, called logic.
If Salvador will become the richest country in the world with 1600 bitcoin, what will the other countries be worth since well, their citizens will have the rest of the coins!!!  So Salvador will need to hoard moar coins, but for that, it needs $, which they don't have!

Everything in the article looks like another bla-bla-bla and a vision of the world through pink glasses. El Salvador will be rich if they hold and Bitcoin price goes up.

The funny thing is that the price won't grow unless more people are buying, so Salvador in order to become rich needs the wealthier countries and their population to provide the cash inflow, otherwise, they will end with the same value even after 20 years. And if others do purchase, we're back to square one where they will be just as wealthy if not more. It's a game where you can't be rich alone and not without some serious help.

It doesn't make a lot of sense that article, there are single people who own more bitcoins than ES, does anyone think that there will be individuals worth more than the US or China? And what about Saylor and Microstrategy? Don't they have more than 100k BTC? Way way more than ES.

Yeah, some individuals will have more wealth than the entire world, and now imagine they will sell! Oh wait!