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

[Abiky]

El Salvador has legalized Bitcoin in its country through legal tender. He was the first to legalize Bitcoin in his country and simultaneously set up several Bitcoin ATM. Statistics from the country's finance department show that they currently have 2,300 bitcoins in their coffers. The government of the country is very much in danger due to the extreme fall in the price of Bitcoin. Here if Bitcoin goes from 200k to 500k dollars but El Salvador will not be able to become the first richest country in the world. El Salvador will never come to the top of the world leaving behind many developed countries. This is completely ridiculous.

I wouldn't say El Salvador is at a loss, since the government hasn't sold a single Bitcoin yet. It is accumulating to sell once market prices go all the way to the moon. But I don't think El Salvador will become the richest country in the world, especially when developed countries wouldn't want to miss a piece of the pie. It could become the richest country in Latin America if it plays its cards right.

Everything will depend if Nayib Bukele stays in power. If another President is elected, then you can say bye-bye to the Bitcoin experiment for good. Who knows what the future holds for the country? Just my thoughts

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[KaliLinux]

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.

I certainly agree, and what was the whole excitement about for Bitcoin enthusiasts back then when El Salvador took this step? Apart from we now have a country that has made Bitcoin a legal tender, the belief was also, like anyone that has been investing in Bitcoin from the beginning, making a profit, in the long run, is also the target.
As the article stated if the Bitcoin mining company powered by the geothermal energy of volcanoes are actually operational wouldn't this generate huge profits for the country down the years? I believe your guess is as good as mine, however, whether this will make El Salvador the richest country in the world in 8 years time I doubt but will definitely set the county up well. 

[MarjorieZimmermanGinger]

They don't need to convert to fiat over there. In El Salvador you can pay anything directly with Bitcoin.

El Salvador has accepted the adoption of bitcoin as a legal currency, which means there is no need to convert to fiat when making buying and selling transactions there, because direct payment services are available with this adoption.

So yes, sometimes it will go down in value, and sometimes will go up, but at the end of the day if you keep your buying and selling close to each other, then it shouldn't make a huge difference. And the money you save in Bitcoin should appreciate in value over the long term.

That's why bitcoin is considered fluctuating, because it involves rising and falling prices, but as you said, bitcoin is the best investment that can maintain the value of the investment we make. So it doesn't matter when the price goes down, because there will be a bullish resistance point in the next quarter.

[Gallar]

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

[lixer]

They don't need to convert to fiat over there. In El Salvador you can pay anything directly with Bitcoin.

El Salvador has accepted the adoption of bitcoin as a legal currency, which means there is no need to convert to fiat when making buying and selling transactions there, because direct payment services are available with this adoption.

In El Salvador, I heard they have these bitcoin cities or bitcoin hubs. I think this was the place where you can spend your bitcoins the most but on some other places I think you will still need a fiat to avail something. In countries where BTC isn't a legal tender yet, it still possible to use your Bitcoins directly as long as there is a signage or a BTC logo being posted on that shop. BTC is volatile and that is what makes it unique compared to other traditional currencies.

This is also the reason why it can be use for trading or investing other than for simply making a payment and sending money. For someone who is bothered about its volatility, good thing stable coins are now invented to give a solution to this problem.

[JayJuanGee]

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

Whether El Salvador is in some kind of outrageously better place in which it passes up all kinds of countries seems to be the wrong kind of framework, because it seems that the odds are quite great that investing into bitcoin makes El Salvador a better place with more options and also likely a better place than it would have had been if it had not adopted a variety of bitcoin-related investment strategies.

Also with the economics of any country (even small ones) there are going to be a variety of things going on, and yeah Bukele is and has been responsible for some of the overall framework and helping to establish the tone - while at the same time, the framework and tone helps for a variety of private and public sector actors to engage in behaviors and practices that are complimentary to the framework and tone that has been created at the top.   

Not everyone is going to act cooperatively with the bitcoin framework and tone that has been created, so there will also be a variety of ways in which citizens may or may not completely profit because of the current El Salvador framework that promotes bitcoin and attempts to incentivize that folks learn about and get involved with bitcoin.

[wmaurik]

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

And what's unique is that not only Australia is doing this, but there is also Spain which has installed 215 crypto ATM and made Spain the third largest crypto ATM center. This means that crypto ATM have now begun to spread in several developed countries and this indicates that developed countries are starting to accept crypto as a legal payment. And one more thing that is really interesting is Nigeria's efforts to enforce adoption of internal central bank digital currency (CBDC) - eNaira - forced the government to limit ATM cash withdrawals to $225 (100,000 naira) a week. _{Source: https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub}

[Ayers]

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

I don't think so, relying on bitcoin alone to make El Salvador the richest country in the world is impossible, even if bitcoin hits $1 million per bitcoin. But if they continue to maintain and develop without any obstacles, then surely their country will have more significant development and improvement steps than when using USD. El Salvador has only accepted bitcoin for over a year, so it can be said that it is very early to conclude whether they fail or succeed, we need more time to evaluate.

