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

[TribalBob]

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/

the article is in portuguese so i need a translation, i think this is too much in responding to the situation, it's not that easy 8 years can make 1 country rich, but we can't intimidate this country with dream  countries, all can hope with bitcoin

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[n0ne]

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.

A country that have got less than 7million population spends 30% of its GDP to third parties as commission shows how the third party corporate networks profit out of the people's money. If the country is able to eliminate this, it can contribute big to its population. It can be on infrastructure development, education, elimination of poverty and through different other means.

Many termed the adoption of bitcoin by El Salvador as a gamble, but through this we can be sure that President Nayib have understood the real need and the core for which Satoshi innovated bitcoin.

[Jatiluhung]

If up to 8 years later El Salvador is still accumulating bitcoin and at that time Bitcoin could have been at a very high price. So even though now it's still like a dream to say that El Salvador will become a rich country 8 years later. But we don't know 8 years later. It could be a dream come true. I see countries that will follow El Salvador's steps in adopting bitcoin someday will come from Africa and Middle Eastern countries. because it is countries from there that currently continue to aggressively support their citizens in using crypto. even CZ from Binance seems to see the potential of those countries. And it's not just El Salvador that will turn into a rich country. but every country that follows it also means that it will experience the same thing. no one knows the future. and there is nothing wrong with us having high hopes to serve as motivation.

[Abiky]

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 El Salvador keeps investing in Bitcoin without selling, then I don't see why it can't become a rich country within the next 8 years. I wouldn't say "richest" because other countries have invested into Bitcoin as well (even though they haven't accepted it as legal tender yet). While it's possible El Salvador will turn from a developing country to a developed country, everything will depend if Nayib Bukele stays in power and the government spends its money wisely. If things go wrong, then don't expect to see any improvement in the Latin American country anytime soon. Let's see what will happen within the next bull market run. Just my opinion

[Hispo]

I doubt it.
Bitcoin is a good investment in the long term but for a country to become rich takes more than speculation in those quantities of Bitcoin El Salvador holds.
El Salvador, would need employ creator, education, destroy corruption and the criminal associations, in short being efficient.

Still have the faith that the future earnings for this Bitcoin holdings will be used to fund the processes necessary to reach a state of well being for people in El Salvador.

[Reatim]

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 everything that has been speculated will come true then surely we will all be rich by now but the problem is now, nope we are not tend to earn that easily most specially in crypto world.
I may say that it can be? or may not? who really know?

I doubt it.
Bitcoin is a good investment in the long term but for a country to become rich takes more than speculation in those quantities of Bitcoin El Salvador holds.
El Salvador, would need employ creator, education, destroy corruption and the criminal associations, in short being efficient.

Still have the faith that the future earnings for this Bitcoin holdings will be used to fund the processes necessary to reach a state of well being for people in El Salvador.

and besides up to now? still EL Salvador is suffering from their economic issues and wont gather any good returns from their Bitcoin adoption .

[inthelongrun]

I also won't agree with you. Yes El Salvador made a good investment, but with current market conditions, I belive it will take some time for those investments to mature. One thing I am sure the crypto friendly environment will going to greatly boost the economy.

Exactly. El Salvador's venture into Bitcoin is already branded as a failure by many financial institutions because of the ongoing market situation. But we are optimistic that in 8 years, El Salvador's investments will be worth a lot. Its capital will grow to more or less 50 folds by then. And considering El Salvador is a crypto-friendly nation, there will be huge investments and opportunities coming for them. If their government can offer a high level of security, crypto investors will flock. I am seeing a bright future for El Salvador and its citizens. But pretty sure 8 years is not enough for a poor country like El Salvador to become the richest.

[hd49728]

I also won't agree with you. Yes El Salvador made a good investment, but with current market conditions, I belive it will take some time for those investments to mature. One thing I am sure the crypto friendly environment will going to greatly boost the economy.

I don't know it is a good investment or bad one for El Salvador. Good or bad, it is decided by entry and exit. Now we only knew about entry of El Salvador but don't know about their exit, when and what price.

With financial recession, lot of risk for El Salvador in next few years and if their President is not careful, their nation can fall into a debt crisis so that their investment in Bitcoin will be liquidated. If it happens, it will become a bad one.

Exactly. El Salvador's venture into Bitcoin is already branded as a failure by many financial institutions because of the ongoing market situation. But we are optimistic that in 8 years, El Salvador's investments will be worth a lot. Its capital will grow to more or less 50 folds by then. And considering El Salvador is a crypto-friendly nation, there will be huge investments and opportunities coming for them. If their government can offer a high level of security, crypto investors will flock. I am seeing a bright future for El Salvador and its citizens. But pretty sure 8 years is not enough for a poor country like El Salvador to become the richest.

