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Gabor Gurbacs, a VanEck adviser, believes that El Salvador’s pro-Bitcoin approach might pave the way for it to become the “Singapore of the Americas.” El Salvador, the world’s first country to embrace Bitcoin (BTC) as legal tender, has sparked mixed reactions globally. While some view this move with excitement, others remain skeptical.  Gurbacs anticipates a surge in investment capital and immigration that will drive El Salvador’s economic growth in the coming years. He envisions El Salvador mirroring the success story of Singapore by embracing Bitcoin as a legal tender, leading to an influx of capital and people.  I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas. I expect continued increase in immigration to, capital investment in and overall growth in El Salvador. https://t.co/CmT554x12j — Gabor Gurbacs (@gaborgurbacs) October 28, 2023 This economic transformation gained momentum under President Nayib Bukele‘s leadership, marked by the country’s embrace of Bitcoin as a legal currency in September 2021, alongside the introduction of the Chivo Wallet for all citizens. El Salvador is also tapping into its volcanic resources, powering a Bitcoin mining startup called Volcano Energy, backed by a significant $1 billion investment and a partnership with Bitcoin miners Luxor Technology. Major figures in the cryptocurrency industry, including Twitter and Square CEO Jack Dorsey, have supported El Salvador’s Bitcoin initiative. Additionally, companies like Bukele’s Strike have shown interest in investing in the country’s Bitcoin infrastructure. Gurbacs foresees a continued influx of immigration and investment, driven by El Salvador’s progressive approach. Bitcoin, he believes, could create new income streams for the country’s residents, enabling their participation in the global economy.  Despite acknowledging the inherent risks associated with Bitcoin, including volatility and concerns about fraud and money laundering, Gurbacs remains optimistic. He contends that…

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Filed under: News - @ October 29, 2023 7:26 pm