Bukele: Bitcoin Hasn’t Had the Widespread Adoption We Hoped For

[Stompix]

When the velocity of circulation of money increases, its value decreases.

The velocity of money has nothing to do with its' value, the only thing it does is make the economy move faster and increase the GDP, if you refer to inflation it would only happen with an increase in spending over diminished supply, but in this case, it's not about inserting money into the economy is about replacing one legal tender with another, speed of settlement and of transfer of value would not affect anything.

I think Bitcoin should be a store of value rather than a medium of exchange to meet daily needs.

If everyone would be holding and nobody would be using it you could guess the value of it, starts and ends with the same number!

[Captain Corporate]

Its going to be something hard for a nation to wait that 4 year cycle so I understand if he is dissapointed with the price because he started around last bull run so for a while he has been waiting for the price to change and get  back on profit which is why its normal for him to be upset about the price. But if he is talking juat about the adoption as in amount of people using it then arent they a legal tender nation? Shouldnt it be like everyone using it? That has to be something automatic and the fact that he isnt happy with it is a little complicated looking for me

[Faisal2202]

How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin  as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.

Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?

If I were a Salvadoran and I was not forced by the government or not given the chance by the government to use Fiat but only BTC, then only I would be adopting BTC for day-to-day expenses otherwise, I would just (if I had savings) hold them in the form of BTC for making profits.

Secondly, I don't think BTC will become the primary currency of any country like Salavadors are still given the option to use fiat as a primary currency, but they will use fiat for day-to-day expenses and also prefer to get payment in that form because if they are getting 100$ a month or a week in the form of BTC, they might not get the full $100, as if the market time they bought BTC to pay their employee was higher, then the time when employees will receive them, the amount will obviously be lower than $100. Just like we experience when we get signature payments.

I will prefer BTC as my payment and for day-to-day uses if and only if I have another source of income in the form of stable currency.

[NotATether]

I think his comments about "not having the widespread adoption we hoped for" are quite premature. At least wait until the end of the year to say that, instead of what I like to call bear September - when bitcoin and crypto-currency in general always seem to be down.

Its going to be something hard for a nation to wait that 4 year cycle so I understand if he is dissapointed with the price because he started around last bull run so for a while he has been waiting for the price to change and get  back on profit which is why its normal for him to be upset about the price. But if he is talking juat about the adoption as in amount of people using it then arent they a legal tender nation? Shouldnt it be like everyone using it? That has to be something automatic and the fact that he isnt happy with it is a little complicated looking for me

"It is the year 2034. Bitcoin is worth 2.5 million dollars with a market cap of over 50 trillion dollars. 10% of the global population is using at least one cryptocurrency. And among them, El Salvador had used its bitcoin reserves of over 10 years ago to make itself a developed country." 

[Stompix]

"It is the year 2034. Bitcoin is worth 2.5 million dollars with a market cap of over 50 trillion dollars. 10% of the global population is using at least one cryptocurrency. And among them, El Salvador had used its bitcoin reserves of over 10 years ago to make itself a developed country." 

At 6000 BTC and 2.5 million dollars per coin Salvador will have exactly $2300 per capita, good luck with that!
Meanwhile they just took a new loan and offered a new bond sale for 900 million at 12% yield over 12 years, so they will need a lot of Bitcoin and a lot of growth in the price just to pay the absurd interest!

That has to be something automatic and the fact that he isnt happy with it is a little complicated looking for me

People forget one thing in all this, how much has Salvador spent on all this?
The wallet, the ATMS, all the money on the airdrop, tons of people paid, campaigns, publicity...
All the data from the Chivo is secretized by state, wonder how much they tossed in there they need to hide it!

[SamReomo]

"It is the year 2034. Bitcoin is worth 2.5 million dollars with a market cap of over 50 trillion dollars.

There's chance of that happening in real but there's also a chance that in next 10 years Bitcoin might not be able to even cross $1M barrier. I believe we must see Bitcoin crossing $1M first then we may make predictions that are over $1M.

I know that it's possible to see Bitcoin at $1M, $5M, or even $10M and even higher than that but who knows when that may happen in real. Those are only prediction in current times and who knows how world develops in next 10 years.

[Ujok]

if bitcoin becomes a currency for payment of food or a cup of coffee it is also very good but how much loss if bitcoin as a currency of payment like because the price of bitcoin is very high even the price is not fixed even increased. in the past bitcoin was widely used as payment for pizza because in the past the price of bitcoin was very low unlike now, therefore bitcoin holders must have a lot of consideration to make bitcoin as payment, because they think bitcoin is a bright future.

[LogitechMouse]

if bitcoin becomes a currency for payment of food or a cup of coffee it is also very good but how much loss if bitcoin as a currency of payment like because the price of bitcoin is very high even the price is not fixed even increased. in the past bitcoin was widely used as payment for pizza because in the past the price of bitcoin was very low unlike now, therefore bitcoin holders must have a lot of consideration to make bitcoin as payment, because they think bitcoin is a bright future.

That's the reason many people sees Bitcoin more as an asset rather than a currency. The volatile nature of it makes the investors hesitant to use it for day-to-day transaction because they will think "What if I use Bitcoin to buy these things and a few weeks from now, the price goes up?" That would be a supposed profit for them if they just choose to hold it instead of using it. This is the reason why nothing, or only few people are using Bitcoin as a payment. It's the mindset, and how we see Bitcoin.

