All-Time Highs at Bitcoin Beach

Greetings from El Salvador… March 11, 2024 [WEBSITE]( | [UNSUBSCRIBE]( Under Bukele's leadership, El Salvador is daring to dream of a brighter future – and the world is watching. All-Time Highs at Bitcoin Beach CHRIS CAMPBELL Dear Reader, In 2019, an anonymous American crypto millionaire decided to invest in a small sleepy coastal town called El Zunte. Fast-forward to today… The beach is now affectionately known as Bitcoin Beach. As Bitcoin is hitting all-time highs, I’ve been exploring the now world famous beach. (It's about an hour's drive southwest of the capital, San Salvador.) The story goes… The American reached out to a local resident named Michael Peterson, who’d been doing community work in El Zonte for years through his ministry. The donor's idea was simple: to create a sustainable Bitcoin ecosystem in El Zonte that could serve as a model for how the cryptocurrency could be used to empower small communities in developing countries. One of the first major initiatives was to pay the salaries of local lifeguards in Bitcoin. Over time, more and more local businesses began accepting Bitcoin, including restaurants, hotels, and even the local doctor's office. As word of the Bitcoin Beach project spread, it began to attract international attention. Journalists, crypto bugs, and even government officials started visiting El Zonte to see the Bitcoin economy in action. In fact… The success of Bitcoin Beach played a big role in the Salvadoran government's decision to adopt Bitcoin as legal tender in 2021. Of course, this is only one small part of El Salvador's recent transformation. Ed. note: Two days ago, James issued an important warning; “Don’t buy a single crypto [until you see this]( James has pinpointed a rare “trigger event” scheduled to go live on Wednesday March 13 at 8:55 am ET. James recorded a brand new interview to talk all about it -- [click here for the full interview](. Attention! Before You Read Any Further… Hey, it’s James. Before you read any further in today’s issue, an urgent situation needs your immediate attention. If you don’t plan on claiming this upgrade to your Altucher’s Investment Network subscription, you’re missing out on a huge opportunity. Right now is your chance to grab one of the biggest (and most valuable) upgrades our company has ever made to a newsletter. I’m taking Altucher’s Investment Network to an entirely new level and I’d hate to see you left behind. [To see how to claim your upgrade, just click here now.]( Once you’re done with that, read on to see today’s issue… Bukele, The Loved First of all, the stories are true: Nayib Bukele is overwhelmingly popular here. Everyone talks about how dangerous El Salvador was a decade ago -- and how much the country has changed. Despite the obvious and widespread poverty, there’s widespread optimism in the air. When Bukele took office in 2019, he inherited a country plagued by gang violence, poverty, and limited economic opportunities. El Salvador, with a population of just over 6 million, had a staggering 10% of its citizens involved with gangs. The country was paralyzed by gang wars that tore families apart, made travel impossible, and undermined the government's authority. Bukele wasted no time. He declared war on the notorious MS-13 and Barrio 18 gangs, launching a massive crackdown that saw over 68,000 suspected gang members arrested without warrants. As a result… El Salvador went from having one of the world's highest homicide rates, with 103 deaths per 100,000 people in 2018, to zero homicides in 365 days, according to Bukele. Skepticism is warranted… But everyone I’ve met here comments on how much safer it is in San Salvador, the country’s capital. And, of course… Bukele’s hardline approach has raised concerns about human rights and due process. El Salvador now has the highest incarceration rate in the world, with around 2% of its adult population behind bars. But for many Salvadorans who have suffered years of gang terror, it’s no secret: Bukele's tough stance has been a welcome change. I’d heard that Bukele boasted an 80% approval rate by El Salvadorans before my arrival. Even if it’s wrong, it’s not far off. Locals overwhelmingly support Bukele. In part, because of what he has done. In other parts, because what he’s promising. The Economy Economic transformation is another key pillar of Bukele’s vision. He wants to make El Salvador the "Singapore of Latin America" by embracing cutting-edge technologies and attracting foreign investment. Central to this plan is the adoption of Bitcoin as legal tender, making El Salvador the first country in the world to do so. The government has even rolled out a digital wallet called "Chivo" to facilitate daily transactions. (A small village called Berlin uses Chivo on a daily basis within the village. I didn’t have enough time to make it. Next time.) Bukele's Bitcoin push has raised eyebrows among analysts, who point out that 70% of Salvadorans don't have a bank account and barely half have internet access. But the president remains undeterred, even doubling down by buying hundreds more Bitcoins with state funds. His grand vision includes the creation of "Bitcoin City," a futuristic metropolis powered by geothermal energy from a nearby volcano and funded by a billion dollars in "volcano bonds." 4-D Chess? El Salvador's geopolitical maneuvering is another interesting aspect of Bukele's strategy. After cutting ties with Taiwan in 2019, the country has forged closer links with China, which has promised $500 million in development projects. A Chinese-backed gas terminal and power plant, the largest private infrastructure investment in Salvadoran history, is already underway. China has also proposed building a multi-modal hub with a deep-water port and airport in the strategic Gulf of Fonseca, which could potentially give it a foothold in the region. The United States, traditionally El Salvador's closest ally and trading partner, is watching these developments with worry. But Bukele seems determined to chart an independent course for El Salvador, balancing relations with both superpowers while pursuing his vision of a prosperous, technologically-advanced El Salvador. Only time will tell if Bukele's gamble pays off. But one thing is sure: this tiny Central American nation is thinking big… And its bold experiment is sure to have far-reaching consequences for the region and beyond. Under Bukele's leadership, El Salvador is daring to dream of a brighter future – and the world is watching. Until tomorrow, Chris Campbell For Altucher Confidential Rate this email Like Dislike Thanks for rating this content! Looks like something went wrong. 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