El Salvadoran President Nayyib Bukele has boldly predicted that two other countries will follow in El Salvador’s footsteps and make bitcoin legal tender.
Under Bukele’s rule, El Salvador has embraced bitcoin, becoming a hub for the cryptocurrency all around the world. Besides adopting it as legal tender in September, the country’s wealth fund has also invested heavily in the cryptocurrency, expressing faith in the innovative technology, despite routine fluctuations in its value.
“What has been called by international organizations as ‘The Bitcoin Experiment’, is nothing more than the world watching how mass adoption changes a country’s economy. If it’s for the good, it’s game over for fiat,” President Bukele stated. “El Salvador is the spark that ignites the real revolution.”
In addition to this, Bukele is working on constructing a ‘Bitcoin City’ in El Salvador, in the Gulf of Fonseca on the West Coast of Central America. He believes this will be a magnet for bitcoin entrepreneurs all around the world to invest in his country and help make the people of the country prosperous. The residents of the Bitcoin City will be excluded from paying income, payroll, capital gains and property taxes, in order to incentivize foreign investment.
Bukele has also been a vocal critic of President Joe Biden, accusing his administration of widespread corruption and of funding violent communists against the Bukele government.