But El Salvador is struggling: On one hand his pact with the powerful criminal gangs is causing a bloodbath. And on the other hand their new national currency, the Bitcoin, is being held at an important discount. As a result, some see national bankruptcy knocking at the door.

President Bukele was stating: "While other countries are still stuck in poverty and old ways of thinking, El Salvador will rise from its misery with a golden shine". The dynamic president has recognized the signs of the times, is making the small Central American state fit for the future and a model to follow for others. "So just invest your money here in Central America!".

That is more or less the story of Nayib Bukele and his supporters which have been spinning the wheel of publicity since his successful election in 2019. On Twitter, he calls himself the "coolest president in the world", "coolest dictator in the whole world", or simply: "CEO of El Salvador".

Most recently, the 40-year-old former entrepreneur presented a golden visa model volcano city for crypto immigrants, the Bitcoin City. He hosted dozens of delegations and heads of state from around the world, to talk about the opportunities of Bitcoin and cryptocurrencies. Bukele had invited them because something revolutionary is undoubtedly happening in Central America: the cryptocurrency Bitcoin has been the official means of payment in El Salvador for about a year, in addition to the US dollar. This is an ongoing experiment and it is still unclear what consequences it will have in the medium to long term for the country and its 6.5 million inhabitants.

The experiment is now extremely dangerous because the price of Bitcoin went to a discount and El Salvador is plagued by a debt problem. According to Bloomberg, the country's central bank has bought more than 2300 Bitcoins with taxpayers' money, mostly in so-called dips, on Bukele's instructions. Currently, the bitcoin stock is worth around 67 million dollars and in June the country has to pay back about 40 million dollars in debt.

Unfortunately, the people of El Salvador were never able to exert influence in the course of these financial actions and were always bound to the decision of one person.

This is not the case of BocasDAO — We give our community influence, the right of co-determination and do not speculate with your money!

Join us to build the democratic crypto getaway "El Refugio Beach Bungalows, Bocas del Toro". BTW, we also have our golden visa model, have a look at the NFT "Passport Panama".