Global Leaders Embracing Crypto: An Overview of Bitcoin Advocates in Office
Summary:
This article discusses several global leaders who have expressed support for cryptocurrencies either during their tenure or campaigns. Notably, El Salvador's ex-president Nayib Bukele, Argentina's president Javier Milei, former U.S president Donald Trump, U.K's prime minister Rishi Sunak, Central African Republic (CAR) president Faustin-Archange Touadéra, Belarus's president Alexander Lukashenko, and the Bahamas' Prime Minister Philip Davis. The leaders have variously backed cryptocurrency and blockchain technology, with some like Bukele and Touadéra formalizing Bitcoin as legal tender in their countries.
While many global leaders are yet to become vocal proponents of cryptocurrencies, a select few have chosen to rally behind digital assets either during their term or campaign period. These estimates often ride on the emergent crypto and blockchain technology, despite its early-stage nature.
El Salvador's ex-president, Nayib Bukele, currently hoping to secure another term, has arguably been the most vocal state leader on crypto matters. He led the initiative to legalize Bitcoin (BTC) as a valid currency within El Salvadorian borders in 2021, repeatedly using X (formerly Twitter) to highlight his investments in the digital currency. Bukele's term has observed increased Bitcoin investments, profitable even after the 2022 crypto market decline. The country is set to introduce Bitcoin education in public schools by 2024 under the Education Ministry's guidance.
In November, Argentina's president, Javier Milei, won his election amidst economic challenges and overwhelming inflation. He has previously referred to BTC as a move towards "restoring money to its original creator, the private sector." While many Argentinian crypto enthusiasts urge him to emulate Bukele's Bitcoin acceptance as legal tender, no such policies have been enacted yet, less than a week after he took off.
Former U.S president, Donald Trump, now facing several felony accusations related to election misconduct and business fraud, has linked digital assets directly to his 2024 campaign. Despite these connections, including non-fungible token (NFT) drops, Trump labelled cryptocurrencies as "fraudulent" and potential disasters after leaving office in 2021.
Rishi Sunak assumed U.K's prime minister office during a period of political and economic turbulence. Before his swearing-in, he backed several policies favoring digital assets. As Chancellor of Exchequer in 2020 and 2021, he intended to prioritize fintech and initiate crypto reformations. Since taking office in October 2022, Sunak has remained relatively silent on crypto matters.
Faustin-Archange Touadéra, Central African Republic (CAR) president, is another active social media user who often discusses crypto-related policies on X. In April 2022, he declared BTC as valid currency alongside the franc. His subsequent move was to launch Sango, a project aimed at making CAR a global crypto hub.
Alexander Lukashenko, Belarus's president, faced widespread allegations of voter fraud in his 2020 reelection. Lukashenko is a proponent of cryptocurrency mining within the Belarusian borders, urging workers to venture into crypto mining industries. Lukashenko, an early adopter of digital assets, suggested the legalization of cryptocurrency as early as 2017.
Lastly, the Bahamas' Prime Minister, Philip Davis, supports the country's favorable crypto regulations. Perhaps most notably, he promoted the Central Bank Digital Currency (CBDC), the Sand Dollar, launched in 2020.
Published At
12/14/2023 9:51:17 PM
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