Posted on 06/06/2021
El Salvador’s President Nayib Armando Bukele Ortez (age 39) disclosed plans he would submit legislation to make Bitcoin legal tender. This information was revealed via video broadcast at the Bitcoin 2021 conference in Miami.
Nayib Bukele is the 46th and current President of El Salvador. He has served June 1, 2019 after winning the 2019 election.
On June 5, 2021, he tweeted, “#Bitcoin has a market cap of $680 billion dollars.
If 1% of it is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.”
He added, “Besides, a big chunk of those 6 billion dollars is lost to intermediaries.
By using #Bitcoin, the amount received by more than a million low income families will increase in the equivalent of billions of dollars every year.
This will improve lives and the future of millions.”
His final tweet in succession was, “Furthermore, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy.
Financial inclusion is not only a moral imperative, but also a way to grow the country’s economy, providing access to credit, savings, investment and secure transactions.”