Nayib Bukele, President of El Salvador

El Salvador’s 43rd president is Nayib Bukele. Bukele has a high level of official support within the nation despite being viewed as a problematic president by the rest of the globe. El Salvador was the first nation to formally recognize Bitcoin as legal cash under Bukele. A tax-free “Bitcoin City” is currently being planned by the president, and work on it is expected to start this year.

2023

Over the past two years, El Salvador’s ambitious venture into Bitcoin has encountered several difficulties, and the nation is currently dealing with large losses on its cryptocurrency assets. The decision by President Nayib Bukele to invest around $100 million of public monies in Bitcoin has been met with opposition; since November 2022, the majority of the coins have not appreciated in value. The President also announced a national Dollar-Cost Averaging (DCA) plan in November 2022, pledging to buy one Bitcoin every day.

According to Bukele’s public declarations, El Salvador had accumulated 2,381 Bitcoins at an average price of about $44,300 at the time the scheme was launched. The market price at the time, however, was just $19,000, meaning that the existing ownership lost around $60 million.

2022

According to Bukele, his Bitcoin City’s construction will start in 2022. In order to develop the “tax-free” metropolis, the president said he wanted to entice foreign investment. He will probably spend time pursuing these investors over the coming year.

Bukele anticipates using half of the money obtained to pay down the $1 billion bond and using the other half to build up the city’s extra infrastructure. Although Bitcoin City has drawn criticism, the president has no plans to halt its development.

Latest news about Nayib Bukele

• El Salvador, under President Nayib Bukele, adopted Bitcoin as a legal tender in 2021, paving the way for global adoption. CEO Samson Mow sees El Salvador as a guiding light and potential catalyst for other Latin American nations to adopt Bitcoin. Mow believes that explaining Bitcoin as money is more effective than promoting it as a commodity.
• El Salvador’s decision to adopt Bitcoin as legal tender has sparked concerns among US legislators, prompting a thorough risk analysis of the country’s Bitcoin adoption. The Accountability for Cryptocurrency in El Salvador (ACES) Act, a bipartisan bill, has been revived to examine the country’s Bitcoin adoption. Despite criticism, El Salvador has been steadfast in its cryptocurrency pursuits, with President Nayib Bukele acquiring substantial Bitcoin reserves. The country’s Bitcoin treasury is estimated at nearly $65 million.

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