El Salvador's Vice-President Attributes Country's Economic Rebirth to Bitcoin Adoption
In an interview with Forbes on Sunday, El Salvador's Vice-President Ulloa credited the nation's recent economic resurgence to its adoption of Bitcoin as legal tender.
This comes after various reports have highlighted positive impacts on the country's economy, security, and tourism, all influenced by the cryptocurrency.
Last July, Bloomberg reported that despite initial concerns over El Salvador's Bitcoin adoption in 2021, Wall Street investors have shown increasing interest in the country's bonds. The bonds have yielded a return of 70% in 2023, outperforming other emerging markets.
For example, despite a 180% return on its position, Converium Capital Inc. chose to maintain its investment. Vice-President Ulloa clarified that this is not coincidental.
"It's the result of applying a financial policy from the government of the president Nayib Bukele, exercised by our entities in charge," he stated.
Ulloa further explained that the Bitcoin Law enacted by the country was an important factor in changing El Salvador's global standing. Despite initial objections from some multilateral organizations, the country attracted a slew of investors, particularly in the digital economy.
According to Ulloa, more than 80 Bitcoin-focused companies are either operating in El Salvador or have plans to expand there.
El Salvador's approach to technological innovation and its strict policies against gang violence have caught the attention of tech giants like Google and Meta. Both companies have plans to collaborate with the Salvadoran government.
According to Ulloa, the collaboration will modernize and digitalize the government of Salvador, and battle corruption.
According to both Santander Markets and Vice-President Ulloa, Bitcoin adoption has been a
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