is it possible to invest in bitcoin to build a country whose economy is down?

[bayu7adi]

Never did I imagine that things would run smoothly when it comes to matters involving governance and civilian affairs. My knowledge about a country's economy is rather limited, hence I can infer that rectifying the downward trend of a nation's economy is indeed challenging. Even resorting to Bitcoin does not seem to be an appropriate solution.

Implementing an asset with such high volatility into a country's official system is a decision fraught with risks. No one can predict the future, and in my opinion, that is not a wise choice. Bitcoin's purpose is not to serve as a grand investment for a poor nation seeking to escape poverty's clutches.

[Ahli38]

Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.

is their any big happening in the country? do their economy grows and increases while adoption is happening?

if does then good , but I believe it is a NO? so you already knew what is the answer here?

I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻). I think the country has benefited pretty well after adopting Bitcoin.

[MarjorieZimmermanGinger]

Of course, we certainly know that not all countries in the world are progressing, especially in the economic field.

I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.

For now it seems that talking about something big on bitcoin involvement will be much more difficult, let alone related to countries and also not all countries see specifically about bitcoin which can trigger broad economic growth. So what we can do may only be limited to individuals involved in investments to reach the stage of economic independence. Adoption and investment have slightly different meanings and even if adoption is going well, investment can be made easily because there are no restrictions regarding regulations in certain countries.

Although someone can invest anonymously in bitcoin, but as you try to describe this in general terms and relate countries then adoption can be tied to the degree to which the government itself treats bitcoin. Bitcoin in my country is legal as an asset and should not be used as legal tender, so leverage and economic ties can be up to 35% for each individual and maybe the percentage can increase and there is always no fixed level of accuracy when asked where it came from and where did it come the source.

[Aanuoluwatofunmi]

Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.

is their any big happening in the country? do their economy grows and increases while adoption is happening?

if does then good , but I believe it is a NO? so you already knew what is the answer here?

I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻). I think the country has benefited pretty well after adopting Bitcoin.

Aside this you've mentioned, any country can make use of the opportunity in a decentralized network to build their own independent economy and finds a means to survive the corrupt economy challenges and its inflation, if bitcoin has the potential to make one rich, then if a country should adopt bitcoin can change their history for good just as in case of El-Savador which was made as an example, when you're tired of having same result over time, then try to adopt in new approach for a new change in opportunity which was same thing El-Savador did by adopting bitcoin as a legal tender, more good news are still coming about El-Savador's not until after the next Halving they will begin to reveal to the world, we are looking to see more countries adopting bitcoin for that changes they deserve.

[Woodie]

Very much possible!!!

But the problem that comes in the picture with the use of public funds is accountability,  and the fact that money is moved into investing into bitcoin which takes time for these portfolios to mature...means politicians making promises they can not keep as profits can only be taken out after a bull run or something and usually this has no eta and the public will demand to know where their money is!
To be honest,  such investments are better left to individuals than done on a large scale as a countries investment  though we have seen it with El Salvador..

is it possible to invest in bitcoin to build a country whose economy is down?

But then again,  when a country has a struggling economy,  doesn't that mean resources are scarce and 70% unlikely  to invest in things without an immediate return which makes me believe this will never be agreed upon 🤔

[maydna]

it is possible, actually it is not only bitcoin. youtube, tiktok and etc was proof that people can earn money from internet which will also improve country economy. there is no limitation of money velocity in bitcoin, google adsense, tiktok gifts and etc. money from all around the world can come to us, what we only need is internet connection. although a country don't have enough natural resource but as long as they have money they can buy that from other country.

Surely it will improve the economy of each person trying to get money from the Internet. Many people have tried to make money from the Internet, but most have tried it in the usual ways other people have used, so they have to look for different ways. If every citizen's economy can increase by providing jobs or their citizens can find a new income resource, the government can increase the country's economy because people's purchasing power will definitely increase and eventually, the wheels of the economy will run as well. And it will speed up the recovery of the country's economy so that the country can develop better. And if the citizens can invest in bitcoin while the economy is down, they can make a good profit in the future, and that means their citizens can also increase their economy because they will have money at that time.

[Emmanuelex]

No, investing in Bitcoin alone is not enough to help build an economy that is falling. If a country wants to build its economy, first thing they need is to vote in leaders who are capable of handling their economy, and not the types that will launder their money and lead the country to bankruptcy and more failure.

Next thing is tapping into any resources they have; they need to make sure that their resources are utilised properly in building the economy. And they should also focus more on exports than imports. A lot goes into building am economy.

Investing in Bitcoin is not a bad idea, but it would have little to do in building an economy of a country that is failing, plus Bitcoin is risky, and they may be losing money instead of profit.

[Ariaryanto]

So in that way I think the people's economy will be helped, so in this way a country's economy can also be helped because the community invests in bitcoin.

what is my understanding like that, I ask for your opinion from all of you?

Bitcoin is for everyone freedom but it was not created to help governments fixing their loopholes in their central bank systems and their economies.

