{"id":13837,"date":"2023-10-29T04:10:14","date_gmt":"2023-10-29T04:10:14","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13837"},"modified":"2023-10-29T04:10:15","modified_gmt":"2023-10-29T04:10:15","slug":"bitcoin-friendly-el-salvador-can-become-singapore-of-the-americas-vaneck-advisor","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13837","title":{"rendered":"Bitcoin-friendly El Salvador can become &#8216;Singapore of the Americas&#8217;: VanEck advisor"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>El Salvador can follow Singapore\u2019s lead and become a financial center in the Americas, according to\u00a0 Gabor Gurbacs, strategy advisor of investment management firm VanEck.<\/p>\n<p>\u201cI say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas,\u201d Gurbacs explained in an Oct. 28 X post.<\/p>\n<p>Similar to what Singapore achieved in the late 1900s, Gurbacs expects new capital investment and immigration will be the main drivers behind El Salvador\u2019s increased economic growth over the next few years.<\/p>\n<p>His comments follow an Oct. 28 post by United States broadcaster and Bitcoiner Max Keiser, which was captioned \u201cMove to #ElSalvador, The New Land of the Free.\u201d <\/p>\n<p>Keiser, who now lives in El Salvador, listed Bitcoin (BTC) and the U.S. dollar&#8217;s legal tender status, a clean up in El Salvadoran crime, great beaches and great coffee as some of the main reasons why the Central American country should be on everyone\u2019s radar.<\/p>\n<p lang=\"en\" dir=\"ltr\">I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas. I expect continued increase in immigration to, capital investment in and overall growth in El Salvador. https:\/\/t.co\/CmT554x12j<\/p>\n<p>\u2014 Gabor Gurbacs (@gaborgurbacs) October 28, 2023<\/p>\n<p>El Salvador\u2019s status as an emerging economy became more prominent when Nayib Bukele was appointed as the country\u2019s president in June 2019.<\/p>\n<p>El Salvador\u2019s sovereign bonds have outperformed many other emerging markets in 2023, yielding an eye-popping 70% return by August 2023 which caught the attention of JPMorgan, Eaton Vance and other investment management firms.<\/p>\n<p lang=\"en\" dir=\"ltr\">The FIAT guys at @jpmorgan say El Salvador is finally \u201cgetting some credit\u201d.<\/p>\n<p>They are just catching up.<\/p>\n<p>It will soon be: \u201cSalvadoran bonds are now Investment Grade\u201d.<\/p>\n<p>You\u2019ll\u00a0see\u00a0 pic.twitter.com\/6Z1r7iS9M4<\/p>\n<p>\u2014 Nayib Bukele (@nayibbukele) May 9, 2023<\/p>\n<p>Bukele and the El Salvador government made Bitcoin legal tender in September 2021 in addition to rolling out a Bitcoin custodial wallet, Chivo Wallet for all El Salvadorans in the same week.<\/p>\n<p>El Salvador is also tapping into its volcanic resources to power a Bitcoin mining operation startup, Volcano Energy, which launched in June on the back of a $1 billion investment. Keiser serves as the company\u2019s executive chairman.<\/p>\n<p>Its first mining pool was launched following a partnership with Bitcoin miners Luxor Technology in October. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>El Salvador\u2019s Bitcoin strategy evolved with the bear market in 2022 <\/em><\/strong><\/p>\n<p>El Salvador appointed Dr. Saifedean Ammous, the author of \u201cThe Bitcoin Standard\u201d as an economic advisor to the National Bitcoin Office in May. The country plans to accumulate Bitcoin as a strategy to clean out its debt within the next five years.<\/p>\n<p>Bukele also made a bold move to eliminate all taxes on technology innovations in April \u2014 which could entice more entrepreneurs and foreign capital to move into the country.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>What it\u2019s actually like to use Bitcoin in El Salvador<\/em><\/strong><\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-friendly-el-salvador-can-become-the-singapore-of-the-americas-says-vaneck-advisor\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador can follow Singapore\u2019s lead and become a financial center in the Americas, according to\u00a0 Gabor Gurbacs, strategy advisor of investment management firm VanEck. \u201cI say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas,\u201d Gurbacs explained in an Oct. 28 X post. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13837"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13837\/revisions"}],"predecessor-version":[{"id":13839,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13837\/revisions\/13839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13838"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}