Bukele said El Salvador had experienced a growing tourist influx over the last year, attributing it to his policies concerning Bitcoin. He commented the UN had not emerged to divide, destroy or subdue but to help people work together and build a better community.
The cryptocurrency community always feels attracted to the speech of Nayib Bukele due to his growing popularity. Therefore, various media outlets replicated his recent words before the United Nations (UN), the most relevant forum for Latin American countries.
It is important to remember there have been disagreements between the government of Nayib Bukele and the above international organization.
The Salvadoran president started his speech by saying he brought greetings from the land of volcanoes, surfing, Bitcoin, and Freedom.
Bukele focused his initial words on what he considers the most notorious advances for El Salvador. He highlighted that the Central American nation has gone from being one of the most dangerous to becoming one of the safest.
The president also mentioned the growing tourist influx that El Salvador has experienced over the last year. He has attributed that increase to the policies adopted by his government concerning Bitcoin.
He pointed out that he stood before the UN three years ago to say their format was obsolete. He also said that he no longer believed in it as it has proven outdated.
Bukele Says El Salvador Is the Country of Bitcoin
The crypto and international communities have felt attracted to adopting Bitcoin as a legal tender in El Salvador. It was the first country to accept that cryptocurrency and legalize its use, adopting policies to promote its acceptance among citizens.
In addition, he created a 2,300 BTC reserve for the Central American country. However, his detractors criticize him as it now represents less than 50% of the investment.
International economic organizations like the International Monetary Fund (IMF) have commented against the policies of El Salvador. Therefore, the speech of Bukele encompasses the interference of other larger countries in this area.
After referring to that assembly as useless, he said that the UN had not emerged to divide, destroy, or subdue. He highlighted that it should help people relate to work together, build a better community, and seek solutions to problems.
Bukele Talks about Whether Bitcoin Has Failed in El Salvador
The Salvadoran population has undoubtedly not welcomed the adoption of Bitcoin as expected. According to some media outlets, the remittances received by citizens through the Chivo Wallet are less than 2%.
El Salvador now faces a difficult economic situation, as it does not receive international financing while the rating of its sovereign bonds is dropping. Among the economic policies that Nayib Bukele will promote include offers to repurchase part of the public debt.
The public debt of El Salvador, which it must pay between 2023 and 2025, is around USD 1.6 billion. Meanwhile, the Salvadoran Minister of Finance clarified that they only had USD 550 million to repurchase the debt.
Amid that situation and the low prices in the crypto market, El Salvador must respond to considerable economic challenges. However, the Salvadoran president stands firm with his decision to adopt the pioneering cryptocurrency.
By Alexander Salazar