- Freshly re-elected Nayib Bukele hits the ground running with a new proposal.
- Bitcoin Maxi Max Keiser announced the Bitcoin bank to attract new investors.
- El Salvador has made their $370 million worth of Bitcoin vault publicly trackable.
El Salvadorโs President, Nayib Bukele, continues to offer Bitcoin-related initiatives in the Latin American country. This time, the El Salvadoran government has proposed to establish a Bitcoin bank to attract billions in investments from foreign countries.
Bitcoin Bank for Private Investment Broadens Opportunities
Milena Mayorga on X initially announced the development. The Ambassador of El Salvador to the United States broke the news of a โBank for Private Investmentโ (BPI), which was later confirmed by Bitcoin Maxi Max Keiser, who is working as a Senior Bitcoin Advisor to Bukele.
The ability to hold Bitcoin investments without the restrictions of overseas banks offers an edge over regular banking systems. Borrowers will be able to collateralize their pristineness without any counterparty risk, which increases the chances of El Salvadorโs GDP experiencing a 10-fold growth in five years as estimated by Cathie Wood from Ark Invest.
Bitcoinโs Progress in El Salvador: Better Than Expected?
If Woodโs prediction seems far-fetched, consider that Google recently established its new headquarters in El Salvadorโs capital, San Salvador. The headquarters, it is estimated, will have an annual economic impact of $3.4T.
The major breakthrough happened after El Salvador eliminated all taxes on technology businesses, following Dubaiโs lead. The substantial tax relief wasnโt unnoticed by Wall Street, as El Salvadorโs foreign bonds have piqued the interest of experienced wolves.
Simultaneously, the country began its Volcano Energy Project, striving to become a leading player in the Bitcoin mining industry. In addition, starting in November 2022, El Salvador has started regularly buying one Bitcoin a day. El Salvadorโs Bitcoin stash now consists of 5,785 Bitcoins in a publicly trackable cryptocurrency wallet address.
On the Flipside
- Aside from economic growth, Nayib Bukeleโs presidency is often praised due to El Salvadorโs successful crackdown on local gangs.
- Due to the elimination of violent crimes and murders, the country has become more attractive to tourists and foreigners, including crypto talent.
Why This Matters
El Salvador pioneered Bitcoin as a legal tender in 2021, and the nationโs transformation has become a hot topic in financial and political circles.
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