How much has Bukele spent on Bitcoin?

Though Bukele has refused to disclose how much taxpayer money he has spent on Bitcoin, the best guess, based on his purchase announcements, is $107 million, with a further $200 million on administration and infrastructure—equivalent to nearly 4% of the developing country’s 2023 budget.

Is Bukele's bitcoin law a failure?

A year after Bukele’s bitcoin law was passed, foreign investment was actually down in the country, said Ortiz. “The economic public policy, it’s a failure.” Osmar Zelaya holds American flags to protest against Salvadoran President Nayib Bukele, in front of the LA Convention Center in Los Angeles, on June 6, 2022.

Why is Bukele so enthusiastic about cryptocurrency?

It may be difficult to understand why Bukele remains so enthusiastic about a policy that has been, by almost all metrics, a disaster. Bukele’s attempt to get Salvadorans to use the notoriously volatile cryptocurrency has left the country looking like a much riskier place to invest.

Is Bukele going to run a bitcoin City on geothermal power?

So the Bukele government hyped ever-more-incredible promises of a Bitcoin City run on geothermal power, and unveiled a crypto-backed sovereign debt instrument called volcano bonds—announced, in true crypto fashion, at a Bitcoin conference event set to AC/DC.