[nullama]

~snip~
I don't think so, relying on bitcoin alone to make El Salvador the richest country in the world is impossible, even if bitcoin hits $1 million per bitcoin. But if they continue to maintain and develop without any obstacles, then surely their country will have more significant development and improvement steps than when using USD. El Salvador has only accepted bitcoin for over a year, so it can be said that it is very early to conclude whether they fail or succeed, we need more time to evaluate.

Absolutely, plus also the amount of investment done in El Salvador with Bitcoin is really tiny compared to the budget of a whole country.

I mean, a company in the US, Microstrategy, has way more Bitcoin than El Salvador for example.

[8rch7]

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

Have possibility with country placed ATM center in their country and Bitcoin become legal currency transaction at the future? Australia is most influential countries around the world and when announcing about Bitcoin as legal tender I can't imagine what positive side coming on later. Look like placing more than 216 crypto ATM is serious thing did by Australia government and they want take benefit from Bitcoin transaction how possibility allow El Savador to make tourist excited make Australia their destination going place.

Australia is my neighboring country and maybe there are has miracle when Australia makes 216 ATMs my current country will follow it and placed more than ATM cryptocurrency.

[DdmrDdmr]

<…>

Nevertheless, comparing bitcoin ATM tenancy or growth should likely also be shown in relativized form in order to get a clearer picture, and that is something that stats on the matter at hand tend to shy away from. Australia for example has a population nearing 26 M, whilst El Salvador is settling for 6,5 M people, a quarter the size of that of Australia.

Australia is therefore slightly in front of El Salvador in absolute terms, but in terms relative to the population, El Salvador would have a ratio nearly 4 times better than Australia.

Note: Ideally, it would seem even better to relativize the data against adult population, and not the country’s whole population.

[mvdheuvel1983]

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

I concur. Bitcoin has the potential, yet this is dependent on a lot of other factors. But I do not see it happening in the next 4 years. The country has taken the first step by adopting bitcoin yet, it doesn't stop there.
I believe the shift from poor to rich nation will happen when there is a massive adoption. During the time when we will see people use it to pay for goods and services without any restriction. And as people become more dependent on Bitcoin, fiat of whatever denomination will lose it's dominance.
So, yes. El Salvador will be rich off of bitcoin but not so soon.
 

[panganib999]

Bitcoin is but a drop in an ocean full of assets and commodities vying to be the most valuable ownable. There is a debate to be made for whether a large bull run in the crypto scene could skyrocket El Salvador's Per Capita to the big leagues but one thing's for sure, soon as this bull run commences, El Salvador will be one of the few countries who will benefit the most out of this, given the fact that they fully embraced bitcoin and is enacting all possible moves to realize this vision. No doubt El Salvador's gonna be one rich country after this. What they will do when that happens, we'll find out.

[D ltr]

If the adoption of bitcoin in El Salvador continues without obstacles, there is a possibility that this could happen.
but el Salvador is still just adopting bitcoin, surely there are still many deficiencies that must be fixed in the government system.
el Salvador could prosper on bitcoins in eight years, but on condition that everything goes smoothly, especially from a social point of view,
if all the people have supported the adoption of bitcoin, there will definitely be significant progress.

I concur. Bitcoin has the potential, yet this is dependent on a lot of other factors. But I do not see it happening in the next 4 years. The country has taken the first step by adopting bitcoin yet, it doesn't stop there.
I believe the shift from poor to rich nation will happen when there is a massive adoption. During the time when we will see people use it to pay for goods and services without any restriction. And as people become more dependent on Bitcoin, fiat of whatever denomination will lose it's dominance.
So, yes. El Salvador will be rich off of bitcoin but not so soon.
 

it is true that one thing is impossible if in the next 4 years el savador becomes the richest country without any other factors, adopting bitcoin I don't think it will be able to make the country rich forever, because a rich country is supported by other supporting factors such as agriculture, trade,

[Codswallop]

Bitcoin need not be an all or nothing proposition for individuals, institutions or countries, including in El Salvador bitcoin has been adopted as one of the currency options.

Yes it's another payment method that is legalized by the state, but how convenient is it for the population, namely for small and possibly medium-sized businesses? After all, now for them, payment for goods and services must be offered without fail to the consumer, since this is provided for by law. In this sense, everything was done a little wrong, because they don't do it by choice, but in a sense it is a mandatory measure. The business gets paid in bitcoin but the price of bitcoin is falling and this can be a problem for small businesses, this is an increase in risks...

