Not best president-trader in world will most likely get reelected for another term
One of the most prominent businessmen in the cryptocurrency space, who is also the president of a real country with real economics, Nayb Bukele went on to implement bitcoin as the national currency and fight crime as his main campaign message, again. demanding elections.
As we have mentioned before, Bukele’s portfolio is far from a trader’s dream and is now in a massive loss. It will most likely remain at a loss until the new bullrun on the market starts. The average entry of Salvador’s president into Bitcoin is at $51,000, while BTC is trading at $19,573.
His last purchase was in July, when the price of the first cryptocurrency fell to $19,000.
Using Bitcoin as national currency
Unfortunately, unsuccessful Bitcoin trading is not the only problem with the digital assets implementation strategy. Bukele has been actively advocating for implementation of Bitcoin as a national currency, which includes paying taxes with digital currencies, usage of BTC as a payment tool and integration of the cryptocurrency in foreign trading.
As the data shows, the experiment failed miserably, as the majority of Salvadorans did not want to use the relatively complex technology – especially elderly citizens.
Crime crackdown
The Bitcoin experiment is not the only thing Bukele has done throughout his reign, as one of the main points of his program will be a successful crime crackdown. Under his management, El Salvador “lost” its place at the top of the list of the most homicides per capita.
Thanks to effective measures against criminal gangs, Bukele’s approval ratings skyrocketed and became the highest rank of any leader in the US, which makes his chances of reelection higher than in the aftermath of the horrific bitcoin experiment.
