Bitcoin holders and miners seem to be in hot waters in prosperous economies like China, Iran, Middle East, and even the United States. However, the good news for crypto enthusiasts is that one of the biggest countries in Central America has decided to open a permanent sanctuary for Bitcoiners. During the last days of the Bitcoin 2021 Conference in Miami, Jack Mallers revealed the official seal of approval from the president.
Jack Mallars is the founder of the Zap solution, which is a lightning network Bitcoin payments technology creator. During the conference, Mallars shared some messages from Nayib Bukule, President of El Salvador, about how the central bank policies are excluding the country from getting more prosperous. Bukule, later on, confirmed his remarks by tweeting his Bitcoin-friendly country vision.
Crypto Entrepreneurs are Certain that Bitcoin Corporations would Move to El Salvador for Sanctuary
The President of El Salvador has announced to the world that he wishes to make the country more crypto savvy. He added that Bitcoin would have the option of acting as a legal tender and a legitimate currency in El Salvador. He also claimed that Bitcoin has a market cap of roughly $680 billion. If only 1% of this wealth is poured into the country it would increase their GDP by 25%.
He also added that Bitcoin ventures would have the option of benefiting from gaining $10 million new users. According to the contents of tweets sent by Bukule, the Bitcoin investment would add billions of dollars to millions of low-income families present in the region. He further added that about 70% of citizens in the region do not have a bank account. Therefore, the presence of DeFi would allow these investors to have the option of experiencing a better financial inclusion.
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President Bukule is Inviting Bitcoin Entrepreneurs, Startups, and Miners to El Salvador
As per the President of central American country, El Salvador, the prospect of financial inclusion is a way to improve the lifestyle and living standards of the citizens. The president has also announced that the initiative to make Bitcoin a legal tender in the region had already proceeded. A new tweet claims that the Bitcoin bill proposal has been sent to congress already and would get approved real soon.
Major entrepreneurs in the crypto space like Justin Sun, founder of the TRON blockchain project, are claiming that Bitcoin enterprises would soon start to migrate to El Salvador. The President also invited the crypto investors and entrepreneurs to invest in a region where there are no capital gains taxes and the property taxes are zero. He also offered an easy residential setup for crypto enterprise owners.