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Dips be damned, El Salvador is stronger because of Bitcoin

Published 09/13/2022, 11:41 AM
Updated 09/13/2022, 01:20 PM
Dips be damned, El Salvador is stronger because of Bitcoin
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Since El Salvador adopted Bitcoin (BTC) as legal tender in September 2021, there have been a number of quick judgments issued declaring this move a failure, with some pundits going as far as to suggest that Bitcoin is somehow responsible for the economic challenges that existed in El Salvador well before Bitcoin was even created. But the traditional financial experts, talking heads and even representatives from the International Monetary Fund (IMF) espousing this point of view are missing the point entirely.

After Salvadoran President Nayib Bukele announced his plan in July to offer to repurchase publicly held bonds maturing between 2023 and 2025, El Salvador’s sovereign debt totaled more than $20 billion. Admittedly a massive amount relative to the Salvadoran economy, it was unrelated to the decision to accept Bitcoin as legal tender.

Bryan Hernandez is the president and co-founder of Structure.fi, a DeFi, crypto and traditional markets platform that recently launched in El Salvador. He is also the founder and CEO of Sonar Trading, a trading firm that employs algorithmic strategies in cryptocurrency markets. Bryan entered the fields of trading and investing after a career in computational biology at the Broad Institute of the Massachusetts Institute of Technology and Harvard University, during which he published multiple articles in Nature, Cell and other peer-reviewed journals.

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