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El Salvador is garnering global praise as it increasingly becomes the pro-crypto and Bitcoin destination for many crypto businesses.
In a tweet today, Anthony Scaramucci, founder of SkyBridge Capital, lauded the leadership of pro-Bitcoin President Nayib Bukele in transforming the country’s economy.
Scaramucci emphasized the turnaround in El Salvador under Bukele, noting that his “common-sense” and pro-business policies would be studied for decades—if not centuries. He highlighted the stark contrast between the country’s past challenges with crime and its current rise as a burgeoning tech hub.
From Crime Capital to Crypto Hub
Notably, El Salvador was once one of the most dangerous countries in the world, plagued by violent gangs. However, its transformation into a friendly haven for business and Bitcoin innovation has been remarkable.
Tether, the largest stablecoin issuer, is the latest to signal its pivot to El Salvador. Today, Tether CEO Paolo Ardoino announced the decision to relocate the company’s corporate headquarters to the country.
This move follows Tether’s successful acquisition of a license to operate as a digital asset service provider in El Salvador.
Scaramucci Applauds Bukele’s Vision
Scaramucci attributes this significant success to the leadership of President Bukele. In his tweet, Scaramucci praised Bukele for his decisive policies that prioritize both economic growth and public safety.
According to Scaramucci, the dramatic reduction in crime and the welcoming environment for tech and crypto companies could serve as a model for other nations.
“From the murder and violent gang capital of the world to a burgeoning tech hub,” Scaramucci wrote while acknowledging Tether’s move to El Salvador.
El Salvador’s Crypto Moves
Notably, under Bukele, the country became the first in the world to adopt Bitcoin as legal tender.
This audacious move sparked significant outrage from global financial institutions. However, several years later, critics found reasons to align with the country’s bold decision as it proved to be successful.
Following Tether’s planned relocation to El Salvador, Rumble, the video-sharing platform, has also been publicly invited by President Bukele to consider relocating its headquarters to the country.
This growing trend highlights El Salvador’s ambition to become a global hub for cryptocurrency and innovation.
With these developments, many in the crypto community view El Salvador as a prime example of how forward-thinking policies can create an ecosystem ripe for investment and innovation. Specifically, they position the country as a potential model for other nations looking to tap into the digital economy.