- Mogul Elon Musk welcomed El Salvadorโs Nayib Bukele to Tesla headquarters.
- The two Bitcoin proponents debated AI, robotics, and the economic future.
- El Salvador strives to become a key player in the Bitcoin mining industry.
Billionaire Elon Musk and El Salvadoran President Nayib Bukele met last weekend in Austin, Texas, to discuss multiple tech and innovation-focused subjects.
Elon: โEl Salvador Has an Amazing Leaderโ
El Salvador famously became the first country to adopt Bitcoin (BTC) as a legal tender in 2021, paving the way for its status as an emerging crypto hub. The meeting comes amid Bitcoinโs bull rally to above $63,500, which was highly driven by the relief provided by last weekโs Federal Reserve interest rate cut.
The duo discussed topics like humanity’s future, the nature of reality, and the influence of artificial intelligence and robotics on the globe and its people. Musk praised Bukele, concluding, “El Salvador has an amazing leader.โ
Musk & Bukele Talk Future, But Not Crypto
Both famed crypto aficionados took a tour around Teslaโs spacious headquarters in Austin, Texas. While Bukele hinted at United States debt issues, the famous Bitcoin proponent didnโt mention crypto. Neither did Musk, known for his profound love of Dogecoin (DOGE).
Bukele described his discussion with Musk as a โpleasure to spend several hours talking with one of the great minds of our time.” Like Musk, Bukele criticized the U.S. government’s attempts to curb inflation and alluded that the Federal Reserve buying treasury bonds powered the vicious cycle.
The millennial leader has entangled himself in a quest for his nation to become a major player in the Bitcoin mining field. Aside from the mining venture, El Salvadorโs cold Bitcoin wallet is filled with one Bitcoin a day, now worth approximately $360 million.
The Dollar Cost Average (DCA) tactics, meaning that a Bitcoin is bought daily at the live market price, have contributed towards a 44.35% return on all-time investment. Despite a slow start, El Salvadorโs Bitcoin stash is now nearly 60% up.
El Salvadorโs adoption of Bitcoin (BTC) is a hedge against ever-shifting economic conditions, but the move also attracted the interest of technology and finance heavyweights. Google, in particular, stands out by setting up headquarters in San Salvador, the nation’s capital.
Meanwhile, Wall Street pros defined El Salvadorโs foreign bonds as an over-performing investment, praising the countryโs economic growth despite several early warnings by the International Monetary Fund (IMF). In their latest staff report on El Salvador, the IMF disclosed that El Salvadorโs Bitcoin journey has been going smoother than expected: โmany of the risks have not yet materialized,โ concludes the statement.
On the Flipside
- Nayib Bukele confessed in a TIME Magazine interview that Bitcoin adoption in El Salvador has fallen short of expectations but has still been a net positive for the Latin American countryโs growth.
Why This Matters
The two global leaders are pivotal in blockchainโs global adoption, instigating necessary discussions on technology that could potentially lead to a clearer regulatory framework.
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