In 2022, the price of Bitcoin suffered a sharp decline, which brought a huge impact to investors around the world. However, Nayib Bukele, the president of El Salvador, a small country in Central America, still firmly promotes the popularization of Bitcoin.
Despite El Salvador’s severe economic difficulties, President Bukele defied public opinion and decided to make Bitcoin the country’s legal tender. He firmly believes that this innovative measure can bring more opportunities and freedom to the people. Since then, El Salvador has become the first small country in the world to incorporate Bitcoin into its legal currency system.
However, the collapse of Bitcoin prices has brought a serious debt crisis to El Salvador. According to reports, since the adoption of the Bitcoin Law in June 2022, the country’s President Booker has spent approximately US$100 million in public funds to purchase Bitcoin. Despite this, he still firmly believes in the value and potential of Bitcoin and called on citizens to be patient.
In order to promote Bitcoin nationwide, the Bukele government has taken a series of measures. They launched a virtual wallet application called "Chiwo" and planned to build a "Bitcoin City" at the foot of the volcano. In addition, the government has set up Bitcoin self-service teller machines and required all businesses to accept Bitcoin payments.
However, these measures triggered public dissatisfaction and protests. Since El Salvador is a country with a predominantly cash economy and about 70% of people do not have a bank account or credit card, many people are unable to adapt to this new payment method. In addition, Bitcoin cash machines experienced technical failures on the first day they were put into use, triggering public dissatisfaction and protests.
Despite facing many challenges and difficulties, President Bukele's approval rating still exceeds 85%. This is largely due to his tough leadership style and results achieved in combating gang crime. He announced the arrest of more than 9,000 suspected gang members, effectively reducing the crime rate and winning the trust and support of the people.
Although the Bitcoin experiment has brought many problems and controversies to El Salvador, President Bukele still stands by his beliefs. He believes that Bitcoin will be the key to changing El Salvador’s economic destiny. Despite facing heavy debt pressure and public dissatisfaction, he still firmly pursued Bitcoin policies and called on citizens to maintain patience and confidence.
Although the collapse in Bitcoin prices has put tremendous economic pressure on El Salvador, the country still has opportunities for economic recovery and development. As time goes by and the market changes, Bitcoin's value and potential may become more widely recognized and applied. For El Salvador, persistence in innovation and change is the key to economic prosperity.
But in 2024, the current highest point of Bitcoin is 49,000.
El Salvador President Nayib Bukele announced that at the current market price of Bitcoin, if sold, not only can 100% of the investment be recovered, but also a profit of more than $3.6 million can be obtained. This is all thanks to President Nayib Bukele’s push.
El Salvador, a small country in Central America, does not have its own legal currency, choosing to use the U.S. dollar. This has brought some challenges to the economy. For example, people working outside need to pay high remittance fees, which is not conducive to increasing GDP. In addition, about 70% of Salvadorans do not have bank accounts or credit cards, which creates economic instability and constant unrest for the government. To improve its economic situation, El Salvador needs to attract new financial investors.
President Nayib Bukele has a soft spot for Bitcoin. With his push, El Salvador voted with an "absolute majority" in favor of officially passing the bill on June 9, 2021, making Bitcoin a legal tender in the country, becoming the first country to declare Bitcoin as a legal tender. The decision attracted global attention. Since the implementation of this policy, El Salvador has actively promoted digital payments and financial inclusion, hoping to provide residents with broader financial services and convenience through the adoption of Bitcoin. Additionally, the country has reportedly purchased one Bitcoin per day since the policy was announced. This innovative move may influence the fiat currency policy choices of other countries in the future. El Salvador’s relationship with Bitcoin will become an important example of global digital currency experimentation.
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