Leave aside Elon Musk, the new Bitcoin and encryption darling is El Salvador President Nayib Bukele

Leave aside Elon Musk, the new Bitcoin and encryption darling is El Salvador President Nayib Bukele

Bitcoin’s new Godfather? Yet, Bukele is very popular in his home country as El Salvador has witnessed a dip in gang related violence and homicide that has long plagued the nation for long. Of course, there are others who remain concerned. Bitcoin gained popularity because it was backed by some prominent names including Elon Musk. It had a heartbreak moment last month when Musk announced that Tesla will not accept payments in Bitcoin and raised questions around the digital currency’s environmental concerns. Bitcoin has largely been on a slide and Bukele might be the new Godfather it needs.

The unconventional political leader The law also says that the state will “promote the necessary training and mechanisms so that the population can access bitcoin transactions.” It adds that almost 70 per cent of the country’s population doesn’t have access to traditional financial services.

Nayib Bukele is not your usual political leader or President. He wants to change the way politics happens in El Salvador. The 37-year-old believes that his country is under attack, and he is here to save it. His actions are to consolidate power, and he often takes to social media to troll his haters something you rarely see from the head of a state. “It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote in Congress.

While Musk and others talked about the potential of Bitcoin and what it can do in the future, Bukele is making it happen. He has emerged as the baton holder for cryptocurrency when others seem to be backing away. It is yet to be seen if other countries will follow El Salvador in making Bitcoin a legal tender or not. Time will tell if Bukele is a revolutionary ahead of the time or a gambler who went too far to please people. “If you go to a McDonald’s or whatever, they cannot say we’re not going to take your bitcoin, they have to take it by law because it’s a legal tender,” Bukele said in an online conversation.

He has also talked about providing some sort of security to investors in the otherwise volatile market. The El Salvador government has created a one-of-its-kind $159 million trust at the country’s development bank BANDESAL to ensure Bitcoin convertibility to dollars. The law also asks the firms to accept Bitcoin as payment for goods and services. Tax contributions can also be paid in the cryptocurrency. The El Salvador President claims that he plans to mine Bitcoin sustainably. Bukele said that he instructed state-owned geothermal electric firm LaGeo to develop a plan to offer bitcoin mining facilities using renewable energy from the country’s volcanoes. He also plans to build a Bitcoin mining hub around the country’s geothermal potential.

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  • Leave aside Elon Musk, the new Bitcoin and encryption darling is El Salvador President Nayib Bukele
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