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- Dr. Saifedean Ammous joins El Salvador’s Bitcoin office.
- Earlier this month, Nayib Bukele erased technology taxes.
- Dr. Ammous claims El Salvador will get rid of debt in five years.
Dr. Saifedean Ammous is the famed author of the best-selling book about cryptography and the benefits Bitcoin brings to society, “The Bitcoin Standard: The Decentralized Alternative to Central Banking,” first published on April 24th, 2018.
Having written one of the fundamental books about cryptocurrency, Dr. Ammous felt honored to join El Salvador’s National Bitcoin Office as Economic Advisor. The Bitcoin Office has already lined up quite a few celebrities, including the famed Bitcoin Maxi Max Keiser and his wife, Stacy Herbert.
Thrilled, honored and excited to start working with the Bitcoin Office in the first country to adopt a bitcoin standard! https://t.co/KsczRwFIh5
— Saifedean Ammous (@saifedean) May 30, 2023
El Salvador’s on a Mission to Erase All Debt
El Salvador’s brave Bitcoin journey was widely targeted by the mainstream media last year when the prolonged crypto winter took its toll on the leading crypto asset’s market value. However, Dr. Ammous told the local newspapers that BTC “gives you the opportunity to have a strong asset that doesn’t depreciate over the years.”
Indeed, the newly-bred Economic Advisor sees Bitcoin as a life vest against debt if the Latin American country accumulates Bitcoin over the next five years. Currently, El Salvador applies Dollar Cost Average (DCA) tactics to acquire one Bitcoin daily, making the government $800 million in profit.
Ultimately, El Salvador has proven that mass media outlets were biased for most of 2022, attempting to portray its BTC journey in the most negative light possible. Pro-Bitcoin President Nayib Bukele penned an op-ed piece titled “Stop Drinking The Elite’s Kool-Aid,” explaining the motive behind denouncing El Salvador’s achievements.
🇸🇻 President Bukele: "The real question is not if other countries are going to adopt #bitcoin, but when"
— Bitcoin Magazine (@BitcoinMagazine) May 30, 2023
Download Bukele's featured article from @BitcoinMagazine's "The Orange Party Issue"
🍊➡️ https://t.co/3TUJ3YfZdR pic.twitter.com/sfhjXR4Bss
On the Flipside
- From a financial perspective, Nayib Bukele’s Bitcoin portfolio is still down by $40 million.
- However, making BTC legal tender helped El Salvador tackle the most critical social issues.
- In one year, the country’s homicide pandemic ended, sparking tourism and foreign investor interest.
Why This Matters
El Salvador is the first country to declare Bitcoin as a legal cash currency.
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