The biggest achievement for El Salvador this year was none other than the passing and implementation of the Bitcoin law, and making Bitcoin a legalized currency of the country with the status of “national currency”. Yet there were no less than people in El Salvador who doubted their premier’s decision on Bitcoin but once again Bitcoin was able to come under the spotlight globally thanks to President Nayib Ukele.
President Nayib Bukele of El Salvador would be more than happy to see his Bitcoin law is working and working effectively and promisingly. At least none in El Salvador can now claim that their President had sacrificed them at the altar of his personal desire. To the contrary, they would be feeling proud that since implementation, Bitcoin law has been benefitting the nation as a whole.
Meanwhile, the induction of Bitcoin in El Salvador’s, with the status of the country’s national currency, brought it under the spotlight once again. In the global market, Bitcoin’s value jumped which eventually earned El Salvador considerable profits.
So far at least three transactions of Bitcoin purchase have been made by the Government of El Salvador with different intervals. However, all three transactions were in a short period of time i.e. with an interval of 2 to 3 days until the last transaction. As of today, the country can proudly claim that it owns a total of 750 units of Bitcoin. Most importantly, the nation was also able to buy the dip not once but twice.
But before the initiative was not taken through legislation, there was genuine disbelief amongst El Salvadorans. Even the President too himself had not thought that the initiative will set into motion multiple events. However, now the politicians in the opposition camp are trying to harness Bukele’s Bitcoin initiative for their political agenda.
There is a massive shift in the country’s politics as well as in the bureaucracy. The shift apparently does not seem to be in favor of the present regime. From the day Bukele became President, there was a criticism that he was an “outsider”. This very criticism is still there and never ended. Many politicians in El Salvador claim that because the people were fed up with “career politicians”, therefore they chose an “outsider” over them. Even after, when Bukele took oath as the President, he used public hatred towards politicians and lodged corruption allegation campaigns against them. If anyone wanted to protest against Ukele’s regime, there were only a handful of people who protested, and that too in closed gates.
However, the situation has become totally different now in El Salvador, especially after Bitcoin’s legalization. There have been seen strong protests comprising thousands of people rallying and raising their voices against Ukele’s regime. Though an adverse in the short period is less probability but in the long run it could be dangerous for President Ukele and his Government. So far the majority of El Salvadorans still think of him as the leader of the people but strong protests can turn the tides.