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How it started
Nayib Bukele is the 43rd president of El Salvador and has had a tremendous role in the life of Bitcoin. Although his country actively fights and protests against his investments, Bukele continues to support Bitcoin.
What's going on
Initially, Bukele made a significant return on his BTC investments but as time passed Bukele used public funds for his gambling and investments...Bukele has currently lost around $50Million in Public funds. On June 18th, Bukele tweeted “stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.”
Why it matters
El Salvador faces a huge fiscal risk due to Bitcoin and Bukele’s actions. El Salvador has adebt-to-GDP ratio of 84% and has become “the tech bro’s playground” according to The Economist. While the public hopes for a Bitcoin reversal, in the words of Bukele, we should“stop looking at graphs and enjoy life”.