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

[Fortify]

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's wishful thinking. People have seen the meteoric rise of Bitcoin in the last 13 years and are always hoping that they can make the same amount. However these sort of "investors" are way too late to the party and the same with El Salvador. It was a convenient and catchy tool that the young new president used as a way of offering hope to his people. Grand illusions can go on for a long time before crashing down, Bitcoin has many purposes but becoming a national currency is not necessarily one of them. As we see now, it's sinking back down and nobody can predict the future, but right now they've paid a lot more for their original buys than it is currently worth - if every citizen had held on to the currency their national bank purchased for distribution.

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[rhomelmabini]

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/

That will still be an speculation until it will be proven otherwise. Well, if it will progress as per the article's theme then I will not be surprised if it will be the richest country. Moreover, I don't think the likes of either China or USA will collapse that soon as the powerhouses, I think the article was more like of a overrated.

[teosanru]

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/

Not at all, it is really fascinating to think about it but this thing is almost impossible is to be true. So far if you see you won't see a very big boom in the economy of El Salvador too i mean it has grown a bit but It hasn't really boomed like some Dubai or Hong Kong so yes it's pretty difficult to say that it'll become the richest country one day and that also just in next 8 years rest let's see how much attraction it gets when the bull market starts.

[eaLiTy]

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

You did not voice your opinion regarding this to understand your logic regarding this as you will posted the question. It is not a secret that El Salvador is struggling financially and being a poor country they made BTCitcoin a official currency despite all the opposition and how do you think they will survive till they dream about getting rich.

I am personally curious to see how they will handle the market correction and how they are going to handle the situation and convince the people.

[24Kt]

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/

That will still be an speculation until it will be proven otherwise. Well, if it will progress as per the article's theme then I will not be surprised if it will be the richest country. Moreover, I don't think the likes of either China or USA will collapse that soon as the powerhouses, I think the article was more like of a overrated.

Not only overrated but exaggerated in my opinion. I don't think they can surpass China or US in the next 8 years to come. They may improve their economy, that's one possibility, but attaining to be on the top, I don't think so. Just be glad if their economy will improve owed to crypto market. But what is the chance that the next El Salvador's President will not be very pro-bitcoin or pro-crypto?

[Fatunad]

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/

Possible to be rich but wont really be sustainable and just been like said by most people here that in terms of resources then nothing beats out to those countries which are sitting on the top of the chain.
If they do really consider out on making Bitcoin putting El Salvador on such condition then they are really on having that very wrong idea.Yes, they could resolved economic problems but once they had make
use of those funding then where they would really be getting another? If ever they could able to sustain then its good but if they are fully dependent with bitcoin they
they would really be fucking out their-selves.

[Viscore]

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.

Bitcoin could be an answer for those struggling economies but it could not make a single country rich. But i have also high hopes that El Salvador will grow and become a developed country, but being rich i think it will take a lot of years before it becomes possible. However, for those already big and developed countries who plan to adopt bitcoin as a legal tender, then its highly possible that their economic status will grow higher and becomes more progressive.

[noormcs5]

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/

That will still be an speculation until it will be proven otherwise. Well, if it will progress as per the article's theme then I will not be surprised if it will be the richest country. Moreover, I don't think the likes of either China or USA will collapse that soon as the powerhouses, I think the article was more like of a overrated.

Eight years is a big time frame and no one can guarantee if El Salvador will be the richest country or not b that time. It depends upon how many bitcoin El Salvador have and what will be the bitcoin prices after eight years.

Also, i am sure by that time that many more countries will also make bitcoin a legal tender and hence will join this race of becoming the richest country.

[Ale88]

Eight years is a big time frame and no one can guarantee if El Salvador will be the richest country or not b that time. It depends upon how many bitcoin El Salvador have and what will be the bitcoin prices after eight years.

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.

[Marvell1]

Bitcoin should not be exaggerated, El Salvador is facing economic problems and will even be at risk of default. Accepting bitcoin as a legal tender could be one of the solutions to revive their economy and reduce dependence on major powers, but it still doesn't seem to work.

To become rich, a country must have a large enough amount of mineral resources, good education system and talented leaders and cannot depend on holding bitcoins. El Salvador holds a large amount of bitcoin, I hope they have a perfect plan with it that can help them become better in the future.

[Prince Malik]

That's one of the things that really hold my attention, this is a unique experience that Salvador have and i believe it will be awesome if finish with making this country one of the richest countries in the world, but it all depend to the Salvadoran government and how long they will hold bitcoin

[Doan9269]

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.

