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Will El Salvador survive with making Bitcoin a legal tender ?

  • Thread starter Thread starter Josemendez
  • Start date Start date
Setfragil said:
I do not think he will survive in making bitcoins a legal tender in his country do to the volatility nature of cryptocurrency. No one will want the $20 in his pockets yesterday to worth $8 the next day.
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Haha, but everybody want that same $20 to turn $50 tomorrow... Its a give and take bro, meanwhile bitcoin bullish surpasses its bearish.
 
Dowenship said:
Haha, but everybody want that same $20 to turn $50 tomorrow... Its a give and take bro, meanwhile bitcoin bullish surpasses its bearish.
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The thing is, people will not want to take such risk with their money as not everyone will want the situation where they won't know the fate or the worth of the money in their pockets the next day.
 
President Bukele is a bitcoin enthusiast and he as publicly proven as one. He knows the onions of adopting bitcoin and he remained focused and unshaken toward his plight. I salute his courage despite the hurdles
 
Reedex said:
President Bukele is a bitcoin enthusiast and he as publicly proven as one. He knows the onions of adopting bitcoin and he remained focused and unshaken toward his plight. I salute his courage despite the hurdles
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Ofcourse his courage is indeed commendable but there is still more to it than we can see. He has to fight off a lot of obstacle both from Regulators and IMF
 
If the people like bitcoin and if they continue to use bitcoin, there will be no issue with using bitcoin as a legal tender. But the question is how will the bitcoin market grow internationally
 
I believe that for a big institution to make that decision hen they cut have made a lot of research about it and a lot remains to be seen how it all unfolds out.
 
I recently watched a documentary that showed how the people in this south america are adopting bitcoin. They have been using bitoin since a long time even to pay for small transaction on roadside stall
 
I know that the country will survive. There are bigger economy nations that are talking about adopting the Bitcoin as legal tender, and they can only go and be facing and fighting with this particular country?
 
Don't even bother yourself. Elsavador will survive it if only they have got their plans ahead of these world financial body that is only breathing fire and brimstone at them. The noise will die down sooner
 
I doubt if he will ever succeed with his endeavors because it's not just possible for crypto to replace our normal legal tender reason being bthat it's volatile.
 
I think I also have had or should try as much as possible to control bitcoin transactions because if not it may somehow affect their financial sector.
 
The president and his cabinet have a final say on how things turn out. It is already obvious that they do not care what some international organizations think.
 
If you follow the president and the proceedings around the bitcoin adoption closely, you will agree with me that he really know what it takes and he is on top of matter. When I listen to him speak , something tells me this man had already forecasted the future.
 
Kunkun said:
I'm sure they have already thought about before making the decision in the first place so I'm sure they would be prepared so definitely they could survive that and hopefully more countries follow suit
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Exactly, and its a sign that crypto is here to stay, it might not be effective as it seems but definitely crypto is here to stay sooner or later.
 
Those who are against El Salvador's move are just doing so because they fear Bitcoin would drive away other Payment gateways that have been used before.
 
My problem with this is i don't know how develop the country is actually to enable the answer to the question but i still believe bitcoin will bring riches and good revenue to the country.
 
I think what the government of el salvador has done is to take their own destiny in their own hands,though the move could be meet with mixed feelings knowing fully well the effect it could have in the economy as a volatile currency,it can go either ways.
 
I believe these is a good news about bitcoin that is about going forward about bringing bitcoin, I think if more country can do this everything will be OK.
 
Today, that in effect El Salvador has legalized Bitcoin as a currency, alongside to it's own (dollar $), at least for now, it seems there is a lot of optimism.
Anyway ...
 
Josemendez said:
It is no longer news that the government if El Salvador has announced that from September 7 2021. News as seen in coinmarketcap has revealed that the international monetary fund are not happy with the decision and have made it clear that they won't give the country their support.

El Salvador have not relented as they are already making plans for bitcoin ATM.
What is your thoughts on this issue ?
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That's a wonderful development and a win for cryptocurrency market. It's only natural to get such feedback for international monetary fund. With time once fully implemented other countries will key in.
 
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