El Salvador’s president remains popular despite Bitcoin’s bad bets and economic downturn
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer El Salvador’s president remains popular despite Bitcoin’s bad bets and economic downturn
In September 2021, the President of El Salvador, Najib Bukele, made a bet on bitcoin when he made it legal tender in the Central American country and invested a lot of money in the cryptocurrency himself.
One year later, $107 million was invested, but his investment did not pay off.
The president’s investment has fallen by more than $61 million on paper from bitcoin purchases.
As data from Nayib Tracker shows, many citizens still do not use Bitcoin.
And the economy of the small country is not doing well.
The International Monetary Fund has warned that El Salvador’s economy will grow by just 1.7% in 2023, which will look like a recession.
Read:Has Bitcoin bottomed out after CPI data? Or is there still more decline?
But this does not mean that President Bukele is unpopular in his country.
According to a CID Gallup poll released Thursday, the leader has the highest approval rates in Latin America.
CID Gallup, a Costa Rican consulting firm, surveyed 1,200 citizens in 13 Latin American countries and found that President Bukele was the most popular, with an 86% approval rating.
Bukele performed significantly better than leaders in major Latin American economies such as Mexico and Argentina (but the survey did not include all countries in the region).
This may come as a surprise to political observers outside the country, given the reports of civil unrest in El Salvador.
Read:How to buy real estate from nextearth
In the past year, Salvadorans have taken to the streets several times to protest against the bitcoin law and the president’s consolidation of power.
Earlier, the leader once admitted that he buys cryptocurrencies on his phone while naked.
Which was further criticized by everyone from the US lawmakers, who described the Bitcoin law as a careless gamble of the World Bank and the International Monetary Fund.
El Salvador’s Bitcoin law requires companies to accept the largest cryptocurrency if they have the technology to do so.
The state government encouraged citizens to use bitcoin by giving them all $30 worth of bitcoin via a state-issued digital wallet.
Read:The Bank of England decides to act in an emergency and announces the continuation of quantitative easing… What impact will this have on the crypto market?
El Salvador, a poor country that often finds a place on a list of the world’s deadliest, is supposedly less dangerous under Bukele’s rule.
This year, the eccentric leader began a crackdown by arresting suspected gang members and throwing more than 53,000 of them into prison.
Salvadorans praised the bold move and said the country had become safer, but human rights groups criticized it and warned that it was unsustainable and could lead to a crisis in the country’s prisons.
Government office gets software to track cryptocurrency transactions
The CEO of Coinbase Sells 2% of His Stake in the Company…Here’s Why!
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time