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Bitcoin in El Salvador: An eternal crypto honeymoon

Fri 02 Feb 2024 ▪ 3 min of reading ▪ by Mikaia A.
Getting informed Investissement

El Salvador, the country of grand crypto firsts, clings to its beloved bitcoin despite critical international tides. Defying the rumbling IMF, President Nayib Bukele and his loyal Vice President Félix Ulloa slam the door on pressures, swearing allegiance to their digital currency. The US SEC’s approval of Bitcoin ETFs, like a bouquet of roses, reinforces this love.

Nayib Bukele habillé en sorcier, drapeau du Salvador et logo du bitcoin

Bitcoin in El Salvador: An Unwavering Commitment Despite International Pressures

In 2021, El Salvador made history by becoming the first country to adopt bitcoin as legal tender. A bold move that remains unshaken despite calls from the International Monetary Fund (IMF) to revisit this stance during loan negotiations. Vice President Felix Ulloa, on temporary leave for the reelection of the incumbent president, reaffirmed this commitment, emphasizing that bitcoin will maintain its legal tender status during Nayib Bukele’s second term.

« We are HONORED to receive your attacks, just days before OUR election.
I would be very worried if we had your support.
Thank you. »

This tweet from President Bukele is a response to a post by Minnesota Representative Ilhan Omar, translated as follows:

« I have led members of Congress in sending a letter to Secretary Antony Blinken asking for measures to be taken in light of the threats to democracy in El Salvador. »

According to Coingape, the Salvadoran government remains loyal to its vision, refusing to bend to international pressures. The recent decision by the US SEC on Bitcoin Spot ETFs has reinforced the country’s confidence in its pro-crypto policies. El Salvador is not content with just adopting bitcoin, but is moving forward with grand crypto-associated projects. Bukele’s bold policy continues to inspire the nation despite external criticisms.

Bond Issuance Project and Creation of a Crypto-Metropolis

The audacious President of El Salvador, Nayib Bukele, does not hold back his ambitions concerning bitcoin. Despite criticism from the IMF and challenges related to accessing international financing, the government remains optimistic. Future projects include the launch of bitcoin-backed bonds in 2024 and building Bitcoin City, a crypto tax haven. These initiatives, backed by Bukele’s New Ideas party, could come to fruition with an anticipated victory in the upcoming elections.

El Salvador, a pioneer in adopting bitcoin as legal tender, seems to be reaping benefits. Data from Nayibtracker.com reveals that the country could make about 4 million dollars in profits from selling its bitcoin (BTC) holdings at the current rate.

Despite continuing doubts, Vice President Felix Ulloa asserts that the government’s decision enjoys global credibility with its lucky bitcoin. Faced with both challenges and dividends, El Salvador continues to carve its path in the crypto world.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.