Populist president of El Salvador Nayib Bukele has just unveiled plans to make Bitcoin the national currency in mere days, announcing to a Miami Bitcoin conference: “Next week I will send to congress a bill that will make bitcoin a legal tender.”
Amid uncontrollable extreme hyperinflation foised upon the American people and the world by the Biden administration, President Bukele looks to shield his country from the foreseeable future devastating impacts of the collapse of US fiat, far worse than in 2008. Bukele plans to make Bitcoin the primary legal tender used within El Salvador, as the national Colon has this year marked the 20th year of widespread abandonment in favor of US dollars.
There has been intent speculation on the subject of crime reduction during the new president’s tenure, with Foreign Policy magazine reporting of a brilliant strategy hatched by Bukele to “merge cells of opposing gang members” in prison to force concessions in negotiations with MS-13.
In September 2020, Salvadoran investigative media outlet El Faro revealed that members of Bukele’s government had been meeting with high-level members of MS-13 in prisons since at least July 2019. The report alleged that reduction of homicides was among the concessions that gang leaders had agreed to in exchange for prison privileges, including the reversal of a government decision to merge cells of opposing gang members. Bukele has denied negotiations occurred but has not offered any explanation as to why documentation exists of these visits by members of his government.
President Bukele’s success in leadership has attracted the largest tech companies in the world to quickly establish offices in El Salvador. Similarly, to the chagrin of American officials failing their own population, Bukele has attracted substantial Chinese investment in its surging economy. Private investment has flooded the nation, too, with Warren Buffett’s son taking routine trips to the Central American country and investing tens of millions of dollars to law enforcement capacities, which have proved wildly successful under the young president.
Bukele was elected in 2019 as an outsider populist presidential candidate by breaking the corrupt, entrenched two-party system which held a stranglehold on El Salvador for the last three decades.
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