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Bitcoin (BTC) country El Salvador could become the “Singapore of America”: VanEck Advisor

Bitcoin (BTC) country El Salvador could become the “Singapore of America”: VanEck Advisor

El Salvador could follow Singapore and become a financial center in North and South America, says Gabor Gurbacs, strategic consultant at investment firm VanEck.

“I often tell portfolio managers and asset managers that El Salvador has the potential to become the Singapore of the United States,” Gurbax said on Oct. 28. In X explained.

As with Singapore in the late 1990s, Gurpax expects new capital investment and immigration to be key drivers of El Salvador’s increased economic growth over the next few years.

He responded to a post by American appraiser and bitcoiner Max Kaiser on October 28 with the caption “#ElSalvador, The New Land of the Free.”

Kaiser, who now lives in El Salvador, offered some reasons why he thinks the Central American country is a good place to live: Bitcoin (BTC) and the US dollar are legal, crime is down, there are great beaches and great coffee. .

Along with El Salvador Naib Bukhele was elected as the President of the country June 2019 saw a major Bitcoin backer.

El Salvador’s government bonds have outperformed many emerging markets this year 70 will return by August percent reached. It has also attracted the attention of JP Morgan and other major investment banks.

The government of Bukaele and El Salvador legalized Bitcoin in September 2021 and launched the Bitcoin Custodial Wallet “Chivo Wallet” to all Salvadorans in the same week.

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El Salvador also uses its volcanic resources… Bitcoin mining startup Volcano Energy It launched in June after a funding round that raised $1 billion. Kaiser is the executive chairman of the company.

The First mining pool Launched in October as part of a partnership with bitcoin miner Luxor Technology.

Written by Saifedian Ammoos in El Salvador The Bitcoin StandardThe month of May Economic Advisor to the National Bitcoin Office Appointed. The country plans to use Bitcoin to pay off debt within the next five years.

In April, Buckel took a measure to eliminate taxes on technological innovations. It is intended to attract more entrepreneurs and foreign capital to the country.