Another person who openly endorses Bitcoin is Nayib Bukele, entrepreneur and President of El Salvador, a small Central American republic of about six million inhabitants, famous for its Pacific Ocean beaches, surf and wonderful mountains.
41 years old, independent, Bukele is recognized for his skills and his entrepreneurial spirit from a young age, as at 18 he was already at the helm of a company. Bukele owned Yamaha Motors El Salvador, a company that sells and distributes Yamaha products in El Salvador and he was also the director and president of OBERMET, S.A. DE C.V. in 2011. He embarked on a political career and after being mayor of Nuevo Cuscatlán and San Salvador, he was elected president and assumed office on 1 June 2019.
On 5 June 2021, Bukele announced that he planned to introduce a bill to the Legislative Assembly which would make El Salvador the first nation to make Bitcoin a legal tender. The Legislative Assembly approved the bill on 8 June 2021, and it was scheduled to come into effect on 7 September 2021.
On June 6, 2021, Bukele tweeted that Crypto entrepreneurs would have permanent residence in El Salvador and no capital gains tax for Bitcoin, since it will be a legal currency. Justin Sun replied always on Twitter “Amazing! Packing now! “ and CZ posted an animated picture of Mickey Mouse packing his clothes into a suitcase, writing “Enticing”.
When Bitcoin dropped to $ 18,000 a few weeks ago and people started doubting Cryptocurrencies, Bukele tweeted that Bitcoin is safe and its value will immensely grow after the bear market. In September 2021 Bukele announced that El Salvador held 400 Bitcoins and 0n 4 October 2021 he also tweeted :”Bitcoin cannot be hacked”. Bukele had also stated that he would be present at the Bitcoin 2022 conference but then had to cancel it due to unforeseen circumstances in El Salvador which required his urgent attention.
While for Bitcoin supporters President Bukele is a myth, for traditional finance experts what he is doing is dangerous and can lead to risks for the Central American country. “Having an unpredictable man who controls everything doesn’t inspire much confidence in anyone,” said Carlos de Sousa, an investor at Vontobel Asset Management in Zurich. “He went beyond promoting Bitcoin. You have a president trading Bitcoin on his phone with the government’s money, and that’s unprecedented.” Nathalie Marshik of Stifel Nicolaus & Co., a financial services company in New York, predicts that the country will have a $1 billion shortfall in 2022.
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