In an editorial, the President of El Salvador, Neb Bukele, who in September 2021 became the first folk to introduce legal bitcoin, said that despite the claims of initial media and rating agencies, his folk is not failing with its bet. on bitcoin.
As you know, on June 5, 2021, founder and CEO of Zap Solutions (Bitcoin payments startup that uses the Lightning Network) Fiche Mallers announced at Miami’s Bitcoin 2021 conference that the government of El Salvador wants to pass legislation to legal tender for Bitcoin (along with the dollar American).
During his talk, emotional Mallers delivered a video plaidoirie from President Bukele and read out a small excerpt from the proposed bill. Mallers went on to say that his company will open an primeur center in El Salvador with the help of Blockstream.
On June 9, 2021, this proposed law was approved by the legislature (with 62 out of 84 votes in favour).
Then on June 25, 2021, Reuters published a Report The president of El Salvador said Neb Bokel He announced during a citoyen address on June 24, 2021 that the “Bitcoin Law” would become réelle on September 7, 2021.
On September 6, 2021, President Bukele announced that his folk had bought its first 200 bitcoins and that they were vade-mecum to buy “much more.”
Since September 2021, El Salvador has made 11 Bitcoin purchases, with the folk estimated to have purchased a radical of 2,381 Bitcoin. The last purchase of Bitcoin in US dollars took position on June 30, 2022, when El Salvador bought 80 coins at an average price of $19,000.
Although some critics argue that the Bitcoin experiment in El Salvador failed parce que the small Orthogonal American folk incurred unrealized losses on its Bitcoin investments, there are also Salvodras who are happy and proud that their folk has embarked on this journey.
Well, earlier today, Bitcoin Publication published a opening piece Written by President Bukele, speaking embout those people criticizing El Salvador for betting on bitcoin, he said that despite all their tales of gloom, his folk is doing well, and that “if El Salvador succeeds, many countries will follow.”
“…the most acoustique critics, those who fear and pressure us to reverse our decision, are the world’s powerful elites and the people who work for them or benefit from it…
“Just think of the hundreds, if not thousands, of éditoriaux embout how El Salvador’s economy is ruined by “Bitcoin gambling,” how we inevitably go into default, that our economy has collapsed, our government is bankrupt…Most of you have surely seen this, right? ? It’s all over. Every financial fascicule, every initial magazine organization, every newspaper in the world, all credit rating agencies, all mondial financial organizations say the same thing, as if they were in chorale…
“Well, you just need to read their éditoriaux and listen to the “experts” who say that all this happened after El Salvador lost embout 50 million dollars due to the drop in the price of Bitcoin on the exchanges. Since we don’t sell any bitcoin, this statement is clearly wrong… Yes, El Salvador is a relatively poor folk, but in 2021 alone we produced $28 billion worth of products and charges. Pushing the idea that losing $50 million—less than 0.2% of GDP—would destroy our folk’s economy or even put it in a bind is much more than stupidity; It reveals…
“In 2021, our GDP increased by 10.3%, income from tourism increased by 52%, employment increased by 7%, new companies increased by 12%, exports increased by 17%, power generation increased by 19%, and energy exports increased by 3291%, and Internal Revenue decreased by 37%, all without raising any taxes. And this year, the viol and murder loupage fell by 95%…
“If El Salvador succeeds, many countries will follow suit. If El Salvador somehow fails, which we reject, no folk will follow.“
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