In 2021, the Central American country of El Salvador became the first country in the world to introduce Bitcoin (BTC) as legal tender. At the time, it was not entirely clear how El Salvador’s plans would materialize. Now, two years later, it’s easy to appreciate.
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Bitcoin introduction benefits El Salvador’s growth The future of the country is bright. At least, that’s what an adviser at the big investment firm VanEck believes. According to Gabor Gurbach, El Salvador could become “the Singapore of America.”
If Gurbacs has his way, El Salvador will thrive. Not only is the introduction of Bitcoin going well, but the country’s overall economy is on the upswing, attracting investors’ attention.
“I often tell portfolio managers that El Salvador has the potential to become the Singapore of America.”
According to Gurbax. In the 1990s, Singapore experienced tremendous growth and attracted large amounts of new capital. The Asian city-state also saw significant growth in immigration during that time. We’ll see the same in El Salvador, Gurbax believes.
I often tell portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of America. I expect immigration, capital investment and overall growth in El Salvador to continue to increase. https://t.co/CmT554x12j
— Gabor Gurbacs (@gaborgurbacs) October 28, 2023
El Salvador abolished all taxes on technological innovations earlier this year. It is a huge catalyst for foreign investment.
“Bitcoin country” El Salvador is on the radar
Max Keizer, the well-known ‘Bitcoin maximalist’, lives in El Salvador and invites people to immigrate to El Salvador: “Move to El Salvador, country of the free.” He cites the legal status of BTC and the dollar, low crime and beautiful beaches, among others, as reasons to live in El Salvador.
Although El Salvador’s policies have long been criticized by President Nayeb Bukele, the tide appears to be slowly turning. The world is starting to realize that Bugel’s Bitcoin policy is working. This did not escape US bank JP Morgan either. The bank changed its credit rating on El Salvador’s government bonds earlier this year. The country’s bonds are 70 percent in the green this year.
FIAT guys @jpmorgan El Salvador is finally “getting some credit,” they say.
They just like it.
It will soon be: “Salvadoran bonds now investment grade”.
You will see 😉 pic.twitter.com/6Z1r7iS9M4
– Nayib Bukele (@nayibbukele) May 9, 2023
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