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Bitcoin-friendly El Salvador can become ‘Singapore of the Americas’: VanEck advisor

– Gabor Gurbacs, strategy advisor of investment management firm VanEck, believes that El Salvador has the potential to become the “Singapore of the Americas”.
– Gurbacs expects new capital investment and immigration to drive El Salvador’s economic growth.
– El Salvador’s status as an emerging economy gained prominence when Nayib Bukele became the country’s president in June 2019.
– El Salvador’s sovereign bonds have outperformed many other emerging markets, yielding a 70% return by August 2023.
– Bukele and the El Salvador government made Bitcoin legal tender in September 2021 and launched the Chivo Wallet for all Salvadorans.
– El Salvador is utilizing its volcanic resources to power a Bitcoin mining operation startup, Volcano Energy, which received a $1 billion investment.
– El Salvador appointed Dr. Saifedean Ammous as an economic advisor to the National Bitcoin Office and plans to accumulate Bitcoin to clean out its debt within the next five years.
– Bukele eliminated all taxes on technology innovations, aiming to attract more entrepreneurs and foreign capital to the country.

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