El Salvador holds well over 200 bitcoins, the Central American country is waxing stronger in its efforts to cement bitcoin’s position in the national economy. With about seven hundred bitcoin in the bag, Nayib Bukele and his team are working toward a historic financial revolution. El Salvador’s Chivo wallet could process the transfer of a penny and charge as little as ‘zero’ fees! Hitting at the very heart of global finance, these developments are growing more popular as the rest of the world watches.
Built on top of a ‘fragile’ economy, El Salvador’s bitcoin project would worry anyone who genuinely cares about the nation. Like a double-edged sword, adding bitcoin to the nation’s reserves could swing the nation towards any angle. Financial foul play aside, volatility of the bitcoin type is a very interesting event, one most countries dread. On the bad side, A 10% loss within an hour? Well, a solid economy is in a better position to deal with such, not one hanging on a thread with seven million citizens at stake.
Albeit the challenges and risks, El Salvador has remained obstinate and persistent. One would question the motivation for such dedication. Just a technological revolution? Well, that would be enough reason to be fair. The current financial system is technologically backward and needs a push. Nayib might as well be on a mission to liberate his country from financial captivity.
But, is that all? Well…
Not apples, bananas are arguably the most unique and iconic fruits. With a unique and familiar appearance, bananas boast a completely different taste and texture. Flexible, bananas can be eaten plainly, prepared in many forms, or mixed with almost anything…milk inclusive. Its flexibility also stretches to how plating and presentation; casually or formerly, bananas retain their prestige and hygiene regardless of how they are being served.
Clothed in a fine fleshy casing that can be easily removed (when ripe), bananas are one of the few fruits with a natural consideration for human health. The soft and smooth essence discovered after the peel could easily fit into your diet to give you a proper meal. Bananas are hard to hate; literally. You’d ‘go bananas’ when you consider how amazing this fruit really is.
Well, much praise for the iconic fruit, but its contribution to human nutrition is not the only reason for its prestige; at least not in the context of this article.
Our love for bananas dates back many decades ago, the fruit also grew in prominence around this time as people continued to explore its goodness. At the very onset of the banana boom, the 1899 merger between Boston Fruit Company and Banana Trading Concerns sparked what would become a rollercoaster in history.
United Fruit Company, the birth child of this merger would soon grow into a reckoning force in the banana trading business, generating millions of dollars via its fruit trade. Located in the central east United Fruit Company rapidly grew into a global force, gaining political and military support from countries far and near.
United Fruit Company’s activities in the central east would soon metamorphose into gruesome tales of political, military, and financial complications. With so many dollars at hand and the ability to make even more through the booming banana business which they majorly control; United Fruit Company gained the ‘alpha’ status. Maneuvering through a series of financial, political, and military foul play, they were simply untouchable.
Most of United Fruit Company’s shady financial activities were aided by the centralized and non-trackable dollar. The USA itself has gained much control of central American countries including Panama, Nicaragua, Costa Rica, and Colombia. Their influence in Central America further simplified United Fruit’s dealings in this region.
Well, it’s hard to say for certain if Nayib’s dedication to cementing bitcoin’s place in his country’s economy is related in any way to these past events, but it looks very likely. Bitcoin’s technology not only distributes technological power but also decentralizes economic and political power. Its ability to create a unified and generalized economy makes it a potential ‘object of peace’.
Unified economy, political and economic decentralization; might as well not be Nayib’s motive for making bitcoin a legal tender. Traceable and verifiable financial transaction? Every bitcoin transaction can be easily found and traced on the blockchain. Unlike fiat, every record of holders, emissions, and distributions can be found on the bitcoin blockchain. This makes for financial transparency, the opposite of which has aided countless financial foul plays.
El Salvador’s president’s tweet remains a mystery, a possible connection to the bitcoin bill is also uncertain despite looking very likely. Jack Dorsey hopes bitcoin ‘creates world peace’, Nayib Bukele might be on a mission to put this into play. United Fruit Company’s activities might have triggered a worldwide movement. Whichever way this goes, it’s exciting to find out!
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