El Salvador’s President Proposes Private Investment Bank for Bitcoin Investors

Salvadoran President Nayib Bukele proposed the establishment of a private investment bank in the country. If approved, Bitcoin investors will have access to financial services with fewer restrictions compared to traditional banks. Milena Mayorga, the Salvadoran ambassador to the United States, wrote in an article on June 14th, "As part of the Salvadoran economic plan, we propose the establishment of a private investment bank (BPI), which can provide potential investors with diversified financing options in U.S. dollars and Bitcoin." Max Keiser, Bukele's senior Bitcoin advisor, added on the same day, "President Bukele has launched new legislation to establish a Bitcoin bank during his new term." Cathie Wood, CEO of Ark Invest, predicts that Salvador's real GDP "could increase tenfold in the next five years," and implementing the above policy will make this goal "more achievable."