Two years ago today, El Salvador adopted Bitcoin as legal tender

[fuguebtc]

Central African Republic was the second country to make bitcoin a legal tender after El-Savador and we look forward to seeing more countries with bitcoin adoption as legal tender.

Take note that BTC is no longer a legal tender in Central African republic, their BTC plans failed and the decision of leger tender status was revoked, the country is one of the poorest in the world and they lack basic things like electricity and even internet connection, it was surely going to be difficult to use BTC in that country.

Is what you say true? I often hear news about El Salvador, but I don't know anything about news about the Central African Republic. This is sad because both were the first countries to adopt bitcoin as legal tender but had mixed results. Although, El Salvador does not have many outstanding achievements because we are going through a difficult bear season and the world economy is in crisis. But they are fine with their choice. Meanwhile, the Central African Republic has failed. What a pity for them.

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[Zanab247]

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps.

I don't think other countries leaders can follow his steps in this aspect because, they will be afraid if they leave the government office tomorrow what will happen to the BTC he or she helped the government to purchased, and it will be the reason many presidents will not hold BTC for long before they will release them for sale to get their capital back and use the income to establish their personal company. If the El Salvador president is waiting for the price of BTC to reach$100k before he can sell their BTC, it will make him not to benefit much from the investment because, it will take like 10 or 11 years before the price of BTC will cross above $100k based on the current price of BTC.

No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.

I love what the president is doing to improve the resources of the country, and many foreigners are coming into the country to established many companies because of the standard environment El Salvador president has created for investors to live and to achieve their goal in the country. Well, there are many leaders who can do what he is doing but to allow such people to become a president that is where the issue lie Because, wealthy politicians need to back you up with finance for your campaign and influence others people to support before you can become a president and you must pay back with huge amount of money they have spend on your campaign, which it will make some Presidents not to hold BTC long before they can sell.

[Plaguedeath]

Wow it's already two years, but to be honest it seems the El Salvadorian aren't interested to use Bitcoin as a currency. We always hear Nayib Bukele is keep buying Bitcoin and hold, he also not use Bitcoin as a currency. I'm not saying it's wrong or the Bitcoin acceptance as legal tender was a mistake, but this reality might be same to other countries. So as long as Bitcoin is accepted as a commodity or asset, it's already enough.

[Spaceman1000$]

Today makes it two years since El Salvador made bitcoin a legal tender in the country. Since the adoption of bitcoin in that country. The president of the country Nayib Bukele has accumulated about 2381BTC which he has spent $101 million for the purchase with an average purchase price of $43,357. The price is down by 40% which the BTC price now worths $61 million today.

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.


https://bitkan.com/learn/how-much-bitcoin-does-el-salvador-own-in-2023-the-risks-16511

The approach to which bitcoin is being adopted by the Government should be commended, I can say the President is a man with foresight. Government of some countries are busy putting restrictions here and there on bitcoin, but here is a man that is very optimistic about the future of his country and has decided to invest such huge amount on Bitcoin and is even ready to do more.
This singler act will encourage citizens education and adoption of bitcoin significantly in the country.

[Blitzboy]

The actions of President Nayib Bukele are laudable and audacious. Heavy bitcoin investment and tenacity despite market turbulence send a strong message. Its unclear if the danger justifies the benefit. The advantage is great, but such a plan has huge economic repercussions.

If more countries follow El Salvador, they must assess the merits and cons. More than profits, a nation's economy needs stability and long-term health. My opinion is that Bukele's ambitious strategy should be a case study rather than a model. His optimism may encourage more countries to examine crypto, albeit cautiously.

[moneystery]

he wasn't interested in selling it because from the start he invested using his country's money not his personal money, so the pressure on him wasn't too great. and he also believes that bitcoin is a potential asset and holding it in the long term can give him high profits in the future.

his reason for holding bitcoin was very correct because with the investment and implementation of bitcoin in his country it became a special attraction for el savador and that made his country a destination for bitcoin activists and various companies to invest in this country and that made el savador become special country and known globally.

[armanda90]

Appreciated with El Savador president brave for adopting Bitcoin as legal tender and today we are celebrating two years after bitcoin becoming legal currency transaction there. Actually many people disappointed when first time Bitcoin as legal tender transaction there, Bitcoin price around $43k and ever up to all time high price around $64k before going drop drastically under $16k.
For El Savador citizen, they are most happiness with Bitcoin become legal tender transaction due good progress with tourist coming there and they earn much profitable trough tourism sector. Its not problem have to face Bitcoin in lower price right now because Nayib Bukele success make interested with many tourist going there and increasing up years by years for giving positive impact with El Savador citizen.

