Quote from: Lucius on August 26, 2024, 02:27:03 PM

Quote from: laijsica on August 20, 2024, 10:42:13 AM

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Enhancing Investment and Economic Diversification: A country can attract investment and increase the scope of employment through innovative activities using the wide range of technologies of Bitcoin and Blockchain, which can greatly contribute to the economic growth of the country. Countries such as El Salvador, for example, have explored Bitcoin alongside traditional financial systems to further strengthen their economies, and their scope continues to grow.

Are you familiar with the current state of the economy in El Salvador? As far as I know, the number of Chivo wallet users is in constant decline, Bitcoin city is at a complete standstill, and Bukele is negotiating with the IMF for a loan to get out of the financial mess that the country is in and no one remembers since.

Bitcoin is not magic that saves failing economies, so how could it be when it is so volatile that in one day it can lose 50% of its value compared to fiat currencies. El Salvador is a country that renounced its own currency, and Bitcoin is just one more experiment that the current president liked, which does not mean that someone who will succeed him one day will have the same opinion.

My opinion is that Bitcoin is not intended to replace fiat currencies, but to be an alternative to them - and no serious country would ever accept something that it cannot control.

El Salvador is still trying to implement bitcoin in the country with various plans but so far has not achieved any significant results. Only government investment in bitcoin generates profits but they are insignificant and cannot help the economy. As far as I know their bitcoin investment is generating over $40 million in profit and how will this help a country's economy?

El Salvador's strength is tourism and its fatal weakness is gang violence. Their economy has improved somewhat in recent years as their president has somewhat quelled gang violence and boosted tourism. All of this has nothing to do with bitcoin.

People keep talking about bitcoin in El Salvador but they never take the time to learn about the economic situation there, they always assume that everything there is thanks to bitcoin but they have no proof. Also, the Central South African Republic adopted bitcoin and failed but I don't see anyone mentioning that. Bitcoin cannot improve or contribute anything to the economy, we should accept that fact.