While the great powers hesitate, El Salvador stacks gold and bitcoin. Bukele dreams of a treasure safe from crises... and the Fed's lessons.
El Salvador is once again under scrutiny as talks with the International Monetary Fund advance over its Bitcoin strategy. Although negotiations to sell the state-run Chivo Bitcoin wallet are nearing completion, disagreements persist over continued government Bitcoin purchases. Public statements by President Nayib Bukele continue to conflict with IMF conditions under a major loan agreement.
Out of 181 bitcoin companies, only 20 are active. With an 89% failure rate, Bukele's bitcoin project is a fiasco. The ambitions of digital revolution crash against reality.
The boldness of a country defying doubt: Bitcoin surpasses $100,000, and El Salvador raises $300 million, smiling in the face of skepticism.
While some count their sheep, Bukele counts his bitcoins, convinced he holds the key to the treasure.
His supporters chanted “five more years”, and he accepted their request to run for El Salvador's next presidential term. And yet, his political opponents have never accepted the legalization of bitcoin. Let alone this second term at the head of the country. But Nayib Bukele, who is used to seeing things through, persists.
Ever since El Salvador made Bitcoin an official currency within its territory, the country has been facing a campaign of distrust and surveillance from the United States. Without hiding their deep unease, the Joe Biden administration has implemented legal measures to protect the American financial system from the repercussions of the Salvadoran government's decision. Why do the USA feel threatened, and what actions have they taken in response? Find all the answers in this article.
Even today, crypto adoption in El Salvador is not unanimous. In the United States, for example, American senators have just submitted a new bill. The goal: to monitor the crypto adoption (specifically Bitcoin) in El Salvador and assess its economic impact.