If they want, they can join and use their national treasuries to stack Bitcoin but if their economies are weak and vulnerable to global financial crashes and shocks, Bitcoin can not help.

Community are biggest power but if governments support Bitcoin, accept it as one of payment methods or better make it legal tender, it will be beneficial for their communities and citizens but again it won't help to avoid their economic crash from central banks.

In my opinion, bitcoin may not necessarily be able to help the economy of a country as the creator of the topic above said, because we don't know how bitcoin will go in the future and whether it will rise again for 800 million and above whether it is likely to drop drastically for 10 million and below. and in my opinion, to help a family's economy, maybe you can learn and do crypto business.

[KiaKia]

No, investing in Bitcoin alone is not enough to help build an economy that is falling. If a country wants to build its economy, first thing they need is to vote in leaders who are capable of handling their economy, and not the types that will launder their money and lead the country to bankruptcy and more failure.

Next thing is tapping into any resources they have; they need to make sure that their resources are utilised properly in building the economy. And they should also focus more on exports than imports. A lot goes into building am economy.

Investing in Bitcoin is not a bad idea, but it would have little to do in building an economy of a country that is failing, plus Bitcoin is risky, and they may be losing money instead of profit.

It depends on the country, politicians are like buying stuff from the dark web, you don't know what you will get until you get the package, even the most responsible will disappoint you, so it depends on the country, if democracy reigns truly then people have the power to vote in and out any leaders they like or don't like anymore but in most countries there is nothing that the people can do.

It's not easy to be a president of a country and if you start seeing many candidates doing all they can to get to that position them it's not about serving the country only, there is more to the agenda, been a leader is tasking and something that I will run away from, but today people are going extra miles to become the next president, if it isn't about money and power what else could it be?

[Best-mary]

First of all, you need to remember why Bitcoin came into existence. Its primary purpose was to serve as a decentralized digital currency, providing an alternative to traditional centralized financial systems to ensure security and transparency.

[lousie9]

No, investing in Bitcoin alone is not enough to help build an economy that is falling. If a country wants to build its economy, first thing they need is to vote in leaders who are capable of handling their economy, and not the types that will launder their money and lead the country to bankruptcy and more failure.

I also think that investing in Bitcoin is too risky and will not be enough to help the economy of a country that is down or in chaos. if investing in Bitcoin could easily solve a country's economic problems then all countries would have done it.
Unfortunately, in terms of the economy of a country, the problem is quite complicated and really complex it's not as easy as what the OP said to overcome and improve economic problems with a large scale such as a country.

I agree with your answer, what must be done is to re-elect leaders who are more assertive and have concrete solutions to solve problems one by one and improve the country's economy.
But unfortunately most of the failure factors are mostly carried out by people under the country's leaders who have positions in the government who cannot carry out their duties properly and correctly.

[tjtonmoy]

~snip

I think the point you are trying to make is that everyone should accept Bitcoin and with that, it will help the economy. Because everyone in the society contributes to the economy. But this is where the problem begins. Not everyone understands Bitcoin. And you can't push Bitcoin through everyone's throat. It is an independent choice. If one chooses to get involved with Bitcoin, they are free to do so. But if someone does not even understand the concept and how to use it, how can you teach them?

There are people who don't know how to use a smartphone. You can't just go to them and force them to use Bitcoin. The wrong way of using it by force will lead to mistakes and instead of helping the economy, it will do the opposite. Also, investing and making profits is not for everyone. Some hand-picked people who know about technology will be able to understand it. So I don't think it can help the way you described it.

[serjent05]

I want to ask everyone, can adopting bitcoin help a country's economy?

Adopting Bitcoin opens lots of potential possible job demand.  When a country opens its door to new technology, many companies will take advantage of this opportunity creating more jobs for the citizen.   With new emerging companies and new jobs being hired, the country will earn taxes from these thus there will be fundings to create new Infrastructure that also creates other job opportunities.

As a country embrace innovations and technology, it is a possible thing that foreign company can put investment in that country's development.

[mendace]

~snip

I think the point you are trying to make is that everyone should accept Bitcoin and with that, it will help the economy. Because everyone in the society contributes to the economy. But this is where the problem begins. Not everyone understands Bitcoin. And you can't push Bitcoin through everyone's throat. It is an independent choice. If one chooses to get involved with Bitcoin, they are free to do so. But if someone does not even understand the concept and how to use it, how can you teach them?

There are people who don't know how to use a smartphone. You can't just go to them and force them to use Bitcoin. The wrong way of using it by force will lead to mistakes and instead of helping the economy, it will do the opposite. Also, investing and making profits is not for everyone. Some hand-picked people who know about technology will be able to understand it. So I don't think it can help the way you described it.

I partially agree, it is true that too much pressure to use does not lead to good publicity but it is also true that there are many ways to educate people.  For example, here in Italy all traders are obliged to accept electronic payments via pos but we must also take into account traders who are of an advanced age and not very familiar with technology yet the state has not done any course of use it has simply imposed it and the merchant is required to implement the payment.

