In an interview with Forbes on Sunday, El Salvador’s Vice-President Ulloa credited the nation’s recent economic resurgence to its adoption of Bitcoin as legal tender. This comes after various reports have highlighted positive impacts on the country’s economy, security, and tourism, all influenced by the cryptocurrency.
Last July, Bloomberg reported that despite initial concerns over El Salvador’s Bitcoin adoption in 2021, Wall Street investors have shown increasing interest in the country’s bonds. The bonds have yielded a return of 70% in 2023, outperforming other emerging markets. For example, despite a 180% return on its position, Converium Capital Inc. chose to maintain its investment.
Vice-President Ulloa clarified that this is not coincidental. “It’s the result of applying a financial policy from the government of President Nayib Bukele, exercised by our entities in charge,” he stated. Ulloa further explained that the Bitcoin Law enacted by the country was an important factor in changing El Salvador’s global standing.
