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

[Russlenat]

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.

Adopting bitcoin as a legal tender will not guarantee a certain country to become rich in a short period of time. Yes, it can create more outlets for investments and expect more positive returns, but knowing bitcoin can be very uncertain and has high price volatility, then it will never meet the deadline set by the country itself. But I believe El Salvador can be progressive in time, and will gain more revenues if they can start to utilize right their own country’s natural resources and attract more buyers and investors on that.

[harapan]

Adopting bitcoin as a legal tender will not guarantee a certain country to become rich in a short period of time. Yes, it can create more outlets for investments and expect more positive returns, but knowing bitcoin can be very uncertain and has high price volatility, then it will never meet the deadline set by the country itself. But I believe El Salvador can be progressive in time, and will gain more revenues if they can start to utilize right their own country’s natural resources and attract more buyers and investors on that.

Yes, The earth is blessed with mineral and natural resources deep within its bowels. Every country has some sort of resource that’s deposited and they could tap into and generate revenue for its economy. When I speak of natural resources, I do not only speak of oil which is one of the vip resources cause of our over dependence on it for energy uses. A country that’s aiming at being self sustaining is a country on its way to becoming a rich country.

[AmoreJaz]

Adopting bitcoin as a legal tender will not guarantee a certain country to become rich in a short period of time. Yes, it can create more outlets for investments and expect more positive returns, but knowing bitcoin can be very uncertain and has high price volatility, then it will never meet the deadline set by the country itself. But I believe El Salvador can be progressive in time, and will gain more revenues if they can start to utilize right their own country’s natural resources and attract more buyers and investors on that.

Yes, The earth is blessed with mineral and natural resources deep within its bowels. Every country has some sort of resource that’s deposited and they could tap into and generate revenue for its economy. When I speak of natural resources, I do not only speak of oil which is one of the vip resources cause of our over dependence on it for energy uses. A country that’s aiming at being self sustaining is a country on its way to becoming a rich country.

i don't think they will achieve such status in these coming years. but i do hope that their economy will improve. also, it is not about bitcoin being the legal tender that will alleviate the status of El Salvador, but it is the combination of other factors like what you said, the exploration of their natural resources. and of course, how their government officials are managing the financial aspect of their country itself.

[Kelvinid]

Yes, The earth is blessed with mineral and natural resources deep within its bowels. Every country has some sort of resource that’s deposited and they could tap into and generate revenue for its economy. When I speak of natural resources, I do not only speak of oil which is one of the vip resources cause of our over dependence on it for energy uses. A country that’s aiming at being self sustaining is a country on its way to becoming a rich country.

i don't think they will achieve such status in these coming years. but i do hope that their economy will improve. also, it is not about bitcoin being the legal tender that will alleviate the status of El Salvador, but it is the combination of other factors like what you said, the exploration of their natural resources. and of course, how their government officials are managing the financial aspect of their country itself.

The future of this country lies in the hands of the President and his government official, especially in their finance department.
We can't make any assumptions about their failure but to let them work based on their plan, never works instantly and I know it. Might to say it was hard for them but who knows if they will improve and change strategy next year after seeing their previous performance?

I don't know what is their plan nor do we have but I know they are working hard for the success of it.

[coupable]

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.

Your point may be correct, but this cannot be actually proven.
Users from El Salvador used Bitcoin prior to the enactment of state regulation. It is not possible to know the increase in their number because their original number is unknown. The Salvadoran government has encouraged people to use Bitcoin by launching a digital wallet that enables citizens to receive $30 as a reward by simply registering on the application. The latest statistics indicate that the difference between the number of those who downloaded the application and the number of those who are still using it is very large.

[JayJuanGee]

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.

Your point may be correct, but this cannot be actually proven.
Users from El Salvador used Bitcoin prior to the enactment of state regulation. It is not possible to know the increase in their number because their original number is unknown. The Salvadoran government has encouraged people to use Bitcoin by launching a digital wallet that enables citizens to receive $30 as a reward by simply registering on the application. The latest statistics indicate that the difference between the number of those who downloaded the application and the number of those who are still using it is very large.

Of course, short-term measurements are going to be difficult to measure for some of the reasons that you mentioned; however, 2 to 4 to 6 to 10 years down the road there should be some abilities to make assessments regarding how well various bitcoin promotional efforts are spreading through society and potentially starting to stick in terms of whether more citizens might have started to use bitcoin, continued to use bitcoin and even held bitcoin.   

Difficulties in measuring should not justify giving up upon measuring or proclaiming that bitcoin efforts are having little to no positive effect, and for sure there are going to be ambiguous (and perhaps even contradictory) information that is being gathered that cause even more challenges to assess the extent to which bitcoin adoption is both growing and/or having positive effects that might justify the amount of financial and brain resources that are put into building and expanding such systems.

