Gabor Gurbacs, digital asset strategy advisor at VanEck, has stated that El Salvador has the potential to become the “Singapore of the Americas” based on its bitcoin-friendly policies.
In a recent social media post, Gurbacs said he expects new capital investment and immigration to drive major economic growth for El Salvador like what propelled Singapore in the 1900s.
The comparison comes after El Salvador made Bitcoin legal tender in 2021 under President Nayib Bukele’s leadership. The country is leveraging its volcanos for Bitcoin">Bitcoin mining and appointed bitcoin expert Dr. Saifedean Ammous as economic advisor.
Bukele has also eliminated taxes on tech innovations in a bid to attract entrepreneurs. The moves have caught the attention of major investment managers.
According to Gurbacs, the pro-Bitcoin and pro-innovation stance can transform El Salvador into a rising financial hub and magnet for foreign investment like Singapore emerged in the late 20th century.
The ambitious outlook exemplifies the highest hopes among Bitcoin proponents around El Salvador’s unprecedented embrace of the digital currency.
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