8 years are not too long but not too short. With financial crisis, 8 years will be longer than usual. Of course, in the meantime, in the middle of crisis, more challenge than usual for El Salvador.

If they will still have their Bitcoin investment 8 years later and if Bitcoin won't break its history with new all time high for each  4-year halving cycle, El Salvador should win big 8 years later. Lot of if conditions so I don't know how El Salvador will be and will have their investment position next 8 years.

[CryptoHeadlineNews]

I doubt it.
Bitcoin is a good investment in the long term but for a country to become rich takes more than speculation in those quantities of Bitcoin El Salvador holds.

I don't think El Salvador can ever be the richest country in the world with mere accepting Bitcoin as a legal tender, as Bitcoin is a worldwide general digital currency, because irrespective it was the first country to accept it as a legal tender, i still strongly believe there are some individual who owns bitcoin more than the total amount El Salvador claims to own. A country can only be said to be the richest when it has both natural and humam resources in abundance that other nations don't have and can't do without it, such as gold, petroleum, and fertile land for agriculture to cultuvate economic crops for exportation. Then such nation can be said to be the richest.

[Aanuoluwatofunmi]

Yes El Salvador made a good investment, but with current market conditions, I belive it will take some time for those investments to mature.

That's why El-Savador continue with it holdings and yet keep buying, if you could recall the few buy it make some months back yet on this dip, the thing is that all investment need maturation time, but the people won't just allow the appropriate right time to fall in because if eagerness to make profits, El-Savador is already paying some part of its debt through many opportunities it has realized through bitcoin adoption, so aside thier investment, there are also other incentives that serves as benefit that El-Savador enjoys through the adoption.

One thing I am sure the crypto friendly environment will going to greatly boost the economy.

El-Savador is bitcoin friendly and its economy is already yielding a positive return through that, they are the first bitcoin tourist country and bitcoin legal adoption.

if Nayib Bukele stays in power and the government spends its money wisely. If things go wrong, then don't expect to see any improvement in the Latin American country anytime soon

I want to believe bitcoin adoption in El-Savador isn't a child's play as many could have thought, this is an implementation and should any government comes in after Bukele they will also respect the endorsement for bitcoin serving as legal tender, it does not take an inch away from the economy of El-Savador, rather contributed in diverse ways and make history for a lifetime legacy on bitcoin adoption.

[wmaurik]

El-Savador is bitcoin friendly and its economy is already yielding a positive return through that, they are the first bitcoin tourist country and bitcoin legal adoption.

It is indeed very appropriate to say and In addition, the government of El-Salvador at this time has also set a budget to develop various actions in the fields of education and health. This is focused by the government of El Salvador in order to prioritize the rights of early childhood children so that children there can get a proper education and maximum health. Source: https://diarioelsalvador.com/gobierno-destina-millonaria-inversion-en-pro-de-la-primera-infancia-del-pais/286524/

And one more thing that is being worked on by the government of El Salvador (especially the Minister of Economy, María Luisa Hayem) is the strategy of setting the maximum fuel price. This was done in order to face the problem of inflation and also to be able to benefit in conditions like now, because it is also one of the 11 economic measures implemented by the Government of El Salvador. Source: https://diarioelsalvador.com/la-fijacion-de-precios-de-combustibles-ayuda-a-mas-de-1-5-millones-de-salvadorenos-maria-luisa-hayem-ministra-de-economia/286604/

[lionheart78]

Buying Bitcoin alone cannot make a country to be the richest.  A reserve currency sure gives a country an advantage but to be the richest, lots of criteria should be fulfilled, that includes the government system, infrastructure, technology, and development, aside from that there are a lot more.  Aside from that, Bitcoin is highly volatile, and for sure if El Salvador becomes the richest country during the peak of the bull market, then what do you think El Salvador would be at the bottom of the bear market?  Unless El Salvador strengthens its economy to top-notch, El Salvador will never be the richest country in the world, even if they hold Bitcoin in its reservoir.

[Zanab247]

I also won't agree with you. Yes El Salvador made a good investment, but with current market conditions, I belive it will take some time for those investments to mature. One thing I am sure the crypto friendly environment will going to greatly boost the economy.

