$108,444.00
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-2.36%Reading
An economist has suggested that El Salvador’s Bitcoin-loving president should use his “failed” cryptocurrency investment to help the country’s poor.
Speaking to El Diario de Hoy newspaper, UCA El Salvador University professor Rafael Lemus said that President Nayib Bukele’s Bitcoin buys had produced no benefit for the country and should be put to better use.
President Bukele—who became El Salvador’s leader in 2019—made Bitcoin legal tender in the tiny Central American country back in 2021. He has also bought a lot of the cryptocurrency, according to Twitter announcements, but his government won’t reveal information on the investment.
“Just as he blew through more than $2 million in Bitcoin, why not undo that investment, recover what he can, and allocate it to the poorest households,” the professor said, referring to the leader’s buying spree.
He added that such a move would prevent the poorest households in the country from “moving into extreme poverty” due to inflation.
El Salvador’s president Nayib Bukele announced that the Central American nation will begin purchasing one Bitcoin (BTC) every day. The announcement comes three and half months after El Salvador reportedly made its last Bitcoin purchase in July 2022, acquiring 80 BTC at the price of $19,000 for a coin. El Salvador allegedly holds 2,381 BTC at an average buying price of $43,357, according to data from Buy Bitcoin Worldwide. This sum is based primarily based on when the President announced Bitcoin...
El Salvador is one of the poorest nations in the Americas. It previously suffered from endemic gang violence but the murder rate—once one of the highest in the world—has dropped dramatically under Bukele’s watch.
#NuevasIdeas = #NuevosPobres en situación extrema.
❌ No logran cubrir el costo de una canasta básica 532 mil y se incrementó en 164 mil.❌ Un retroceso a niveles superiores de 2017.
❌ Pobreza relativa se reduce, pero un 80% pasan a situación extrema
❌ ¿Prioridad #Bitcoin? pic.twitter.com/9EgNjAWe98
— Rafael Lemus 🇸🇻 Pro 🇺🇦 (@Lemusrafa) September 10, 2022
According to data from the Nayib Tracker website, the president has spent over $113 million on Bitcoin but is currently down 34% on the investment.
Despite the president being very popular in El Salvador—and Latin America as a whole, according to polls—Bukele’s Bitcoin bet has been criticized.
The likes of the World Bank and the IMF have dismissed the idea and so far, not many Salvadorans use the cryptocurrency for everyday purchases.
El Salvador’s Bitcoin Law requires businesses in the country to accept the cryptocurrency if they have the technological means to do so. Citizens were also encouraged to use it.
But when Decrypt visited the country in 2021, not many merchants, other than major companies like McDonald’s or Starbucks, were interested in the asset.
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The Russian Ministry of Energy is considering offering its now strictly regulated Bitcoin mining industry incentives to move to the north of the country. The move follows Russia slapping a Bitcoin mining ban on ten regions (mainly in the south) in January of this year: Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk, Lugansk, Zaporizhzhia, and Kherson. Russia to Ban Crypto Mining 'In Some Regions' Due to Electricity Shortages The ban is set to rema...
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