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

[Luzin]

So, tell me how I'm gonna be richer than my uncle  who has many investments in the duration of 8 years.

Maybe if you look at some halving cycles then you will probably understand. I think the author assumes that way. I had 2 halving cycles and the price of BTC always had a really great price increase. There is an increase of about 200% more than the highest price in 2018. If it happens in another 8 years, then it seems to have passed 2 halving periods. If the above assumptions occur, it is possible that the economy there will improve.

[Sanitough]

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 won't doubt the potential of El Salvador to become a rich country years from now, but seeing it as the richest country after 8 years, i think this is more of a fantasy. Yes, bitcoin could be a great tool in making one country's economy become progressive but it won't create shortcuts for a country to become instantly rich.  But with great natural resources that El Salvador have like hydropower, geothermal power, petroleum and arable land, if they can be used positively, i guess that will contribute much for the country to become rich.

[Bitstar_coin]

Depending on the amount of btc El Salvador has in its possession and how btc will perform in the next 8 years. Undoubtedly, if they can hold all their btc through to that period, it will definitely change their economy, raise them from their current financial state but certainly can't make sèthe richest.
This can only happen when btc price in 8 years' time becomes very high since i don't think there is a public record to know the amount of btc in question. they really need to possess a huge chunk of btc or have a sustainable means to support whatever they own in btc.

[coolcoinz]

Bukele is going all in on this and although I love bitcoin I'm not sure if it's a good idea. I like his dedication though and I think he will eventually come up on top. The problem is people can turn on him if he doesn't produce results in a few years. For the average Joe and Jane life is simple and the president has to make their life better, make them feel safe. They don't care if he does it through bitcoin, gold or even war (Russia can be an example here where people praise Putin for attacking Ukraine because they're so manipulated that it actually makes them feel strong as a country).
I'd really like to see him build his bitcoin city.

[hd49728]

Bukele is going all in on this and although I love bitcoin I'm not sure if it's a good idea. I like his dedication though and I think he will eventually come up on top. The problem is people can turn on him if he doesn't produce results in a few years. For the average Joe and Jane life is simple and the president has to make their life better, make them feel safe. They don't care if he does it through bitcoin, gold or even war (Russia can be an example here where people praise Putin for attacking Ukraine because they're so manipulated that it actually makes them feel strong as a country).
I'd really like to see him build his bitcoin city.

If he can manage to be a President of El Salvador for long time, that is good with his national plan. In addition, if he only assigns national budget, reserve into Bitcoin investment, it is good. If he borrow money from other nations, uses leverage, that is bad. I hope he won't put his nation under the second situation with loan, debt and margin call in future.

What he has shown with his strong support and belief in Bitcoin is amazing. The first national leader shows such bullish mood in Bitcoin. The first ever to boost Bitcoin to national legal tender. Even his nation is a small one, this effort is big and very good for Bitcoin and crypto adoption.

[TheNineClub]

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/

No no no, I hate saying the same thing over and over, but BTC adoption will not magicaly cure the underlying economic issuse that have been present for decades. Even if BTC price goes up and El Salvador gets something out of it, that won't resolve the problems that preceeded.

[wxa7115]

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/

No no no, I hate saying the same thing over and over, but BTC adoption will not magicaly cure the underlying economic issuse that have been present for decades. Even if BTC price goes up and El Salvador gets something out of it, that won't resolve the problems that preceeded.

Correct, it is obvious that we like bitcoin and we believe in its long term potential, however bitcoin is not a magical tool that can solve all the issues that a society has and somehow make everything right.

Bitcoin is just a form of money, the best that we have available but that is all what it is, trying to make it out to be something more than that is to set it for failure, also even if El Salvador could obtain some benefits by adopting bitcoin earlier than other countries eventually those benefits will diminish as more countries begin to do the same.

[n0ne]

Being the richest country isn't a simple thing. Based on the holding capability of El Salvador, we can see the economic upliftment within the country. We don't know when will the market progress further, everything is upon the trust. Upon what I've come across, the market will turn bullish. When such a bullish move happens, one should have the holdings. We don't know what are the political changes gonna happen in El Salvador over the next eight years.

[noormcs5]

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.

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

[Mahanton]

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.

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

They could be rich on Bitcoin profit gains but this isn't something that could be considered to be that sustainable or something that do talks about placing itself to be the richest or one of the richest country because it do all matters with resources and other factors which doesn't only limit on investment gains even they had accumulated that much but on the current behavior that they've been doing which it isn't really that bad at all but it do accompanies such risk but well it's a choice that had been made.

[so98nn]

There was already one big resistance for the use of bitcoin in the El Salvador country and it means this could keep on increasing in the future. There is always group of peeps who live the traditional way and want to spend money in cash. That gives feel for something, spending, buying and sense of having money.