Since the green light is preparing to remain stable in the crypto market, I guess El Salvador will surely achieve a huge amount of money that will attract other countries to follow their step because in next 8 years El Salvador country will nearly become the richest country in the world. They have created good environment for their citizens to learn more about Bitcoin and how to use it wisely to improve living and other things in the community. No doubt, in next 4 or 5 years many countries will wish to be like El Salvador because they are the first country that made Bitcoin legal in their country.

[romero121]

El Salvador President tries to make a connectivity with each and everything. This means bitcoin is considered an all rounder. When rest of the world countries are prioritising the word technology based development, El Salvador have made themselves adopted to it. This will keep them in the lead against the criticism.

I'm not sure whether El Salvador will be able to reach the position of the richest country in the world, but I'm sure in the mentioned year El Salvador will be a self reliant country. In particular it'll be self reliant on its financial situation and lending money to other countries in need.

[wmaurik]

El Salvador President tries to make a connectivity with each and everything. This means bitcoin is considered an all rounder. When rest of the world countries are prioritising the word technology based development, El Salvador have made themselves adopted to it. This will keep them in the lead against the criticism.

This is due to the passion and deep trust in Bitcoin by the President of El Salvador himself at this time, so that the President of El Salvador is willing to do everything for the country of El Salvador, especially in terms of Bitcoin adoption and also the supporting technology needed by it. But for now I see El Salvador is condolences for the death of Doña Cristina Moreno de Ortez, grandmother of the President of El Salvador (@nayibbukele). Hopefully nayibbukele can be very patient in facing this.

I'm not sure whether El Salvador will be able to reach the position of the richest country in the world, but I'm sure in the mentioned year El Salvador will be a self reliant country. In particular it'll be self reliant on its financial situation and lending money to other countries in need.

In the near future, it may be difficult for El Salvador to become the richest country in the world because there are some of the richest countries in the world which are still very difficult to be rivaled by any country in terms of wealth. For example, Qatar and the United Arab Emirates are still included in the category of the richest countries in the world and I think El Salvador still needs more time to compete with these two countries in terms of wealth.

[Hamza2424]

That can be very true but it can bring problems for them if the assets are under the control of the Government then it's not a big deal they are surely going to have a good standard of living, Remember the cost of living will also be going to high if they own a lot of money so they need to control their assets to avoid inflation. 

[nullama]

You can track El Salvador Portfolio here: https://nayibtracker.com

Keep an eye on it, and check back in 8 years.

As any Bitcoiner, other people will talk bad about him when the price is low and be envious and say he was lucky when the price inevitably goes high.

[qwertyup23]

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 doubt that El Salvador will be the richest country despite making BTC as their legal tender.

Remember that there are several factors that you must consider on how you define a country's richness. Just because they can potentially acquire tons of BTC does not entirely mean that they will be the richest country. Unfortunately, a country can be rich if they are placed geographically right on the Earth. With their tons of natural resources, they may capitalize this advantage and turn it into richness and money.

While BTC may be the future of currency, this fact alone cannot withstand the other factor that may make a country rich.

[nullama]

~snip~
I doubt that El Salvador will be the richest country despite making BTC as their legal tender.

Remember that there are several factors that you must consider on how you define a country's richness. Just because they can potentially acquire tons of BTC does not entirely mean that they will be the richest country. Unfortunately, a country can be rich if they are placed geographically right on the Earth. With their tons of natural resources, they may capitalize this advantage and turn it into richness and money.

While BTC may be the future of currency, this fact alone cannot withstand the other factor that may make a country rich.

Yeah, also they don't even have too many bitcoins. El Salvador has just 2,381 bitcoin as of today.

Compare that to a single company in the US: MicroStrategy. They have 129,999 bitcoins as of today.

[Abiky]

I doubt it.
Bitcoin is a good investment in the long term but for a country to become rich takes more than speculation in those quantities of Bitcoin El Salvador holds.
El Salvador, would need employ creator, education, destroy corruption and the criminal associations, in short being efficient.

Still have the faith that the future earnings for this Bitcoin holdings will be used to fund the processes necessary to reach a state of well being for people in El Salvador.

El Salvador would not only need to keep investing in Bitcoin to become rich, but it would also need fresh new ideas that would help attract tourists into it. The "Bitcoin City" plan might work if it goes full speed ahead. The more tourists spend money (preferably Bitcoin) in El Salvador, the higher the odds of the government becoming rich will be. That is if Bukele stays in power. If a political rival takes El Salvador president's place, then everything would be nothing but lost. No one knows what the future holds for both Bitcoin and El Salvador, so we can only hope for the best. Just my opinion