El Salvador President Nayib Bukele Accused U.S. Central Bank! Here’s What He Has To Say

The President of El Salvador, nayib bukele nayib bukele president at El Salvador Nayib Armando Bukele is a great leader, a true believer, and passionate about cryptocurrency and blockchain technology. Being the 43rd leader of El Salvador, his government rolled out a digital crypto wallet as an application, called Chivo which appeared reloaded with $30 of Bitcoin to promote adoption. Additionally, he is referred to as a moot president of the planet. In November 2021, Bukele announced a $1 billion bitcoin bond to develop a new, tax-free city, at the time bitcoin was near twice its current value of about $36,000 a pop.   Nayib Armando was born on 24th July 1981 in the Salvadoran capital. He's a son of Olga Ortez American state bukele and Armando Bukele. He graduated from Central American University and gained knowledge of the law. He was just 18 years when he founded his first company. On five June 2021, he proclaimed that he planned to introduce a bill to the lawmakers which might create El Salvador the primary nation to create bitcoin a tender. The assembly approved the bill on eight June 2021 and was regular to return to result on seven Sept 2021. On seventeen June 2021, the planet bank rejected a letter of invitation from him to help with the implementation of bitcoin as tender, citing considerations over transparency and therefore the environmental effects of bitcoin mining. The president is presently arranging an untaxed "Bitcoin city".   On 11 March 2012, he was an electoral politician of Nuevo Cuscatlan, within the department of Los Angeles Libertad. Within the municipal election of 2015 he won the berth of the Salvadoran capital, that is, the capital town of El Salvador, representing a coalition of the FLMN and therefore the Salvadoran political party. alternative political achievements area unit Expulsion from the FMLN, election as president, and presidency; Bukele assumed workplace on one June 2019, succeeding Glen Gebhard Ceren, he proclaimed a cupboard of sixteen individuals created of eight men and eight ladies, who can serve till one June 2024. [email protected] President , was interviewed by Fox News yesterday. Among the issues he discussed was Bitcoin and the rotting of the cities in the United States, where he argued that the once beautiful towns have now become wastelands. “Cities are rotting so fast, and it is by design,” he exclaimed. 

In the interview, he said that he could not live in the main cities of the U.S because the Central Bank is generating more problems by giving people money and drugs. By giving people money and drugs, the government is destroying the economy and society, argued El Salvador’s President. 

He highlighted the shortcomings of the U.S. Central Bank, stating that the enemies come from inside because they release money towards initiatives that cause more harm than good.

“The U.S. government is enacting solutions to the problems, but they end up creating more problems,”said El Salvador’s President. 

These sentiments have caused an uproar on Twitter, where angry Americans called him a hypocrite.

El Salvador and Bitcoin Adoption 

Many governments have condemned El Salvador for making bitcoin a currency since it is a developing country. President Nayib, on the other hand, blamed the U.S. central bank for raising the interest rates claiming that this is the reason behind the Bitcoin collapse.

The citizens of El Salvador have not embraced bitcoin even though the President encouraged them. The objective was to create employment and attract investors, but from the current statistics, the goal was not feasible.

At the time of legislation in late 2021, the price of Bitcoin traded around $45,000. El Salvador’s President has spent up to $107 million of the country’s revenue to buy Bitcoins, according to data derived from Nayib tracker. The prices skyrocketed in the first two months to a high of $69k but later took a turn for the worst. Currently, the price is at $20,446, down over 60 per cent from the ATH, according to data from Coinmarketcap. 

The losses can partially be attributed to the covid pandemic, which increased interest rates at the federal reserves and central banks. OtherBitcoin price among other crypto assets have shown high correlations with the stock market among other macroeconomic aspects.

After El Salvador’s President was unsuccessful in his attempts to get further funding from cryptocurrency investors, the usage of BTC among Salvadorans has plummeted, and the government is rapidly running out of cash.