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

[MarjorieZimmermanGinger]

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.

El Salvador generally accepts payments using Bitcoin, considering that Nayib Bukele has supported Bitcoin as a legal means of payment, El Salvador has designed a payment system using Bitcoin, by providing several accesses such as ATM equipment and other needs for a faster process of receiving payments using bitcoins. Under Article 7 of the new Bitcoin Law in the country of El Salvador, every company and economic agent must provide payment access to products and services that use Bitcoin, although there are exceptions for persons who do not have temporary access.

So far the adoption of bitcoin in El Salvador is still going quite well, although everyone has not been cooperative in accepting the framework offered by bitcoin, the provision of resources and support in various aspects will make it easier for bitcoin to run quickly and comprehensively for El Salvador.

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[S A KHAIR]

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/

That's for sure, bitcoin is not what makes a certain country the richest in the world, El Salvador will never be the richest in the world. Even if bitcoins cost $100k and they own 1 million bitcoins, they won't be the richest country, let alone the number of bitcoins they hold. Looking at the total capitalization of bitcoin is less than 400 billion, many times smaller than the total capitalization of a company in the US like apple.

[nara1892]

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?

Right now they're not doing too well with bitcoin right now but I agree with what you said because regardless of what they need right now is to wait for the bullrun and bitcoin to improve. on the other hand Elsavador also uses bitcoin only as an option in payment so indeed I think even if they use a lot of money to buy bitcoin but as long as their conditions are not disturbed I think it's okay.

But on the other hand, back to the OP topic, even though bitcoin has become legal in El Salvador, they are still not the richest in the world, whatever the circumstances.

[Doan9269]

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?

If i may but ask a single question then it's will be like this, has there been any change or improvement from countries yet to adopt bitcoin over 50 years, aren't they the same till now, nothing has changed about their economy yet we have El-Savador which has begin a kind of Satoshi's mindset by giving a new approach to how it can encounter this change, this is just barely a year plus and we expect to see the results like that of a sudden ponzi scheme right? With that El-Savador is rocking well with it adoption and lives and economics are changing for good gradually.

[serjent05]

If i may but ask a single question then it's will be like this, has there been any change or improvement from countries yet to adopt bitcoin over 50 years,

  Bitcoin is only 14 years old why ask an impossible question? 

aren't they the same till now, nothing has changed about their economy yet we have El-Savador which has begin a kind of Satoshi's mindset by giving a new approach to how it can encounter this change, this is just barely a year plus and we expect to see the results like that of a sudden ponzi scheme right? With that El-Savador is rocking well with it adoption and lives and economics are changing for good gradually.

which is the Ponzi scheme?  Can you clarify?  As far as I know, it will take years for the economy to develop.  Not because today they implemented Bitcoin adoption, next year the country will be rich.  It is a process, not magic.  So we have to wait longer to evaluate how Bitcoin changes a country's economy.  We have seen how Bitcoin alleviate the kind of living of an individual, I bet in due time we will se how a country progresses because they use Bitcoin.

[n0ne]

An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

[nullama]

An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

I think a lot of people have heard about El Salvador because of Bitcoin, and many people are visiting and spending money there because of it.

That in itself is a huge win for El Salvador.

Even the second country that made it legal tender, Central African Republic, is not as famous as El Salvador.

[Doan9269]

An abrupt growth in the economy can't be experienced in another eight years time. The adoption have helped the country grow it's economy on certain industry. In particular after the adoption of bitcoin, the tourism industry have experienced a 30% rise in revenue. Same as this one by one there'll be growth. For this it takes years and to be the richest country is to stand against the first world countries.

The progress needs to take place in a gradual way. El Salvador will stand high as the bitcoin rich country within the next eight years.

I think a lot of people have heard about El Salvador because of Bitcoin, and many people are visiting and spending money there because of it.

That in itself is a huge win for El Salvador.

Even the second country that made it legal tender, Central African Republic, is not as famous as El Salvador.

You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

[nullama]

~snip~
You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

Yes, El Salvador was once known as the murder capital of the world, but over the last few years it has consistently dropped those numbers.

It is now safer in El Salvador than in some areas in the US, like Baltimore

The Examiner article listed Baltimore's murder rate at 56 per 100,000 residents compared to El Salvador's 50, Guatemala's 22 and Honduras' 38.

And that's an old statistic, El Salvador has been getting even better than that lately.

[arabspaceship123]

OP didn't read replies he isn't interested.

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/

That's for sure, bitcoin is not what makes a certain country the richest in the world, El Salvador will never be the richest in the world. Even if bitcoins cost $100k and they own 1 million bitcoins, they won't be the richest country, let alone the number of bitcoins they hold. Looking at the total capitalization of bitcoin is less than 400 billion, many times smaller than the total capitalization of a company in the US like apple.

[Bobrox]

You are all very right regarding El-Savador, bitcoin adoption has given it an upper edge to be well recognized among the top most trending countries people will always love to hear about it headlines, not only that, the adoption has placed El-Savador on a bitcoin tourist reservation making world recognition in setting it record along with bitcoin, it's no doubt to e one of the talk of the town everywhere, also the crime rate in the country has dropped drastically because lives had been made better with an imoroved economy in the country through bitcoin adoption.

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

El Savador have reached their goal target when adapting Bitcoin as legal currency transaction, they get passive income due many tourism coming to their country increase up every year, we know how advantage and easy for travelling when Bitcoin have been legal payment and El Savador adopted on many transaction kinds.

[Inwestour]

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

El Savador have reached their goal target when adapting Bitcoin as legal currency transaction, they get passive income due many tourism coming to their country increase up every year, we know how advantage and easy for travelling when Bitcoin have been legal payment and El Savador adopted on many transaction kinds.

Probably when El Salvador legalized bitcoin, the government did not think about the impact of this step on the growth of tourism, this was its side effect.
And whether El Salvador can become the richest country thanks to bitcoin, I doubt it. Only one bitcoin will not be enough for this, unless it reaches unrealistic heights, which I also have doubts about. El Salvador will receive a profit from investing in bitcoin, but it will also depend on when Bukele wants to sell it, because he can sell too early, or delay and not get the expected result.

[Erumo]

Beside Bitcoin price dropping after one year more adopted and legalized by El Savador but they have advantage and beneficial due Bitcoin become destination by tourism because they can use Bitcoin for all transaction there. The amount of tourism have been increase up there after El Savador announced for legalizing with Bitcoin transaction.

Oh really? Never heard that El Salvador is the most desired place to visit in Central America. I thought that Belize and Costa Rica are the most demanded places to visit. How come number of tourists have increased since Bitcoin legalization, if that has happened during covid times? Everything points on that the amount should have decreased. And I will never believe that Bitcoin legalization is the trigger to increase number of tourists.