El Salvador, a country known for its embrace of Bitcoin, has undergone a remarkable transformation under the leadership of President Nayib Bukele. Once plagued by violence and crime, it has now emerged as the 8th safest nation in the world, according to recent reports.
Data from Radar Hits, a media outlet, reveals that a staggering 88% of the population in El Salvador now feels safe walking alone. This is a stark contrast to a decade ago when only 30% felt safe and the majority lived in fear.
Kuwait currently ranks at the top of the list, with an impressive 99% of its citizens feeling safe while walking alone. Singapore follows closely behind with a rate of 94%, while Norway and Saudi Arabia both boast rates of 92%.
El Salvador’s progress from 30% to 88% within just eight years is a testament to President Bukele’s tough stance on crime. His “state of exception” policy, implemented in March 2022, allowed for mass incarcerations of gang members, resulting in a significant reduction in violence. Despite criticisms from human rights organizations, who argue that this policy violates legal safeguards and infringes on civil liberties, the positive impact on public safety cannot be ignored.
While the policy led to the arrest of thousands, some organizations raised concerns about the potential wrongful detention of innocent individuals. Nevertheless, the murder rate in El Salvador plummeted, leading to the country’s newfound reputation as a safer destination for both residents and tourists.
President Bukele’s reforms extended beyond security and also encompassed the economic landscape. One of his most controversial decisions was the adoption of Bitcoin as legal tender in 2021, alongside the US dollar. Initially met with skepticism from international financial institutions, many of which warned of potential economic instability, Bukele’s Bitcoin gamble has proven to be successful.
El Salvador’s Bitcoin bonds, once considered high-risk, have soared in value. Bukele has committed to buying 1 BTC per day since November 2022, resulting in the country now holding 5,883 BTC, with a profit of $60.5 million. The resurgence of Bitcoin’s price has instilled confidence in El Salvador’s financial management, attracting global investors who were previously skeptical. These investors are drawn to opportunities in Bitcoin mining and renewable energy projects that make use of the country’s abundant natural resources.
Furthermore, Bukele’s administration has prioritized infrastructure development and digital connectivity. Tourism is flourishing, thanks to initiatives such as SurfCity and the hosting of major international events like the 2023 Central American and Caribbean Games, which have garnered global attention.
While President Bukele’s governance style may face criticism from some who perceive it as authoritarian, the results speak for themselves. El Salvador’s economy is stabilizing, tourism is thriving, and, for the first time in years, Salvadorans feel safer in their own country.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely those of the author and do not necessarily reflect the opinions of The Crypto Basic. Readers are advised to conduct their own research and exercise caution before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.