El Salvador holds a large amount of bitcoin, I hope they have a perfect plan with it that can help them become better in the future.

i will give a thread here that talks all about El-Savador's bitcoin adoption read through the page and other next subsequent pages to get more information about what El-Savador has in place upon bitcoin adoption.

[ilovealtcoins]

That's one of the things that really hold my attention, this is a unique experience that Salvador have and i believe it will be awesome if finish with making this country one of the richest countries in the world, but it all depend to the Salvadoran government and how long they will hold bitcoin

Lol, how long or how much you hold bitcoin will never make El-Savador the richest country in the world. Are you confused, bitcoin can make a person or organization rich by holding bitcoin but a country to become rich must rely on resources, education and people. Can't just hold and expect wealth from a volatile coin, it will make El-Salvador fall sooner rather than rich.

[worle1bm]

Not at this pace because they still have huge gdp difference from the developed countries and by only adopting it they will not become richest country in the world.Suppose if another country also adopt it over these years so what will be it's status? They are developing bitcoin city backed with bitcoin bonds and that will help them to grow but this article doesn't seems true to me as 8 years is short span for the whole country to beat the world.

[Zlantann]

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. This country don't have mineral resources like other Central American countries and there have accusations of corruption and disrespect of the rule of law by the government. El Salvador must create veritable platforms such as investment in infrastructures that would attract investors who would tap its resources such as copper, sand, zinc and lead. Also, Bitcoin would flourish in countries with strong institutions and transparent government administration. Regardless of how much they make from Bitcoin, if the government is corrupt, it would make no positive impact on the country's economy because the money would end up in private pockets. It is not how much a country make or how much resources they have that make them the richest, but how these funds and resources are utilized. Central Africa Republic and Nigeria make so much money from their mineral resources but they are in the category of the poorest countries in the world.

[DdmrDdmr]

The article does not back the fortuneteller’s tale by anything other than this:

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.

There are no indication as to how much the country should have amassed within the said timeframe, nor whether we’re talking about the country’s wealth from the point of view of the state funds, or from that of the individual residents.

The article is more of a personal blog type initiative really, as the site lists in the authors section Rich Sanchez (the article's author), … and Hal Finney … The latter leads to a post that, by Bitcointalk standards, and elsewhere one would have figured, is an uncredited plagiarized copy/translate/paste version of this post:
https://bitcointalk.org/index.php?topic=155054.0

Sounds like a credible source …

[wagmi]

El Salvador is a very poor country because of corruption and mismanagement. It isn't really a source of industry right now, maybe Bitcoin Mining can help because El Salvador has cheap and green volcano energy.
But El Salvador also has infrastructure and lack of knowledge problems to be solved and it needs a lot of money, effort and time.

El Salvador's problems are fundamental and take a long time to solve.

[wxa7115]

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.

True, there are two common denominators when it comes to some of the most powerful countries around the world, the first one is that you need a big population, if you have more people just by probabilities alone some great minds are bound to be born in your country and develop new ideas which brings the country forward.

The second need is to have a resource rich piece of land, which in many cases require a great deal of land, El Salvador does not have those two things, so even if they have an advantage in terms of their regulation and bitcoin adoption they will not ever reach that status.

[savetheFORUM]

Eight years is a big time frame and no one can guarantee if El Salvador will be the richest country or not b that time. It depends upon how many bitcoin El Salvador have and what will be the bitcoin prices after eight years.

Also, i am sure by that time that many more countries will also make bitcoin a legal tender and hence will join this race of becoming the richest country.

Counting from now, I think eight is an enough time to get them somewhere close to that. But, don’t forget that there are other countries that are being eyed who everyone is believing would occupy that position in the next few years to come, but we are not yet sure about it. With the right plans things will go as expected.

And I don’t know how much they have invested in bitcoin, if they have invested a really huge amount now, especially now that the value of Bitcoin is very low, in the future it’s going to turn out real big.

[justdimin]

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/

Getting overhyped will not help us. Of course it will not be the richest country in the world, not even in GDP neither, just because they invest into bitcoin. What we need to consider is "what could they spend this money on and get a better return?" and if there is no answers to it, then I would say that bitcoin was a good idea, even if it is not making them the richest nation.

Definitely they could have invested in some stuff that would have profited them a bit until today, but then it is not going to be the same thing after like 5 years. Sure it looks like the price dropped and they didn't do anything great today, but in 5 years when bitcoin is 200k+ people will reconsider it.