[Bazzu]

Never did I imagine that things would run smoothly when it comes to matters involving governance and civilian affairs. My knowledge about a country's economy is rather limited, hence I can infer that rectifying the downward trend of a nation's economy is indeed challenging. Even resorting to Bitcoin does not seem to be an appropriate solution.

Implementing an asset with such high volatility into a country's official system is a decision fraught with risks. No one can predict the future, and in my opinion, that is not a wise choice. Bitcoin's purpose is not to serve as a grand investment for a poor nation seeking to escape poverty's clutches.

building a country is not an easy thing because what has to be fixed, of course, has to be from all directions, and of course investing in btc in my opinion is also very risky.

Indeed, I also understand what the op means, but in my opinion, to build a country so that it becomes a developed country, it is not enough to invest in BTC, that is, it must be added to the others, for example in that country the government must create large companies so that there is no unemployment in that country. etc.

[Kakmakr]

The problem is this :

Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.

So, the citizens of those countries should protect their wealth from their own governments actions and failures, by buying some bitcoins with a more stable value. (Hyper inflation kills most struggling Fiat currencies) 

[Luzin]

The problem is this :

Those governments control and manipulate their local economy and their local currency. They will not want to legalize Bitcoin as legal tender, because it is a threat to their control.

Let's take a look at El Salvador. If they succeed in the end, perhaps some countries will try to emulate and emulate their steps.  Digital money is a new breakthrough, it takes a process to become a transaction tool recognized by many countries. At this time, if the world does not forbid, it is already very pleasant. This decentralization issue is as opposed to governments and governments trying to make a counterpoint to CBDC and many countries of the world have done careful planning.

[Synchronice]

Of course, we certainly know that not all countries in the world are progressing, especially in the economic field.

I want to ask everyone, can adopting bitcoin help a country's economy? especially countries that are experiencing bankruptcy, for example, as experienced by our brothers in the country of Sri Lanka.

The problem of Sri Lanka and poor countries is not a fiat or payment method, the problem is that these poor countries are usually highly corrupted, there is no freedom of business and there is a monopoly on many things, there is a lack of educated people in country and another bigger problem is that one may find job via nepotism instead of education and skills.

Education is really important. If you have a lot of money but don't know how to use it, then it's just an invaluable paper. Bitcoin is not a magic thing that automatically grows. Look at it like a pool where each bitcoin proportionally represents the money that's in the pool. The more money we put, the higher the value but when we take out money, then value decreases.
I don't think that current pressure on Bitcoin payment adoption in El-Salvador is the best idea, nor is it performing well because people should have access to computer and internet and know how to use them in order to move on bitcoin payments.

[Nrcewker]

It can definitely help to increase the economy of the country. If Bitcoins are adapted, then definitely there will be lot many transactions of the coin. Also the government can buy the coins and hold it in order to make profits from it in the later period of time. But the sad part is that, due to the decentralised nature of the coin, the government doesn’t show interest in adapting it. They cannot control the coins and economy attached with this.

[Ahli38]

Why does people nowadays keep asking this same question , when we can just look at what happened in EL Salvador after their action in which the very first country to adopt bitcoin as legal tender.

is their any big happening in the country? do their economy grows and increases while adoption is happening?

if does then good , but I believe it is a NO? so you already knew what is the answer here?

I don't know whether you follow the economic development of El Salvador or not. But based on what I found the country of El Salvador did have some economic improvements in terms of state revenue in tourism after they officially adopted bitcoin as legal tender. But I don't want to explain it further. because there is already a thread that is always the place to update the latest information regarding the development of bitcoin adoption in El Salvador. namely this one topic. (El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻). I think the country has benefited pretty well after adopting Bitcoin.

Aside this you've mentioned, any country can make use of the opportunity in a decentralized network to build their own independent economy and finds a means to survive the corrupt economy challenges and its inflation, if bitcoin has the potential to make one rich, then if a country should adopt bitcoin can change their history for good just as in case of El-Savador which was made as an example, when you're tired of having same result over time, then try to adopt in new approach for a new change in opportunity which was same thing El-Savador did by adopting bitcoin as a legal tender, more good news are still coming about El-Savador's not until after the next Halving they will begin to reveal to the world, we are looking to see more countries adopting bitcoin for that changes they deserve.

I also hope that more and more countries will adopt bitcoin to be used as a legal payment option in more countries. Bitcoin is not a substitute for money but another alternative that can be chosen by people who want a decentralized system. I still think that Between fiat and Bitcoin can coexist well. But the current administration may prefer to create their own state digital fiat called a CBDC. But everything remains the same, namely the system is centralized and not decentralized. So we can only respond mediocre because CBDC and physical Fiat are no different. Even without a CBDC, the banking system can send money digitally. So absolutely nothing has changed.

Currently in several countries, although they have not yet adopted bitcoin as a legal tender. But governments in some countries allow some companies to accept bitcoin as legal tender specifically for that company. Whether it's a hotel company or something else. So, indirectly, many countries are actually interested in bitcoin, it's just that they haven't dared to take big steps like those taken by El Salvador and the Central African Republic.