Central American country El Salvador has been known for its bitcoin buying and storing of the top digital asset.
Recently, Deputy of the Republic of El Salvador, Dania Gonzalez, was in Brazil sharing her country’s experiences about its decision to make the top cryptocurrency, Bitcoin (BTC) as, legal tender. El Salvador Deputy was in Brazil due to the invitation of Rodrix Digital, a famous digital influencer who has been to El Salvador recently to produce a cryptocurrency documentary.
In Brazil, the lawmaker was attending Bitcoin 2022 and meeting with the CEO of Dape Capital, Daniele Abdo Philippi, and the CEO of Agency ROE, Ana Élle. As per Gonzalez, Bitcoin has also helped the El Salvador government bring change in people’s lives and the advantage of resources invested in bitcoin to improve the country’s economy by the President Nayib Bukele-led Federal Government.
While asking about the bitcoin investment of El Salvador and its impact on the lives of people during the price fall in bitcoin (BTC), Gonzalez also highlighted that every bitcoin investment has its cost and related benefit. She said that President Nayib Bukele did buy bitcoin and made a profit on it at a certain strategic moment. Further, she said that there are times when you make a profit in crypto investments, and there are also times when you need to invest more into them.
Gonzalez said that now when cryptocurrency is down, which is normal and it happens, it is the time when there should be more buying of bitcoins as the prices are low, and that is the strategy. She explained that El Salvador is already getting benefitted from its bitcoin investments while citing two examples: setting up a veterinary hospital and a public school made possible because of cryptocurrency.
Gonzalez said that President Bukele built a veterinary hospital that benefits the people from its services for their pets that cost them $0.25. Even the cost of operation also amounts to this much only and which is accessible to almost the entire population. Bitcoin turned out to benefit the people and not with the bitcoin in its reserves; she said that the government must build more schools.
Before using bitcoin, these projects needed to approve projects by the country’s general budget and use people’s money for the construction. Now, these works don’t need the traditional ways, all thanks to the profits made by bitcoin investments per Gonzalez. She made it clear that the bitcoin investment strategies of President Nayib Bukele have already proven successful in having a socioeconomic impact.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.