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-4.74%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.
Crypto asset manager Canary Capital has applied for an exchange-traded fund tracking Cronos (CRO), the token affiliated with the Crypto.com exchange, according to a filing with the U.S. Securities and Exchange Commission on Friday. The S-1 registration form marks Canary Capital’s latest step toward potentially debuting its Canary Stake CRO ETF in the U.S. and adds to the growing list of altcoin-based funds before the regulator. The issuer registered a Delaware Trust entity earlier this month, l...
Just three days after debuting a multi-billion dollar fundraising plan to purchase Bitcoin, President Donald Trump’s Trump Media & Technology Group announced Friday that it has successfully raised $2.4 billion for its crypto treasury. The funds were raised via an offering of common stock and convertible senior secure notes, the company said. Roughly 50 institutional investors participated in the sale, which produced $2.32 billion in net proceeds. Those funds will now be used to create a Bitcoi...
How do you save an ailing publicly traded company in 2025? One answer, and an increasingly popular one at that, is: pivot to crypto—or more specifically, become a crypto treasury company. The previously unknown online gambling marketer SharpLink Gaming did just that earlier this week, when it announced it had raised $425 million in investment to establish an Ethereum treasury. It was a notable departure from the more common route of building a Bitcoin treasury, with Ethereum being the second lar...
