For bitcoin and cryptocurrency fans, the name Nayib Bukele should ring several bells. As the president of El Salvador, the man was tasked with integrating bitcoin as legal tender in his country.
Nayib Bukele Should Be Admired for His Bitcoin Plans
Bukele has clearly done this for no other reason than to keep his people financially safe and independent. He’s not only a bitcoin believer, but a true leader in that he has taken it upon himself to do something quite difficult to ensure his country survives.
Bukele has faced adversity from all sides throughout his bitcoin journey, yet he has faced this adversity head on and in many cases, hasn’t cared about what others think of him or what they say about him. His bravery and courage during his country’s monetary transition is something to be truly admired, and he probably hasn’t received the respect or the attention he deserves.
El Salvador was the first nation to declare bitcoin legal tender, doing so in September of last year. Thus far, the country has embarked on an eight-month digital currency journey that has no doubt had its ups and downs, but this hasn’t caused Bukele to step back or quit. Organizations like the World Bank, for example, stated that it would not aid in El Salvador’s bitcoin plans, claiming the world’s number one digital currency by market cap was too risky and too volatile to take seriously.
Most other leaders would have curled into a ball and admitted defeat. By contrast, Bukele went forward without aid from the World Bank. Many months later, after bitcoin was official money in El Salvador, he faced similar problems from the International Monetary Fund (IMF). The organization practically got on its knees and begged Bukele to rescind all his love for bitcoin and crypto. Bukele politely said “no.”
Bukele even faced opposition from his own people. The early days of bitcoin’s integration into El Salvador’s society were met with protests in the capital city of San Salvador, but this didn’t sway Bukele. Bitcoin is likely to have a lasting future in the Central American nation, and now countries such as the Central African Republic are following suit and declaring BTC legal for themselves. What a trend Bukele has started!
Getting Away from USD
The goal was to get his people to step away from USD, a currency that El Salvador has long been dependent on. USD is suffering from a strong devaluation period as inflation under Joe Biden continues to hit record highs. All one can say is that Bukele arguably knew what to expect under America’s weakest leader and felt he had to take the necessary precautions.
In many ways, the world appeared to resent Bukele’s strength and spirit, but his leadership skills are undoubtedly saluted and commended amongst both crypto fans and patriots alike.
