El Salvador to Establish Bitcoin Bank in President Bukele’s Second Term
The president of El Salvador, Nayib Bukele, has been suggested to establish a Bitcoin bank just after starting his second term in office, aiming at capitalizing on the country’s early adoption of BTC as legal tender in 2021.
This news was shared on social media by Max Keiser, who is a Senior Bitcoin Advisor to Bukele. According to him this will offer borrowers an opportunity to use their BTC as collateral without counterparty risk.
El Salvador’s GDP could rise with this innovation and its credit rating may be improved to investment grade within two years according to Keiser. Beforehand Cathie Wood, CEO of ARK Invest had predicted growth of El Salvador’s GDP by ten times within five years while Keizer thinks that this move makes it more possible.
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Further details were provided about the plan by Milena Mayorga, El Salvador’s Ambassador to the United States. She said the proposed Bank for Private Investment (BPI) seeks to provide investors with varied financing options in Dollars and BTC.
Consequently, there is also an initiative aimed at inspiring economic prosperity through foreign investments and domestic activities.
These developments are being keenly watched by the industry and investors as El Salvador continues to lead in cryptocurrency innovations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
