El Salvador and the Bitcoin Pump

[Fivestar4everMVP]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

For me, I think it's hard to say, as personally, I am yet to understand how bitcoin can affect the economy of a country generally.
If you talk about individuals adopting bitcoin and choosing it over fiat, which means that, they will have to be saving their money in bitcoin rather than choose fiat in banks, then it's easy to say that bitcoin will more likely turn their financial situations around for the better than fiat will do.
But when it comes to a  country, I I really do not understand how bitcoin could change the economy of a country except the country will have to invest really a lot of money on it.

But anyways, the above is just my personal thought, a country will maybe go beyond just investing in bitcoin, they will likely have to also make bitcoin a legal tender for it to have effect in their economy.

[O.collins]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.

[bounceback]

Before they (El Salvador) adopted Bitcoin as a legal tender, they did findings and research on how it might impact them both negatively and positively. African countries can only find out how it can affect them if they do their findings and research.

Most African countries have adopted bitcoin as legal currency transaction following what did by El Savador, but having difficult financial African country only make bitcoin as legal for transaction and not make any amount investment yet like El Savador.
Need stable financial for investing in bitcoin and El Savador success spent their fund for investing in bitcoin longer time, have been three years since first time investing at 2021 and first halving success pass well after bitcoin hitting above $104k.

[ZAINmalik75]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

The El Salvador government has not sold their BTC yet instead they are still are buying 1 BTC per day as they said. The overall economic assets are increasing and their growth is certain too. Many poor countries if have funds they must invest in BTC but not at the current price.

Buying high can make their economy worse and they might not save them from a default situation. Buying the dip is suggested. Every developing country should have BTC as their national reserve because in the long run it will improve their economy.

[SmartGold01]

What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

If directly referring to Africans then there would be changes as they are only willing to loot and even if there were profits they would still embezzled the money to their person gain and purposes. The condition with African leaders can never be over determined or estimated as they are not willing to make changes to develop their countries.

[Stompix]

Do you think it can improve the economy of poor countries too?

Where is the money going to come from?

Again and again, the difference between personal finances and a whole country's economic levels!
Bitcoins is a closed circle, if Salvador wants to sell their Bitcoisn someone must buy it, if poor countries start buying (with what money) they will need someone else to buy after them to ensure a profit, so why would countries like China buy in this only to be at the mercy of other countries and before that help some possible enemy to make money!

This is not about Joe trading with Mary, this is about global interests!

[bounceback]

Where is the money going to come from?

Again and again, the difference between personal finances and a whole country's economic levels!
Bitcoins is a closed circle, if Salvador wants to sell their Bitcoisn someone must buy it, if poor countries start buying (with what money) they will need someone else to buy after them to ensure a profit, so why would countries like China buy in this only to be at the mercy of other countries and before that help some possible enemy to make money!

This is not about Joe trading with Mary, this is about global interests!

Its important question, where is the money come from for investing in bitcoin? all countries have big problem due pandemic last four years ago and must recovery with economic condition.
I think for bigger country have good financial condition seems not problem investing in bitcoin for longer time, but how possibility with development country have difficult with financial where ability get capital for investing in bitcoin?

[pieppiep]

Where is the money going to come from?

Again and again, the difference between personal finances and a whole country's economic levels!
Bitcoins is a closed circle, if Salvador wants to sell their Bitcoisn someone must buy it, if poor countries start buying (with what money) they will need someone else to buy after them to ensure a profit, so why would countries like China buy in this only to be at the mercy of other countries and before that help some possible enemy to make money!

This is not about Joe trading with Mary, this is about global interests!

Its important question, where is the money come from for investing in bitcoin? all countries have big problem due pandemic last four years ago and must recovery with economic condition.
I think for bigger country have good financial condition seems not problem investing in bitcoin for longer time, but how possibility with development country have difficult with financial where ability get capital for investing in bitcoin?

The understanding of what actually is valuable enough to justify a decision made within the context of the scarcity is as significant a factor in decision making as is the general understanding of scarcity. We can begin with some changes that will be obvious and then make transitions that are more incremental but that will ultimately promote a greater level of stability. In investment or innovation, we need to recognise that fundamental needs should be met so that progress does not turn into a load. Such a synergy allows us to direct a given amount of energy to the construction of new opportunities that would not undermine the current organisational well-being. It creates the scope for further advancement, as well as keeps the organisational base stable at the same time.

[rizqillah]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

The El Salvador government has not sold their BTC yet instead they are still are buying 1 BTC per day as they said. The overall economic assets are increasing and their growth is certain too. Many poor countries if have funds they must invest in BTC but not at the current price.

Buying high can make their economy worse and they might not save them from a default situation. Buying the dip is suggested. Every developing country should have BTC as their national reserve because in the long run it will improve their economy.

