Home Markets Analysis: Amid Bukele’s bitcoin hype, not all Salvadorans ‘Feel the Bit’

Analysis: Amid Bukele’s bitcoin hype, not all Salvadorans ‘Feel the Bit’

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El Salvador’s president Nayib Bukele speaks at the closing party of the “Bitcoin Week” where he announced the plan to build the first “Bitcoin City” in the world, in Teotepeque, El Salvador November 20, 2021. REUTERS/Jose Cabezas

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SAN SALVADOR, Nov 25 (Reuters) – El Salvador’s President Nayib Bukele took the stage last weekend at the end of “Bitcoin Week” to the cheers of fans delighted his Central American country has become the first to adopt crypto currency as legal tender, alongside the U.S. dollar.

Bukele, 40, wearing his signature backwards baseball cap, referred to himself as a “savior” as he unveiled plans to build “Bitcoin City” at the base of the Conchagua volcano overlooking the Pacific.

Funded by bitcoin-backed bonds and powered by geothermal energy, the city would offer a tax-free haven. “Invest here and earn all the money you want,” he told the euphoric crowd.

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