π El Salvador has the potential to become the Singapore of the Americas, according to Gabor Gurbacs, a strategy advisor at VanEck. He believes that new capital investment and immigration will drive the country’s economic growth, similar to what Singapore achieved in the late 1900s. Gurbacs made these comments in response to a post by Bitcoiner Max Keiser, who highlighted the benefits of moving to El Salvador, including its adoption of Bitcoin as legal tender.
π El Salvador’s status as an emerging economy has gained attention, with its sovereign bonds outperforming many other emerging markets this year. President Nayib Bukele’s decision to make Bitcoin legal tender and promote Bitcoin mining in the country has attracted interest from large investment banks.
π El Salvador is looking to leverage its volcanic resources to power a Bitcoin mining operation through Volcano Energy, which received a $1 billion investment. The government also appointed Dr. Saifedean Ammous, author of “The Bitcoin Standard,” as an economic advisor.
πΌ The ongoing trial of Sam “SBF” Bankman-Fried, the CEO of FTX and Alameda Research, has seen him deny any wrongdoing and acknowledge mistakes during the rapid growth of the companies. Bankman-Fried disputed claims of directing his employees to make political donations and explained the test he used for employee communication at his companies. He also provided insights into Alameda’s role in FTX’s operations and discussed the importance of hedging strategies.
βοΈ Bankman-Fried’s trial is set to continue with cross-examinations and closing arguments from both sides. He could face up to 115 years in jail if found guilty of all fraud and conspiracy counts. Cointelegraph is providing on-the-ground coverage of the trial.