[hatshepsut93]

El Salvador is not going to benefit from their Bitcoin holding until they sell their coins. So if during the next bull run they will at some point have two times higher value but fail to take the profit, it will all mean nothing. But if Bukele will do it, it will be a very bad look for him - it would look like he doesn't believe in Bitcoin.

Also, a far more interesting statistic is the number of Bitcoin payments per day in El Salvador, or amount held by individuals. Because that's what adoption is about.

[sokani]

Even as this is happening, the president is not compelled or pressured to sell them off, but still optimistic about the future of bitcoin and will likely love to add more to the bitcoin savings until a target 100,000 BTC by 2024 is met. Will this approach, confidence and doggedness by the president of El Salvador make other countries to follow his footsteps. No one has loved and gave much confidence in bitcoin as a government like him, and I admire and respect him for that a lot. We hope other countries leaders will follow and trail on his path.

I don't think Nayib Bukele is going to be able to meet his target of 100,000 BTC in 2024, judging by the 2381 BTC El Salvador currently have. Doing a little maths, El Salvador has 2.4% of the targeted amount of Bitcoin in their possession, I wonder how he's going to get the remaining 97.6% in 16 months. Even the volcano powered Bitcoin mining farm cannot make this happen within this time frame. I expect the president to maximize the bull season and sell some of the nation's stash and reinvest during the bear season.

[adaseb]

His mistake was similar to Saylors. He should of bought earlier or bought more earlier instead of later. After musk announced his purchase that is when both of them have been buying bitcoin aggressively. And they bought way too much above the $50K range. And it ended up giving them a horrible average.

Saylors average is maybe $30K or $31k or so and he is barely above it and the presidents is even worse. Both should of bought more when Ftx collapsed and prices were less than $20K but both didn’t do much buys in that area, they instead bought a lot in the $40-60K range. Can’t blame them I guess.

[tbct_mt2]

I don't think Nayib Bukele is going to be able to meet his target of 100,000 BTC in 2024, judging by the 2381 BTC El Salvador currently have. Doing a little maths, El Salvador has 2.4% of the targeted amount of Bitcoin in their possession, I wonder how he's going to get the remaining 97.6% in 16 months. Even the volcano powered Bitcoin mining farm cannot make this happen within this time frame. I expect the president to maximize the bull season and sell some of the nation's stash and reinvest during the bear season.

His mistake was similar to Saylors. He should of bought earlier or bought more earlier instead of later. After musk announced his purchase that is when both of them have been buying bitcoin aggressively. And they bought way too much above the $50K range. And it ended up giving them a horrible average.

Saylors average is maybe $30K or $31k or so and he is barely above it and the presidents is even worse. Both should of bought more when Ftx collapsed and prices were less than $20K but both didn’t do much buys in that area, they instead bought a lot in the $40-60K range. Can’t blame them I guess.

Both Michael Saylor and Nayib Bukele did learned precious lessons from this bull and bear market. They would be smarter in 2024 and 2025 bull run as well as two or three bear years after that. Michael Saylor and MicroStrategy are Bitcoin whales and if we ignore capital source of Nayib Bukele is from his national treasury, we can consider him as a Bitcoin whale too.

They started as newbie whales but like us, they can improve their investment and DCA strategy in a next market cycle. Fortunately for both MicroStrategy, Saylor and El Salvador, Bukele that they almost survived through hardest time of this bear market. They can counting down last months before enjoying 2024 and 2025 bull run.

Meanwhile, they must be careful in next months which are last ones of this bear market, to avoid liquidations.

[cafter]

president bukele's approach to bitcoin is very different, we don't know if other countries will do it too. it is a tough choice with many factors to think about.
but one thing we're sure of is that cryptocurrencies, like bitcoin, are here to stay. they are getting more important in how the world does business, and they are going to keep growing and changing in the future.

[pooya87]

His mistake was similar to Saylors. He should of bought earlier or bought more earlier instead of later.

Both Michael Saylor and Nayib Bukele did learned precious lessons from this bull and bear market.

Claiming what they did was a mistake and they learned a lesson is claiming that one could have predicted the market and this very new trend that has never happened in bitcoin history when after the bull run starts and goes to a new ATH ($60k+) it comes back down to reach the previous bull run's ATH ($20k). Literally nobody could have foreseen this, nor the global recession starting in 2022.

[Aanuoluwatofunmi]

Congratulations to El-Savador but we don't want it to appear that only them together with Central African Republic will be the countries that adopted bitcoin as a legal tender, we are expecting more adoption from as many as possible to turn up to this digital currency era and change the entire approach on how they see and make use of fiat currency, El-Savador had alot to write on since their bitcoin adoption till now and the progress are still counting.

