El Salvador could follow Singapore and become a financial center in the Americas, according to Gabor Gurbacs, strategic advisor at investment management firm VanEck.
“I often say to portfolio managers and asset allocators, El Salvador has the potential to become the Singapore of the Americas,” Gurbacs explainIn a post on Oct. 28, X (formerly Twitter)
Singapore was so successful in the late 1990s that Gurbacs expects new investment and immigration to be the main factors behind El Salvador’s increased economic growth in the coming years.
El Salvador’s status as an emerging economy It gained more prominence when Nayib Bukele was elected the country’s president in June 2019.
El Salvador Government Bonds It has outperformed many other emerging countries this year. It provides an eye-catching return of 70% within August. It has also caught the attention of JPMorgan and other large investment banks.
Bukele and the Government of El Salvador declared Bitcoin legal tender in September 2021 and launched Chivo, a Bitcoin Custodial Wallet. For all Salvadorans in the same week
El Salvador also uses volcanic resources. To power Bitcoin mining, Volcano Energy launched in June.
El Salvador also appointed Saifedean Ammous, author. The Bitcoin Standard was an economic advisor to the National Bitcoin Office in May and is also accumulating Bitcoin as a strategy to pay off debt within the next five years.
Bukele also moved to eliminate taxes on all technology innovations in April. This may attract more foreign entrepreneurs and capital to move into the country.
refer : cointelegraph.com
picture hipertextual.com
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