Salvador and Bitcoin

[kayode10]

This is a welcome development and I know that's the purchases will affect the price of Bitcoin is in the marketplace. This will drive the price of Bitcoin higher as demand increases.

 

[CeeJase]

I believe that the president of El Salvador had good intentions but his approach to it was completely wrong. He should have just started their own local cryptocurrency like other countries.

 

[eLdavis]

I agree with you.. I don't he was fully advised before taking such decision of investing such amount on cryptocurrency. I think there should be regulatory measures that they need to enact to protect their local currency.

This is exactly why most governments have started placing restrictions on crypto currency, they are simply trying to protect their local currency. In this case, I do not really blame him for making such decision, I think his advisors should be the one to be blamed.

 

[ahmedo24]

This is exactly why most governments have started placing restrictions on crypto currency, they are simply trying to protect their local currency. In this case, I do not really blame him for making such decision, I think his advisors should be the one to be blamed.

I think it's rather too late because powerful countries like United States of America Russia and Canada already adopting the use of cryptocurrency.

 

[Justin]

El salvador has mde a histoty by making bitcoin legal tender. The country has also started using volcanic energy to mining bitcoin whic can also be considered a revolutionary step in bitcoin mining.

 

[Bookwormlux]

Like you rightly stated, it is a big risk, but I am optimistic that this is a risk that is worth it, since there is a high likelihood of Bitcoin mooning again next year.

 

[Bigron]

The President of El Salvador announced the country's purchase of 150 bitcoin units, bringing the state-owned to 700 units.


What do you think about this step from the President?

For me, I think it is hazardous to mortgage the economy of an entire country on cryptocurrency.


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This was a decision that was made without proper planning and in the heat of the moment. This is the epitome of “crypto-mania” and it will take some time before we can all access bitcoin as a legal tender. The limiting factors on bitcoin at this time are too much for a country to take such a bold step

 

[Sincerem]

Well we can't really say because they have the reasons they are trying to adopt cryptocurrency in the country, but I wonder what they are doing now in which the price of all cryptocurrency has dropped.

 

[HayKay]

Well I'll say the only risk involved is the dwindling or volatile price of Bitcoin but asides that, I think a president should be well informed before taking such decisions. We can only see how far it'll get them.

 

[Prince]

El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The use of bitcoin in El Salvador appears to be low amid the market volatility. The country faces plummeting economic growth and a high deficit.

 

[Georgeadawara]

How much is 150 bitcoin that will make a country mortgage there ecomic on crypto currency. In my own view I think that they just want to invest in the coin

Yes you're absolutely right by saying this, I think there reason of investing on the coin is nothing but rather than to earn passive income from it as the case maybe.

 

[tyrim88]

El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The use of bitcoin in El Salvador appears to be low amid the market volatility. The country faces plummeting economic growth and a high deficit.

That is one thing that the government would have really lokked into before going for an outright adoption of cryptocurency as a legal tender in their country,because its value is never stable.

 

[Genie01]

Yes you're absolutely right by saying this, I think there reason of investing on the coin is nothing but rather than to earn passive income from it as the case maybe.

Yeah, if you want to earn passive income it would definitely require you to actively learn how to make better Investment decisions. Otherwise you may end up in loses.

 

[Imran_Noori]

The President of El Salvador announced the country's purchase of 150 bitcoin units, bringing the state-owned to 700 units.


What do you think about this step from the President?

For me, I think it is hazardous to mortgage the economy of an entire country on cryptocurrency.


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It is a risky investment from El Salvador's government but if Bitcoin's price increases then they will have a big profit, I think many countries will invest in Bitcoin.

 

[Gandiba]

I am of the opinion that the country is already regretting its move, especially considering that they are not even some rich countries.

The price of bitcoin keeps dropping all the time.

 

[Smiles20]

The country is going to learn the hard way because the volatility of cryptocurrency means that they must have to hold their assets for a very long time if at all they want to make any profit.

 

[Georgeadawara]

Yeah, if you want to earn passive income it would definitely require you to actively learn how to make better Investment decisions. Otherwise you may end up in loses.

Yes you're absolutely right by saying this, I have seen instance like this, the person didn't learn all the necessary procedures that will guarantee him to earn money before starting the business, which let him to losing his hard earned money.

 

[Agbalagbaa]

Yes you're absolutely right by saying this, I have seen instance like this, the person didn't learn all the necessary procedures that will guarantee him to earn money before starting the business, which let him to losing his hard earned money.

That is the negative side of investment. If you decide to just venture without making the appropriate analysis, it would be quite difficult to make money because of some psychological factors.

 

[Good-Person]

Well we can't really say because they have the reasons they are trying to adopt cryptocurrency in the country, but I wonder what they are doing now in which the price of all cryptocurrency has dropped.

The economical conditions of El Salvador have changed a lot after Bitcoin crashed and it may take a lots of time for it to recover to some extent. The good thing is that El Salvador never relied entirely on bitcoin.

 

[Riberet19]

I really don't know if the decision to convert Bitcoin into legal tender was the best idea, it was okay to invest in it and store them in order to grow the country's economy, but converting a currency as volatile as bitcoin to legal tender is not I know if it was the right move.