El Salvador is Growing Double Digits in 2022

El Salvador is Growing because of Bitcoin?

We all know that Nayib is a Bitcoin-friendly person. He purchased million dollars worth of Bitcoin, built the first Bitcoin city in the world due to Bitcoin bonds and legalize Bitcoin as a official currency of the country. As a result, cryptocurrency investors are obsessed with El Salvador, a country for cryptocurrencies’ freedom.

According to President Nayib Bukele, El Salvador’s GDP increased by 10.3% in 2021. El Salvador has never had a GDP of this level before, and the country’s adoption of Bitcoin is undoubtedly one of the reasons for this.

El Salvador’s president previously stated that the Bitcoin city will be free of traditional taxes such as income and capital gains taxes, as well as CO2 emissions. People are still perplexed as to how he manages to complete these difficult tasks, but the passage of time will provide us with the final answer.

We can see that Nayib is trying to turn El Salvador into a Bitcoin hub by allowing people to invest freely. With the goal of “creating a haven for freedom,” El Salvador now offers citizenship to foreign investors.

El Salvador has about 1,391 Bitcoins in its coffers, according to a previous Bloomberg analysis, and may have lost an estimated $10 million due to the Bitcoin rout this year. Bukele said he “bought the dip” when the market fell in January, adding 410 Bitcoins to El Salvador’s stash for $15 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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