Bitcoin
‘It gave us branding, investment, and tourism’
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2 months agoon
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adminEl Salvador’s President, Nayib Bukele, defended his country’s groundbreaking decision to adopt Bitcoin as legal tender, emphasizing its impact on the nation’s global image and economic opportunities.
In a recent interview with Time Magazine, Bukele highlighted Bitcoin’s (BTC) benefits to El Salvador despite widespread skepticism and limited domestic adoption.
Bukele said Bitcoin not only “gave us branding,” the embrace of a digital economy helped boost tourism and spur investments. The interview comes three years after making El Salvador the first country in the world to embrace Bitcoin officially.
Bukele, who graced the cover of Time Magazine as the “world’s coolest dictator,” has become a polarizing figure in global policy. While fewer than 12% of Salvadorans have made a single Bitcoin transaction, according to Time, the President insisted that the primary goal was to reposition El Salvador on the global stage.
According to recent reports, the country holds 5,851 BTC worth approximately $352,300,000 at the time of writing.
El Salvador and Bitcoin
El Salvador made global headlines in September 2021 when it became the first country to adopt Bitcoin as legal tender. This move, driven by Bukele, aimed to boost financial inclusion in a nation where 70% of the population lacks access to traditional banking services.
The government introduced the Chivo Wallet, an official crypto app, offering citizens $30 in free Bitcoin as an incentive to download and use the app. Despite these efforts, widespread adoption was limited, with many early users not engaging in subsequent transactions after spending the initial bonus.
The rationale behind El Salvador’s Bitcoin adoption was multifaceted. One primary motivation was to provide financial services to the unbanked population and reduce the cost of remittances, which are vital to the Salvadoran economy.
Bitcoin, particularly through the Lightning Network, also aims to facilitate faster and cheaper transactions, which is crucial in a country where traditional banking infrastructure is often inaccessible. However, the policy has faced significant challenges, including technical issues with the Chivo Wallet and skepticism from the general population.
Critics of Bukele
Critics of El Salvador’s adoption of Bitcoin, including major financial institutions like the World Bank and the International Monetary Fund, expressed concerns about the risks associated with Bitcoin’s volatility and its potential impact on financial stability.
Despite these warnings, President Bukele remained committed to the Bitcoin experiment, viewing it as a bold step towards economic innovation and financial independence.
Bukele remained unapologetic, viewing Bitcoin as a key element of his broader strategy to attract foreign capital and boost tourism.
In a sense, this logic worked. Damian Merlo, a lobbyist, told Time that the Bitcoin tourism gamble paid off.
“We call it the Great Rebranding. It was genius…we could have paid millions to a PR firm to rebrand El Salvador. Instead, we just adopted Bitcoin.”
Damian Merlo.
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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep
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adminDonald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.
According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.
Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.
At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428.
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This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices.
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adminThey say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
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So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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