In an exclusive article page, the President of El Salvador Nayib Bukele talks about the things he is talking about in September 2021. El Salvador is the first country to allow Bitcoin to be used legally. Despite claims from the mainstream media and rating agencies, his country has not given up its willingness to gamble with Bitcoin.
As you may know, on June 5, 2021, Jack Mallers, Founder and CEO of Zap Solutions (a Bitcoin payments startup based on the Lightning Network), made the announcement at the Bitcoin Conference 2021 in Miami. The government of El Salvador wants to legalize Bitcoin (alongside the US dollar).
During his talks, Jack presented a recorded video message from President Bukele and read a small part of the bill, with Jack going on to say that his company would open an innovation center in El Salvador by acquiring Help from Blockstream
And on June 9, 2021, a proposed bill to legalize Bitcoin was passed in the Legislature. (with 62 out of 84 voters supporting)
Then, on June 25, 2021, Reuters published a report saying that Nayib Bukele announced during a national speech on June 24, 2021 that the “Bitcoin Law” would come into force on September 7, 2021.
On September 6, 2021, Bukele announced that his country had bought over 200 BTC for the first time and that they were planning to buy it. “Add more”
Since September 2021, El Salvador has bought 11 Bitcoins, with the total number of Bitcoins the country has bought being 2,381 BTC, and the latest purchase was June 30, 2022, with El Salvador buying more Bitcoins 80 BTC at an average price of $19,000
Previously, BitcoinMagazine published an article written by President Bukele where he talks about people criticizing El Salvador for betting on Bitcoin and despite the critics talking about bad things, but his country is doing well and if “If El Salvador is successful then many countries will follow in her footsteps.”
Part of the text on the Bukele article page reads:
“Imagine that hundreds or thousands of articles on El Salvador’s economy were undermined because of our “Betting with Bitcoin” Our economy collapsed and our government went bankrupt… Most of you have probably seen this before, right ?”
“They exaggerate. Every financial publication, every major news organization, every newspaper in the world, credit rating agencies and international financial institutions all say the same thing as if they were in a choir…”
“In 2021 our GDP is up 10.3%, tourism revenue up 52%, employment up 7%, new business up 12%, exports up 17%, energy production up 19. %, energy exports up 3,291 % and internal income increased by 37%, all without any tax increases and this year the crime and homicide rate dropped by 95%…
“If El Salvador succeeds, many countries will follow in their footsteps. If El Salvador fails, we deny that any country will follow in its footsteps.”