[Jatiluhung]

to be a rich country then I don't think it will be easy. And taking steps to make bitcoin a legal tender in the country of el salvador will not make el salvador rich in no time. However, I believe that the adoption of bitcoin as a legal tender by el salvador will make el salvador a historical record. and will be widely discussed by the next generation. it will even be included in future textbooks about a country that first made bitcoin a legal tender. and has motivated other countries.

and I also believe that el salvador became economically helped after the adoption of bitcoin as a legal tender in the country. Nayib bukele and el salvador will become famous names in historical texts in the future.

[Doan9269]

to be a rich country then I don't think it will be easy. And taking steps to make bitcoin a legal tender in the country of el salvador will not make el salvador rich in no time

I totally disaggree with this, El-Savador has not come out in declaring that it solely depends on bitcoin adoption for it economy survival, neither has it make the claim that it will be the richest country, let's take the cow by the horn by understanding the reall situation of El-Savador's adoption, in it's adoption comes many benefit it can derive than they had thought or expected, moreso, bitcoin adoption and its investment is not the only source to El-Savador's economic survival, there are other sources, but through bitcoin adoption, El-Savador can be totally debt free from IMF and any other creditors holding them in ransom.

However, I believe that the adoption of bitcoin as a legal tender by el salvador will make el salvador a historical record

The record has been set already.

I also believe that el salvador became economically helped after the adoption of bitcoin as a legal tender in the country.

Help by which entity? Apparently El-Savador can only finds it way through the economy without depending on any source, it has it own planned strategies to survival amidst it bitcoin adoption.

[wmaurik]

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.

And I also strongly believe that over time the people of El Salvador will get used to the use of Bitcoin even though they still like to use fiat for certain purposes. And also the development of the use of Bitcoin among El Salvadorans will increase in the future because the government has also prepared everything that El Salvadorans need to learn about Bitcoin.

[Doan9269]

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.

And I also strongly believe that over time the people of El Salvador will get used to the use of Bitcoin even though they still like to use fiat for certain purposes. And also the development of the use of Bitcoin among El Salvadorans will increase in the future because the government has also prepared everything that El Salvadorans need to learn about Bitcoin.

No other means to define freedom opportunity than this, he's not forcing the use of bitcoin on anyone, he makes it a choice and the people loved it that way, many businesses, organization, institutions and ventures accept bitcoin for payment, while almost all the citizens jave downloaded the chivo wallet in giving it a try, their economy is running smooth, indeed bitcoin has in many ways added to the beauty of El-Savador ever since it's adoption, this is the kind of government we expect, having the interest of the people in mind as first priority.

[Zlantann]

Its true that Bitcoin is not the total cure for El Salvador's economic challenges. But at least it has some opportunities that would touch the lives of El Salvadorans positively. I have heard so many time people saying that the country has benefitted nothing from its Bitcoin adoption. But this is untrue because Bitcoin as a national legal tender is at its infant stage. It would definitely develop gradually and other countries would begin to learn from the experiments of El Salvador. Yes El Salvador can be one of the richest countries in the world not because of Bitcoin but from the improvement of other sectors of the economy. My greatest joy is that the country has the political will to tap into the possibilities that Bitcoin has. And ones the political will is there, the necessary resources would be put in place .  

[dothebeats]

Maybe not the richest, but they can improve their economy certainly. The richest countries in this world either has a strong supply chain, a ton of oil fields, or manufactures a lot of goods in an extremely huge volume. El Salvador can always bet on bitcoin and be hopeful that it reaches a certain price point in 8 years, but I think bitcoin will never be enough to put a country on the list of the richest unless the government uses that money to grow their investments and their infrastructures as well.

[Doan9269]

Its true that Bitcoin is not the total cure for El Salvador's economic challenges

Indeed bitcoin my not be the total cure but as for now that is the only vibrant alternative to curing it, bitcoin have serve the best available option from a number of economics remedy for recommendations and it is also evident in the entire progress in El-Savador till present day, traditional system of currency with fiat couldn't ordinarily save up to clear debt, hut bitcoin comes with the luck and solution to that.

But at least it has some opportunities that would touch the lives of El Salvadorans positively

there's no doubt about it how bitcoin has been impactful to the business economics of El-Savador and the adoption has increase the openness for business activities with the acceptability of bitcoin as an alternative to USD.

I have heard so many time people saying that the country has benefitted nothing from its Bitcoin adoption

yes people have been saying the wrongs repeatedly over time base on research that has no verdict or fact.

But this is untrue because Bitcoin as a national legal tender is at its infant stage

and the growing in adoption continues, if bitcoin could achieve this while still at infant stage, what will happen when it matures to an average adults, of course everyone will be left with no other better option for currency and asset than bitcoin.

Yes El Salvador can be one of the richest countries in the world not because of Bitcoin but from the improvement of other sectors of the economy

same goes with El-Savador, if it could have achieved this far just after a one year adoption than it has suffered over many years, bitcoin could be actually the future game changer in the economy of El-Savador.

