Salvador and Bitcoin (BTC): A model of success?

Salvador and Bitcoin (BTC): A model of success?

Tuesday August 16, 2022 ▪ 9:00 pm ▪

min read – with

He was believed to be ruined, hyper-indebted and on the verge of bankruptcy for choosing bitcoin without the approval of global financial institutions. But El Salvador would rather continue its peaceful and unblemished way. His secret? Patience. with her, will the country be able to overcome everything?

El Salvador gives itself freedom with bitcoin

Like many developing countries, El Salvador is struggling to emerge from poverty and underdevelopment. And this despite a high level of industrialization or even the acceptance of the dollar as the national currency for about twenty years.

The statistics are far from praising the country. For example, there is this rate of 30% of the inhabitants who live below the poverty line put forward by TV5 Monde, which is not good enough for the country. For its part, the World Bank gives it a “Ratio of the poor population according to the national poverty line” of 26.2. While China shows 0.0 and Austria 13.9.

One of the other options chosen by Nayib Bukele is to legalize bitcoin, two years after he was elected as the country’s leader. In addition there have been successive purchases of bitcoins, which have earned a ton of criticism from both sides of the world. 400 BTC were purchased in September 2021 alone, 500 in mid-May, and an additional 80 bitcoins in early July.

In total, the country currently accumulates the equivalent of 2,381 BTC.

Bitcoin, ruin or economic growth for the country?

Earlier this year, Steve Hanke accused Nayib Bukele of ” play with bitcoin “. In the eyes of this professor who influenced the Johns Hopkins University, this option would be fatal for the country’s economy.

And it is not uncommon to see financial scholars criticizing the pro-bitcoin president of El Salvador. There is, for example, Peter Schiff, a proven coiner, who suffered tweets of a diplomatic nature or in the form of a troll by Bukele himself after being reprimanded.

The crisis that cryptocurrencies are currently going through is not helping matters either. El Salvador’s losses amounted to $18 million when BTC traded below $23,000 last June. Something that bitcoin detractors and the Salvadoran president like.

Except that the latter lacks support, especially from his entourage and bitcoiners. Just today, the American presenter Stacy Herbert praised Nayib Bukele via Twitter. She picked up a tweet from Bitcoin Archive that said:

El Salvador spent just $100M on #Bitcoin and gained not only billions in brand value but, more importantly, economic dominance from FU money in the public treasury. »

In addition, the country’s finance minister, Alejandro Zelaya was clear about this:

There has been a lot of hype lately about our bitcoin strategy. [Le Salvador] suffered no losses [car il n’a pas vendu des BTC]. »

In addition there is the wise advice of Nayib Bukele, which was issued in the context of the bear run :” Stop staring at charts and enjoy life. If you have invested in BTC, your investment is safe, its value will increase immeasurably after the bear market. The most important thing is patience “. CQFD!

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