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Pierce said he was impressed by what the government was doing. “This government does amazing business,” he said. “They just kind of do things with lightning speed.” He is said to be working on organizing a “major convention” in the country.
Lauren Bissell, a former employee of Cambridge Analytica who later transformed into a blockchain and Bitcoin business, and was part of Pierce’s delegation, said she was “impressed” by the protests by the authorities during the trip.
However Bissel admits that the map to the launch of Bitcoin seems overwhelming. “There will be hours of sleeplessness. There is a lot of work to be done, ”he says. “But I think this implementation is going well.”
When calculating the value of Bitcoin for only 69 days, the nuts and bolts are required for the cryptocurrency currency to work if the permits are still a miracle. Athena, a company that was given the opportunity to establish 1,000 ATM machines in this country (and Bukele’s opponent on Twitter to post 1,500) starts at age 14. Moving from a volcano emoji to a real one will take some time. “What you have in El Salvador, it seems, is a lot more powerful in the heat, and in the meantime, it’s more friendly,” says Alex Brammer, vice president of business development at Luxor, a cryptocurrency mining company. “Offering construction there can take years.” Although the Bitcoin rule seems like an unfinished business: Its redesign is quickly put into two pages and 16 notes, which is why a detailed rule is expected to be issued soon.
What is Bukele’s game? The issue that is frequently repeated for migration is that Bitcoin will be a “reserve for unclaimed.” The old mantra is usually balderdash, but it can be lucky here, as 70% of people in El Salvador do not have a bank account or access to easy money. In view of this, a government-sponsored Bitcoin wallet, such as a mobile app, can reach more people than bankers, and can offer a lower chance for Salvadoran remittances to transfer their money. A a small Bitcoin project in El Zonte– a coastal town in northern El Salvador – did little to improve the region’s economy and is known for promoting Bukele. Reading this, Bukele is a dangerous figure who uses liberalism to elevate his people to a world of oppression provided by financial institutions.
There are difficulties, however, with the issue. Some say that only 45 percent of all the people in the country have internet access – and that internet connection will be required to use this app. Ricardo Barrientos, an economist at ICEFI, a Guatemalan research firm that focuses on economics, predicts that Bitcoin will be considered “low-income,” while its employers save their money and use unstable Bitcoin to pay their labor. Barrientos says: “These divisions can lead to public disputes. A clever Barrientos report to ICEFI on the issue shows that by making Bitcoin government funds less likely to launch an anti-money laundering check, the government is planning to promote a” alternative source of income or savings “by creating a similar market. ”It could happen.
Barrientos expects Bukele to step down before September 7, under pressure from international financial institutions and some of its advisers. If this does not happen, Barrientos hopes that Bitcoin will no longer be available among the public. “The best thing about it is that no one uses it and everyone just spends dollars, except narcos,” says Barrientos. “We hope there will be a natural disaster reduction.”
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