Report from week one:

The young president Nayib Bukele‘s proposal was adopted to introduce Bitcoin as a legal currency in the central American country of El Salvador. Even if this decision makes more complications toward the International Monetary Fund to borrow one billion US-Dollars because Bitcoin has a very fluid value, it seems that the president is ready to go forward with his program of ambitious ideas. Whereas many Salvadorians don’t have access to internet and use rather US-Dollar. Bukele proposed to use El Salvador’s Volcanos as renewable energy, to have so enough power for the most popular cryptocurrency. The young and ambitious president’s policy is to have “every day a new idea” and he seems ready to enforce them even with authoritarian measures like controlling even more the justice system.¹

In my opinion, it would be interesting if the speculative Bitcoins would make El Salvador prosperous or rather still an object of prestige and publicity. Will it be successful or a failure for the national economy? If it is the former, then other countries will probably try Bukele’s model, if it is the latter, it will cause international anxiety toward Bitcoin.

Source: ¹Antonia Noori Farzan: What you need to know about El Salvador’s plan to use volcano-powered bitcoin as legal tender, in The Washington Post (12.06.2021).

Julien Sita, June 13th 2021.