[taufik123]

Congratulations to El-Savador but we don't want it to appear that only them together with Central African Republic will be the countries that adopted bitcoin as a legal tender, we are expecting more adoption from as many as possible to turn up to this digital currency era and change the entire approach on how they see and make use of fiat currency, El-Savador had alot to write on since their bitcoin adoption till now and the progress are still counting.

El Salvador is a pioneer in Bitcoin adoption that actually uses Bitcoin as legal tender.
But at the beginning of the adoption there were pros and cons of using Bitcoin as payment and that seems to be normal because the people are not familiar with Bitcoin.

El Salvador is not only doing adoption, but they are a country that does Bitcoin mining by utilizing natural power Volcanic mountain activity, so it does not use energy used for community needs.

In addition, El Salvador also created a Bitcoin island that was completely built with the Bitcoin ecosystem and now El Salvador is implementing a Bitcoin curriculum in their education system and this is their new program to spread knowledge about bitcoin.

[romero121]

Countries are very eager to adopt bitcoin, but no government have got the ability to do it legally. What El Salvador President Nayib Bukele did is really great thing and the same is being watched by people around the world as well as the governments functioning around the world. Amidst lot of opposition from the people as well as financial organization President Nayib Bukele executed it. Even now there is opposition, but through different schemes people were well taught about the goodness and the need of bitcoin. Hope the success will happen at the earliest and more countries will follow it.

[Out of mind]

Two years ago today in El Salvador, Bitcoin was officially adopted by the country's government. But then the people of the country were against it all, went against the government to officially legalize Bitcoin. But when Bitcoin became legal in El Salvador, people thought there would be more corruption and more murders. El Salvador has always had people involved in criminal activities, from juvenile gangs to criminal activities. But since legalizing Bitcoin, El Salvador's government has clamped down on them and completely revamped the country. After Bitcoin was officially legalized, their country has gradually improved, and now they have advanced economically. There everything is possible with Bitcoin and everything is accepted as payment through Bitcoin and the country has progressed so much that the education rate is highest.

[Tony116]

Two years ago today in El Salvador, Bitcoin was officially adopted by the country's government. But then the people of the country were against it all, went against the government to officially legalize Bitcoin. But when Bitcoin became legal in El Salvador, people thought there would be more corruption and more murders. El Salvador has always had people involved in criminal activities, from juvenile gangs to criminal activities. But since legalizing Bitcoin, El Salvador's government has clamped down on them and completely revamped the country. After Bitcoin was officially legalized, their country has gradually improved, and now they have advanced economically. There everything is possible with Bitcoin and everything is accepted as payment through Bitcoin and the country has progressed so much that the education rate is highest.

As a bitcoin investor, I support El Salvador's adoption of bitcoin as legal tender, but I do not see the adoption of bitcoin as controlling criminal activities and reforming the national economy. Bitcoin is just currency, an investment just like President Nayib Bukele is investing in bitcoin. How can it reduce criminal activities?

What I see is that they benefit from the tourism industry since accepting bitcoin, which is more curious and attracts more tourists. Also, they are still educating people about bitcoin, which is what I know is happening in El Salvador.

[Litzki1990]

Two years ago today, Nayib Bukele first accepted Bitcoin as legal tender in his country. Yes you guessed right I am talking about El Salvador. We welcome him for such a great initiative. For him the matter was not at all that easy, in a country usually there are several other parties including the opposition party who always speak against the ruling party. Nayib Bukele was no exception, the opposition party was against the government party as well as the media of his country was against him, but despite all this, he only remained steadfast in his decision and he accepted Bitcoin as a legal document in his country. Initially people spread a lot of negative information about it but later when everyone realized that Nayib Bukele's decision was the right one, those who opposed him again applauded him. El Salvador marks two years since the country successfully adopted Bitcoin as legal tender.

[armanda90]

Two years ago after El Savador accepting Bitcoin still not any countries following what did by El Savador legalize bitcoin as payment tender, actually as investor in Bitcoin so excited with El Savador make Bitcoin become legal tender transaction and there more popular using bitcoin as payment transaction not only by citizen but also all tourist interested for visiting El Savador to fell sensation when transaction using Bitcoin. First time make Bitcoin as legal payment transaction many against from their citizen and El Savador are giving with 30$ worth for their people installed and using bitcoin wallet application.

Slowly in my country Indonesia, have follow with El Savador to make bitcoin close forward with legal payment currency but until right now adopting only for investment and government have adopted with tax for all transaction with Bitcoin.