El Salvador’s President Nayib Bukele is one of the most disruptive (in the sense of innovative) heads of state on Planet Earth.
Besides his famous (or infamous) extreme security policies that eradicated rampant organized crime, and his emphasis on religion, family and conservative values, he was also a pioneer on the acceptance and introduction of Bitcoin in the Latin American’s country.
Now, as bitcoin reaches historic highs and surpassed $100,000 for the first time, Bukele was nothing short than triumphant about his big bet on the cryptocurrency.
The surging value of the government’s reported investment now stands at more than $600 million.
Associated Press reported:
“Bitcoin has rallied mightily since Donald Trump’s election victory last month, exceeding the $100,000 mark on Wednesday night, just hours after the president-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.
Just two years ago, bitcoin’s volatile value fell below $17,000. Bitcoin fell back below the $100,000 by Thursday afternoon, sitting just above $99,000 by 3 p.m. E.T.”
— Nayib Bukele (@nayibbukele) December 5, 2024
Bukele slammed the opposition for fearmongering many Salvadorans out of the steep gains.
“The tiny Central American country has long used the dollar as currency, but Bukele promised bitcoin would provide new opportunities for El Salvador’s unbanked and cut out money transfer services from the remittances Salvadorans abroad send home. The government offered $30 in bitcoin to those who signed up for digital wallets.”
Bukele on Facebook (translated from Spanish):
“It’s important to emphasize that not only did the opposition err resoundingly with bitcoin, but rather, differently from other issues (where they have also been wrong), this time their opposition affected many.
Why?
Because when we approve important measures, the opposition always votes against, but since they are a minority, they do not manage to affect the country, such as: the votes on the State of Exception.
They vote against, but they are so few votes that they do not affect anything.
However, with Bitcoin, since its use was and will always be VOLUNTARY, although we won the vote in the Legislative Assembly and the country has obtained great benefits in its reserves, many people missed out on those gains due to the fear that the opposition managed to sow in the population.
Believing the opposition again, although it may seem absurd, is something that still happens, and it is something that the Government cannot avoid; that decision now falls on each citizen.
I hope they have not listened to the opposition and are enjoying their gains, which only required trust and patience.”
But the resistance to Bukele’s vision doesn’t come only from the opposition.
El Salvador’s former Central Bank President Carlos Acevedo spoke to AP and is not all that enthusiastic.
He said that while there has been a gain, it remains an unrealized one until the government’s bitcoin is sold – which is of course true of any investment.
He was at least kind enough to credit Bukele’s administration with doing well on the bitcoin adoption, especially in light of Trump’s election.
“Acevedo said ‘the markets’ optimism that a Trump administration will be friendly with the markets and particularly with bitcoin’ explained its sustained rally over the past month.”
https://t.co/QVvFbQ7woa pic.twitter.com/WiOAYg6Ztx
— Nayib Bukele (@nayibbukele) December 5, 2024
This is the first time in history that Bitcoin has driven sovereign bonds up in traditional markets https://t.co/f0ch3prkp9
— Nayib Bukele (@nayibbukele) December 5, 2024
Read more:
President Nayib Bukele Tells Tucker Carlson He Leads El Salvador By “Seeking God’s Wisdom”
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