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(Bloomberg) — El Salvador’s millennial president Nayib Bukele is no tourist when it comes to Bitcoin. Last year, under his leadership, El Salvador became the first country in the world to approve Bitcoin as a form of legal tender. That means if you want to pay for something in El Salvador, you have two currency options: Bitcoin or US dollars.
Since then, President Bukele has bought more than 2,000 Bitcoins using public funds. And whenever there’s a particularly sharp decline in the crypto market, he is fond of tweeting that he’s “buying the dip” and adding to those Bitcoin holdings. He doesn’t appear to be stressed by the market volatility, or by the drumbeat of international organizations like the IMF that have criticized his crypto decisions. He’s even created a so-called “Bitcoin beach” in the coastal town of El Zonte as a pilot project.
In this episode, Bloomberg reporter Mike McDonald joins to talk more about the sustainability of El Salvador’s Bitcoin strategy.
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