It has been used in the past to buy pizza (infamous Lazlo Hanyecz), but I don't think that there's anybody out there that used Bitcoin again to buy pizza, and if there is, it's only a small transaction. What does Bukele mean when he said "widespread adption"? Is he expecting that all of his countrymen will be using Bitcoin on their day-to-day transactions? :X

[Lucius]

~snip~
It has been used in the past to buy pizza (infamous Lazlo Hanyecz), but I don't think that there's anybody out there that used Bitcoin again to buy pizza, and if there is, it's only a small transaction. What does Bukele mean when he said "widespread adption"? Is he expecting that all of his countrymen will be using Bitcoin on their day-to-day transactions? :X

You think no one has ever paid for a pizza with BTC? I'm surprised that you've never heard of how the day when the most expensive pizzas in the world were bought is celebrated, and that there are many restaurants that allow you to pay directly with BTC.

Maybe you should look at the following link -> Celebrate Bitcoin Pizza Day by Ordering Pizza with Bitcoin

[Captain Corporate]

He is still growing it though, I just saw that he is working on some solar panel deal with Elon Musk to be built in el salvador, so that the could end up using it for mining crypto. That is a big impşrovement for a government to consider something like that, plus starlink thing that Elon has for internet as well but that's irrelevant. Just because he said this, do not think that he is not considering it a great thing, he still likes bitcoin as much as the next guy and he hopes that it grows even further. This isn't a thing that he said that links him to giving up, he is not giving up, he hopes for even more and that's why he said this.

[philipma1957]

El Salvador’s pro-crypto president Nayib Bukele said that despite Bitcoin’s strong presence in the Central American nation’s economic growth, adoption hasn’t met the expectations.

Bukele, latest to feature on TIME magazine cover, noted that the country’s Bitcoin strategy is generally “net positive.” However, Bitcoin adoption rate has fallen short.

He said that the digital asset has played a major role in the lives of many Salvadorans in day-to-day payments. The country has never forced anyone to adopt it, rather, offered it as an option, the president noted.

“It hasn’t had the adoption we expected,” he added. “I expected more adoption, definitely, but we always prided ourselves on being a free country, free in every way.” Bukele also advocated people to use Bitcoin now, as they “will probably have gains in the future.”

The link of this news is here!


How should we take the reality of the things happening in El Salvador as far as its adoption of Bitcoin  as a national currency? As for me, this is telling us that Bitcoin may be harder to be adopted as a currency just like the usual fiat money we know and it is principally because of its volatility.

Can we then say that Bitcoin is good for holding and not for the usual payments like buying groceries or buying a cup of coffee all because we may feel we are letting go of an opportunity that in the next day the value of Bitcoin would go up?

BTC is a terrible medium for currency its value goes up and up and up.

Doge is the best designed coin for p2p

the predictable eternally reducing inflation rate. Solves run away pricing on Doge.

the endless 10,000 coin reward solves the miners profitability issue.

10x the blocks makes the basic doge blockchain 10x able to do transactions.

 

[Freemind]

If what Bukele expected is that in a few months everyone would use Bitcoin as a means of payment in all aspects of life, he was very wrong, and that warns of a lack of knowledge regarding the use cases. Education, unfortunately, is not one of the best things in El Salvador, and is the cornerstone of an "advanced" society, and when I say advanced I don't just mean technology.

Knowledge and education are very necessary to be able to use "new" technologies quickly and safely. I think Bukele should continue promoting the use of Bitcoin, but solving the problem of school dropouts would be essential in this case, so the new generations would have better knowledge.

[Themepen]

If what Bukele expected is that in a few months everyone would use Bitcoin as a means of payment in all aspects of life, he was very wrong, and that warns of a lack of knowledge regarding the use cases. Education, unfortunately, is not one of the best things in El Salvador, and is the cornerstone of an "advanced" society, and when I say advanced I don't just mean technology.

Knowledge and education are very necessary to be able to use "new" technologies quickly and safely. I think Bukele should continue promoting the use of Bitcoin, but solving the problem of school dropouts would be essential in this case, so the new generations would have better knowledge.

President Bukele vision for El Salvador widespread Bitcoin adoption was ambitious but country financial literacy and education challenges have hindered progress. Many Salvadorans struggle to understand Bitcoin benefits and uses highlighting need for comprehensive education and training programs.

El Salvador Bitcoin experiment has shown promise in areas like Bitcoin Beach in El Zonte but nationwide adoption has been slower than expected. Only 20% of firms accept Bitcoin and many citizens prefer cash transactions. To address this government launched initiatives like My First Bitcoin educating students and teachers about Bitcoin and its applications.
By prioritizing education and financial literacy El Salvador can create favorable environment for Bitcoin adoption and foster more advanced technologically savvy society. Bukele continued promotion of Bitcoin coupled with targeted education initiatives can help El Salvador realize its potential as pioneer in cryptocurrency adoption.

[dkbit98]

Bukele meats Elon Musk.
Both guys are a part of global cabala and they went to UN General Assembly in New York.
Slavery by 2030 officially approved.

Doge is the best designed coin for p2p

This crap was literally created as a joke project without any thinking and solution to anything.
There are no updates and code improvements, no real developers behind it, just a tweaked bitcoin code that is good for nothing.
If you don't believe me, just hear what Doge creator is saying about it.
And  I don' understand why would you even talk about doge here...

[PrivateKayla]

The widespread adoption of Bitcoin and crypto will take time even if countries consider them to be legal tender. Crypto education takes time. It's foolish to assume that just because crypto is quite the byword these days, everyone knows how to make crypto transactions. We have to admit that it's not as smooth as, let's say, sending fiat through Venmo, Zelle, or other payment apps. If you're running errands or going through your day-to-day routine, paying using BTC or any other coins is not as easy as sounds. Most people would rather pay fiat because it's quicker. Add the fees and most people would rather use other payment options.

That said, it's still commendable how El Salvador considers Bitcoin as legal tender. I believe it's the first step towards widespread adoption. I believe we'll see that eventually in the future.