[KennyR]

Today El Salvador President Nayib Bukele have shared a video Comeback Country in his tweet. Going through the video it is possible to see the transition that have happened in El Salvador from the control in the hands of Gangs to the ongoing digital growth. Soon we can see a documentary how El Salvador have turned themselves rich through the adoption of bitcoin.

Link to the video Comeback Country

[danadc]

I don't know why I said that in 8 years, bitcoin has the ability to make rich not only a country but any person who has the ability to hodl their bitcoin, and I think they won't have to wait 8 years, the average for bbitcoin to grow is 4 years more or less, every 4 years I would bet that Bitcoin will rise in price and the best thing is that its ATH will be higher and higher if they propose it, so bitcoin is currently cheap compared to the price that many predict, I have seen the S2F model and many enthusiasts do not believe in that model, but I think I know that it is due to the action of the same people who do not believe in bitocin and make Fud.

[Mahanton]

I don't know why I said that in 8 years, bitcoin has the ability to make rich not only a country but any person who has the ability to hodl their bitcoin, and I think they won't have to wait 8 years, the average for bbitcoin to grow is 4 years more or less, every 4 years I would bet that Bitcoin will rise in price and the best thing is that its ATH will be higher and higher if they propose it, so bitcoin is currently cheap compared to the price that many predict, I have seen the S2F model and many enthusiasts do not believe in that model, but I think I know that it is due to the action of the same people who do not believe in bitocin and make Fud.

There's no such thing about 4 years or 8 years yet there's no one could really able to point out on when bitcoins price would make out some significant movement which we can say that it could really bring out
huge profits into those people who had invested earlier.El Salvador might become that rich on that particular point but it would really be good on that one and this one wont really be sustainable.
Unlike into those countries who do have lots of resources and other income then sooner or later the ranking would really be just changed up.
You wont really be that able to ensure that things would really be on that way.

[Daltonik]

Just think about it, the small country of El Salvador annually loses up to 30% of its GDP just to pay various third-party agencies commission interest for the transfer of funds.
And even though the adoption of bitcoin by El Salvador has not yet made the country much richer than it was, it still has a positive impact on the country's economy, as bitcoin and subsequent digitalization have attracted foreign investment and tourism, as well as expanded financial access for the population, mostly without bank accounts.
Yes, so far Salvador has lost on the purchase of bitcoin, but in the long run he will surely win a multiple.

[cheezcarls]

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/

Pardon me for overthinking, but as this is the 1st post of the OP with the included link, I assume that this website was either owned by him or was hired to do link building on his behalf.

Regardless of the reason, predictions are predictions. Assumptions are assumptions.

We just simply do not know if it’s really going to happen or not. I could be right or wrong though. The real answer is to wait for 8 years and see if El Salvador will indeed going to be what the OP says.

But for me, I have a strong feeling that it is highly unlikely after 8 years.

[348Judah]

Just think about it, the small country of El Salvador annually loses up to 30% of its GDP just to pay various third-party agencies commission interest for the transfer of funds.

I don't need much to argue to you about the losses you talked about in regards to El-Savador bitcoin adoption and the tremendous progress but all i want is for you to take a look at this statistics first https://bitcointalk.org/index.php?topic=5342087.msg60612784#msg60612784 and should incase there's more need to clarify the upto date happenings in El-Savador then I will advise you also go through it main bitcoin adoption discussion threads where all other matters were being discussed and read further on this page https://bitcointalk.org/index.php?topic=5342087.900 and in conclusion El-Savador is fine and ok with it bitcoin adoption and i also agrees with you about the future it has in it adoption.

[JayJuanGee]

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/

Pardon me for overthinking, but as this is the 1st post of the OP with the included link, I assume that this website was either owned by him or was hired to do link building on his behalf.

Regardless of the reason, predictions are predictions. Assumptions are assumptions.

We just simply do not know if it’s really going to happen or not. I could be right or wrong though. The real answer is to wait for 8 years and see if El Salvador will indeed going to be what the OP says.

But for me, I have a strong feeling that it is highly unlikely after 8 years.

8 years is a decent time in which progress should be measurable in an upward direction, and I doubt that it has to be an all or nothing thing in terms of having a variety of ways in which any country will have successes and failures within its decision-making and even resources that it has available and how it uses such resources.  Even though bitcoin is one of those asset classes that is likely to continue to gravitate value into it, it could take 20, 50 or 100 years for the bitcoin to become the dominant money system.  There seems to be a lot of crazy implodings that are going on in the various current fiat systems, and if they can be kept afloat or if the disasters become way too cascading can also affect various countries in the peripheries.. and maybe some of them are going to start investing in bitcoin too.. overtly or maybe even sometimes covertly.. even though governments are suppose to have some public disclosures in terms of what they are doing with public resources.