El Salvador as a pioneer who allows bitcoin as a payment method in their country, and maybe now there is progress in their economy because I heard the government still supports bitcoin until now.
for us as investors who have limited funds can only buy with the DCA method. And wait for the price to drop to be able to buy bitcoin and altcoin.

[ZAINmalik75]

El Salvador as a pioneer who allows bitcoin as a payment method in their country, and maybe now there is progress in their economy because I heard the government still supports bitcoin until now.
for us as investors who have limited funds can only buy with the DCA method. And wait for the price to drop to be able to buy bitcoin and altcoin.

El Salvador would be making more profit if they have not invested in BTC in the last bull run at the price of $50k average. Governments don't invest in BTC in the dip they like to pick them from the high prices but still they are making profit and their economy is growing.

Other countries can certainly increase their economic index by adopting BTC and if they convert their most of the part of reserve into BTC the result will be better. Due to regulatory issues these countries will not take these steps and until there are people who fear to take such steps are in the system till then they can't benefit from BTC

[Asiska02]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

The economy of a country works in certain ways that if you’re not an economist, you can not tell how well things like this can add up to the economy of a country. For the economy of a country to progress and see many people going to have a more sustainable live and leave the zone of poverty may not just be achievable only by profits but maybe by some other factors we are not familiar with. The economy of some African countries are in shambles and I don’t think even investing in bitcoin would be a nice idea for them now. Other things can be done in order to improve the economy of a country and not just by investing. Bitcoin is a volatile asset and how it is for an investor to invest what they are ready to risk into an investment is the same way a country should also do. So a country that is not financially and economically stable may not see bitcoin investment as the way out of an economy downfall they’re experiencing.

[Faisal2202]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

That is a good profit for them as I am aslo making more then them and like me many investors are making more profits than them why it worth, we all now as a country they hold too small amount of BTC I mean according to Wikipedia they hold around 1801 BTC in November 2022 which was really small amount for them as an individual can have more then this I won't mention MSTR here haha.

But still, countries can really grow if they invest in BTC but due to volatility, most of the countries won't, they will only invest by seeing USA because most of the developing countries follow USA or IMF.

[bayu7adi]

There is no straight YES or NO to this answer because when we are talking on economic development the subject can be so complex and many countries find out that getting there - improving their people's economic standing - can be so hard and in many cases beyond reach. Even in countries with enough natural and human resources, it can be so difficult for the people to escape poverty most especially when the government has become the people's enemy instead of being there for them every step of the way.

Now, if these countries will invest in Bitcoin, there is no guarantee whatsoever that the people's economic life will improve at all...but then it can mean that the government will have more money to invest with the people if they choose to. While El Salvador is right now praised for its right decision to go all the way for Bitcoin, there were times when its president Nayib Bukele was heavily criticized for his Bitcoin decision...and he is right now vindicated but it does not mean that people in El Salvador are already in improved state as developments can really take time to take a root.

For the government level, it is indeed beyond my control and capacity, and I am also sure that it is a complex matter... but seeing El Salvador which openly formalized the adoption of Bitcoin for the country, is that a wrong action??? I am also sure that Nayib Bukele has also gone through a period of complex thinking and has produced results that they believe in Bitcoin...

If I were the head of a country or maybe as president, maybe I would think again, because I also realize that BTC is not life or death... but for some countries in Africa that are already in dire straits, I think they need a formula to be able to rise towards a more advanced economy, right?

[JISAN]

After officially adopting Bitcoin as a medium of exchange by Nayib Bukele, El Salvador's government investment in Bitcoin has now recorded a profit of 117%,

Is it appropriate to adopt Bitcoin to the government level like El Salvador? What if countries with slightly difficult economies adopt Bitcoin too, like some countries in the African continent? Do you think it can improve the economy of poor countries too?

El Salvador uses Bitcoin as their country's local currency and holds their country's reserves in Bitcoin.  So the economy of their country depends on the price of Bitcoin.  Currently, El Salvador has become very economically strong due to the high price of Bitcoin.  They have realized the future of Bitcoin which is why they have not only legalized Bitcoin but have started using Bitcoin as the local currency of their countries.  So the higher the price of Bitcoin, the more developed the country will be.

[Bobcrypto]

It has to do a lot with the timing. Nayib Bukele is vindicated for his bold move since BTC pumped but will be scrutinized once again if crypto 'hibernates' during the winter. Poor countries must mean low reserves and those officials involved with the financials will have to be really smart when to enter because they don't have enough resources to spare. It's like having only one shot to make it right.

Humans will always come to praise when things are better but will they come back again to mock you when things changes, especially when things turns bad. It is certainly an up or down criticism in life. For example, the El Salvador president, was heavily criticized when he adopted Bitcoin, but today, those who were  critical about his decision at that time are now ashamed.
Honestly, I think that Nayib Bukele should be commended, having seen the potential of Bitcoin, 'Took The Bull by Horn', adopted Bitcoin, and today, he has been vindicated.