Sorry that you got the whole concept wrong about El-Savador @cryptmustser, Nayib Bukele government does not enforces, mandated or make a compulsory for every El-Savadoran to make use of bitcoin for their daily transactions, as far as i know the two currencies were acceptable which is the USD and Bitcoin, he considers every potential citizens that will rise through the impact of bitcoin in the economy, he also work in providing freedom that has hold alot of the people down to being limited to a certain level of standard in the country, the bitcoin adoption just didn't come in place like that, it has also brought in divers opportunity in which the main target still remains the people.

Much of it is known like that. But we'll come to know about the things in reality if they are truly working (although they are) when there are in-depth analyses and operations conducted to research the same.

[trendcoin]

I would really like that but they need to have a sustainable model. I have no doubt that they will make good profits with the Bitcoin they keep in their portfolio, but they need more to become the richest country in the world. However, if they use their earnings from Bitcoin in the right ways in the future, they can become one of the richest countries in the world. I think it is not impossible for them...

[arabspaceship123]

El Salvador isn't going to be the richest country in the world ever. OP didn't make a new reply. Where's OP?

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/

[Abiky]

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

And what's unique is that not only Australia is doing this, but there is also Spain which has installed 215 crypto ATM and made Spain the third largest crypto ATM center. This means that crypto ATM have now begun to spread in several developed countries and this indicates that developed countries are starting to accept crypto as a legal payment. And one more thing that is really interesting is Nigeria's efforts to enforce adoption of internal central bank digital currency (CBDC) - eNaira - forced the government to limit ATM cash withdrawals to $225 (100,000 naira) a week. _{Source: https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub}

It looks like mainstream governments are starting to notice Bitcoin's true benefits. Developed countries haven't declared Bitcoin as legal tender yet, but their actions are showing us they've already done so behind the scenes. The installation of Bitcoin ATMs worldwide will help spread adoption of crypto/Blockchain tech at a fast pace. If this keeps up, it won't be long before "hyperbitcoinization" becomes a reality. This should be a warning sign to Fiat's prominence in the mainstream world.

I'm glad El Salvador did the right thing by adopting BTC as an alternative to Fiat. It was the first country to recognize BTC as legal tender. It may not become the richest country in the world anytime soon, but at least it's heading into the right direction. Who knows what the future will look like? Just my thoughts

[laurenB7742]

Now Australia is starting to follow El Salvador's lead by placing 216 crypto ATM in its territory and this has made Australia overtake El Salvador to become the 4th largest crypto ATM center. El Salvador's position as the fourth largest crypto ATM center was short-lived as Australia upped its game over the following months.

And what's unique is that not only Australia is doing this, but there is also Spain which has installed 215 crypto ATM and made Spain the third largest crypto ATM center. This means that crypto ATM have now begun to spread in several developed countries and this indicates that developed countries are starting to accept crypto as a legal payment. And one more thing that is really interesting is Nigeria's efforts to enforce adoption of internal central bank digital currency (CBDC) - eNaira - forced the government to limit ATM cash withdrawals to $225 (100,000 naira) a week. _{Source: https://cointelegraph.com/news/australia-overtakes-el-salvador-to-become-4th-largest-crypto-atm-hub}

It looks like mainstream governments are starting to notice Bitcoin's true benefits. Developed countries haven't declared Bitcoin as legal tender yet, but their actions are showing us they've already done so behind the scenes. The installation of Bitcoin ATMs worldwide will help spread adoption of crypto/Blockchain tech at a fast pace. If this keeps up, it won't be long before "hyperbitcoinization" becomes a reality. This should be a warning sign to Fiat's prominence in the mainstream world.

I'm glad El Salvador did the right thing by adopting BTC as an alternative to Fiat. It was the first country to recognize BTC as legal tender. It may not become the richest country in the world anytime soon, but at least it's heading into the right direction. Who knows what the future will look like? Just my thoughts

I doubt it, governments don't realize the benefits of bitcoin, but they probably know that banning bitcoin won't do them any good and instead they accept it to tax us, it's such a huge source of revenue that they don't want to lose. But anyway, it's better they find a way to ban it forever.

El Salvador will never be the richest country in the world, bitcoin alone is not enough to help them do that, but I also support them to use bitcoin as an alternative to USD because they don't have their own currency. Hopefully, they will have more success with Bitcoin in the future.

[btc78]

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/

couple of months left before this thread close to 1 year but what is El Salvador now? does this sounds like something is best coming to  their way , maybe in the next couple of years more? but I'm afraid there will be big chance because the people from that country did not completely support the bitcoin adoption and seems to be having more on negative thoughts?