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VanEck Strategy Advisor: El Salvador to Easily Turn to ‘Singapore of Americas’
Amid the global economic shift caused by the fast growth of the BRICS alliance, the Middle East crisis, and the Russia vs Ukraine war, El Salvador has been named an economic powerhouse for the Central American region since its move to adopt Bitcoin (BTC) alongside the United States dollar as the legal tender. The Spanish country with a population of about 6.5 million and currently led by President Nayib Bukele, has significantly transformed its economic outlook through the adoption of Bitcoin which has an annual inflation of about 1.8 percent and is expected to further lower through halving events. Moreover, El Salvador does not involve itself with direct printing of money like many other countries grappling with high inflation, instead, it participates in the Bitcoin mining sector through its natural resources.
El Salvador Economic Outlook
According to Gabor Gurbacs, the strategy adviser at
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