For this reason I believe El Salvador is going to face many challenges in the future to come. There are many more countries with better infra and better education in terms of crypto space yet they are not going full fledged with it. So there is some disagreement with OP statement.

[blatchcorn]

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

[SpenserReed]

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 think this is just another hype to attract attention, but not a real plan

[Rufsilf]

Being the richest country isn't a simple thing. Based on the holding capability of El Salvador, we can see the economic upliftment within the country. We don't know when will the market progress further, everything is upon the trust. Upon what I've come across, the market will turn bullish. When such a bullish move happens, one should have the holdings. We don't know what are the political changes gonna happen in El Salvador over the next eight years.

It can be possible if they want to change and achieve their goal but I don't think their huge investment in crypto will help it. One thing they do is to increase their economic system, there is something they need to change otherwise, it was just hopeless. And likely, we can just put the future of their country to crypto, not even rely upon their investment as we know that we are not sure about the future.

El Salvador is one of the poor countries, they certainly remain poor 8 years from now unless they could find reliable resources that could help to uplift their economic status.

[Xampeuu]

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

This means that currently their country's wealth has shrunk by 40%, and you can imagine how much suffering the people there are, because when they legalized bitcoin the country was already in a state of economic difficulty. don't we often say to buy bitcoin with free money, but it seems the opposite of the situation experienced by elsalvador, moreover, of course a country interacts with other countries

[blatchcorn]

This means that currently their country's wealth has shrunk by 40%, and you can imagine how much suffering the people there are, because when they legalized bitcoin the country was already in a state of economic difficulty. don't we often say to buy bitcoin with free money, but it seems the opposite of the situation experienced by elsalvador, moreover, of course a country interacts with other countries

The case of personal investment cant be compared with state investment policies since millions of people are dependent on state policies. If EL was too much enthusiastic for bitcoin then it was better to invest some spare cash. I still dont know how can a country buy BItcoin from nation money and that too when bitcoin was at its ATH.

[justdimin]

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

They are buying right now during bearish period as well. You may dislike him, I personally do not know him, I have no idea if he is a dictator or not, I am not very well versed about El Salvador at all. However, from what I can see, only thing I know about him is buying bitcoin. That's what we are all here for, if you dislike bitcoin then you are spending your time in the most inefficient way possible.

This is a "bitcoin"talk forum, I would suggest you to find forums or chats of your hobby and hang out there instead of hanging out in a place where people talk about something you dislike. If you like bitcoin however, then why would you not like him doing what we all do?

[AmoreJaz]

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

They are buying right now during bearish period as well. You may dislike him, I personally do not know him, I have no idea if he is a dictator or not, I am not very well versed about El Salvador at all. However, from what I can see, only thing I know about him is buying bitcoin. That's what we are all here for, if you dislike bitcoin then you are spending your time in the most inefficient way possible.

This is a "bitcoin"talk forum, I would suggest you to find forums or chats of your hobby and hang out there instead of hanging out in a place where people talk about something you dislike. If you like bitcoin however, then why would you not like him doing what we all do?

i guess, he doesn't know that el salvador is also buying this bearish period. anyway, we may not see the impact of this initiative by el salvador's president today, but maybe few years down the line, they will finally see the influence of this move to their economy. we can't judge the initiative this early. because as long as they are in crypto market, it means, they are seeing positive influence to their economy. who knows, they will have the last laugh years later?

[Yamifoud]

Well, this could happen if bitcoin starts to pump quickly and again reach all time high. If El Salvador possesses a lot of bitcoins, it could become the richest country if bitcoin cross 100,000$ or 200,000$. As per the OP, eight years are enough for bitcoin to be at these prices, and also El Salvador should accumulate many bitcoins during these times.

What about the sufferings that whole country will face for 8 years. AFAIK, Salvador start buying btc when it was over 50k and that's the biggest mistake they made. Everyone loves to jump in the boat when market is going up. If Salvador coolest dictator have so much faith in bitcoin then why not he bought btc when it's bearish?

Might say it was not in perfect timing as the prices jump down but I don't think it was a mistake, in fact, some investors buy above that price ($50k). But I'd never think that was an issue with them, we know El Salvador has the faith that Bitcoin will soon recover and they could grow their investment. However, saying they become the richest country in the world, I was thinking they will surpass the 1st world countries because of Bitcoin, because of crypto investment, then it was really impossible. I don't underestimate them but couldn't make it in crypto investment alone.

[EdenHazard]

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)

Hundred percent!

If only those people in el salvador .. or any country that its most citizen hold bitcoin for long time then yeah any country could become the richest country by that mean.
But again yeah if you using it in daily basis without holding most of your bitcoin then it's completely meaningless.
Couldn't agrre more with you kakmakr