\n
With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n
With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n
Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n
With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n
However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Compounding the issue, two-thirds of these countries are embroiled in armed conflicts or struggle with institutional and social fragility, deterring foreign investment. Their heavy reliance on commodity exports exposes them to volatile boom-and-bust cycles, further destabilizing their economies.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The financial strain on these nations is evident in their average debt-to-GDP ratio, which has hit an 18-year high of 72%. Alarmingly, half of the group is either already in debt distress or at high risk of falling into it. This crisis primarily affects countries in sub-Saharan Africa, including Ethiopia, Chad, and Congo, but also extends to nations like Afghanistan and Yemen.<\/p>\n\n\n\n Compounding the issue, two-thirds of these countries are embroiled in armed conflicts or struggle with institutional and social fragility, deterring foreign investment. Their heavy reliance on commodity exports exposes them to volatile boom-and-bust cycles, further destabilizing their economies.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
World Bank<\/a> chief economist Indermit Gill emphasized that over the past five years, IDA has channeled most of its financial resources into these 26 low-income economies, keeping them afloat through unprecedented challenges.<\/p>\n\n\n\n The financial strain on these nations is evident in their average debt-to-GDP ratio, which has hit an 18-year high of 72%. Alarmingly, half of the group is either already in debt distress or at high risk of falling into it. This crisis primarily affects countries in sub-Saharan Africa, including Ethiopia, Chad, and Congo, but also extends to nations like Afghanistan and Yemen.<\/p>\n\n\n\n Compounding the issue, two-thirds of these countries are embroiled in armed conflicts or struggle with institutional and social fragility, deterring foreign investment. Their heavy reliance on commodity exports exposes them to volatile boom-and-bust cycles, further destabilizing their economies.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The findings underscore a significant setback in the fight against extreme poverty. With annual per-capita incomes below $1,145, these nations increasingly depend on grants and near-zero interest-rate loans from the International Development Association (IDA), the World Bank's fund for the poorest countries.<\/p>\n\n\n\n World Bank<\/a> chief economist Indermit Gill emphasized that over the past five years, IDA has channeled most of its financial resources into these 26 low-income economies, keeping them afloat through unprecedented challenges.<\/p>\n\n\n\n The financial strain on these nations is evident in their average debt-to-GDP ratio, which has hit an 18-year high of 72%. Alarmingly, half of the group is either already in debt distress or at high risk of falling into it. This crisis primarily affects countries in sub-Saharan Africa, including Ethiopia, Chad, and Congo, but also extends to nations like Afghanistan and Yemen.<\/p>\n\n\n\n Compounding the issue, two-thirds of these countries are embroiled in armed conflicts or struggle with institutional and social fragility, deterring foreign investment. Their heavy reliance on commodity exports exposes them to volatile boom-and-bust cycles, further destabilizing their economies.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The study paints a grim picture of economies that have yet to recover from the global health crisis, even as the rest of the world rebounds. The timing of this report is crucial, coming just a week before the World Bank and International Monetary Fund's annual meetings in Washington.<\/p>\n\n\n\n The findings underscore a significant setback in the fight against extreme poverty. With annual per-capita incomes below $1,145, these nations increasingly depend on grants and near-zero interest-rate loans from the International Development Association (IDA), the World Bank's fund for the poorest countries.<\/p>\n\n\n\n World Bank<\/a> chief economist Indermit Gill emphasized that over the past five years, IDA has channeled most of its financial resources into these 26 low-income economies, keeping them afloat through unprecedented challenges.<\/p>\n\n\n\n The financial strain on these nations is evident in their average debt-to-GDP ratio, which has hit an 18-year high of 72%. Alarmingly, half of the group is either already in debt distress or at high risk of falling into it. This crisis primarily affects countries in sub-Saharan Africa, including Ethiopia, Chad, and Congo, but also extends to nations like Afghanistan and Yemen.<\/p>\n\n\n\n Compounding the issue, two-thirds of these countries are embroiled in armed conflicts or struggle with institutional and social fragility, deterring foreign investment. Their heavy reliance on commodity exports exposes them to volatile boom-and-bust cycles, further destabilizing their economies.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a sobering report released on Sunday, the World Bank revealed that the world's 26 poorest nations are grappling with their worst financial situation since 2006. These countries, home to 40% of the globe's most impoverished individuals, are facing a perfect storm of mounting debt, increased vulnerability to natural disasters, and the lingering effects of the COVID-19 pandemic.<\/p>\n\n\n\n The study paints a grim picture of economies that have yet to recover from the global health crisis, even as the rest of the world rebounds. The timing of this report is crucial, coming just a week before the World Bank and International Monetary Fund's annual meetings in Washington.<\/p>\n\n\n\n The findings underscore a significant setback in the fight against extreme poverty. With annual per-capita incomes below $1,145, these nations increasingly depend on grants and near-zero interest-rate loans from the International Development Association (IDA), the World Bank's fund for the poorest countries.<\/p>\n\n\n\n World Bank<\/a> chief economist Indermit Gill emphasized that over the past five years, IDA has channeled most of its financial resources into these 26 low-income economies, keeping them afloat through unprecedented challenges.<\/p>\n\n\n\n The financial strain on these nations is evident in their average debt-to-GDP ratio, which has hit an 18-year high of 72%. Alarmingly, half of the group is either already in debt distress or at high risk of falling into it. This crisis primarily affects countries in sub-Saharan Africa, including Ethiopia, Chad, and Congo, but also extends to nations like Afghanistan and Yemen.<\/p>\n\n\n\n Compounding the issue, two-thirds of these countries are embroiled in armed conflicts or struggle with institutional and social fragility, deterring foreign investment. Their heavy reliance on commodity exports exposes them to volatile boom-and-bust cycles, further destabilizing their economies.<\/p>\n\n\n\n See Related: <\/em><\/strong>Celcius Repays $120M In Debt To Safeguard Against Its Liquidation<\/a><\/p>\n\n\n\n Natural disasters have also severely damaged these vulnerable nations. Between 2011 and 2023, such calamities were associated with average annual losses of 2% of GDP\u2014five times higher than in lower-middle-income countries. This stark difference highlights the urgent need for increased investment in disaster preparedness and resilience.<\/p>\n\n\n\n As the World Bank aims to raise over $100 billion by December 6 to replenish the IDA fund, the report also calls on these struggling economies to take proactive measures. Recommendations include improving tax collections by simplifying registration processes and enhancing the efficiency of public spending.<\/p>\n\n\n\n Looking ahead, the path to recovery for these nations remains challenging. The compounded effects of debt, conflict, and climate vulnerability create a complex web of obstacles. However, with targeted international support and internal reforms, there's hope for a turnaround. The global community's response to this crisis will be crucial in determining whether these countries can break free from the cycle of poverty and build more resilient economies.<\/p>\n\n\n\n As the world watches, the upcoming World Bank and IMF meetings may prove pivotal in shaping the future of global poverty alleviation efforts. The decisions made and commitments secured in Washington could mark a turning point for millions of the world's most vulnerable people, potentially setting the stage for a more equitable and stable global economic landscape in the years to come.<\/p>\n","post_title":"World Bank Raises Alarm As Debt Levels Soar For World's Most Vulnerable Economies","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"world-bank-raises-alarm-as-debt-levels-soar-for-worlds-most-vulnerable-economies","to_ping":"","pinged":"","post_modified":"2024-10-19 19:41:24","post_modified_gmt":"2024-10-19 08:41:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19196","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n But what has been the actual performance of this investment?<\/p>\n\n\n\n The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In a sobering report released on Sunday, the World Bank revealed that the world's 26 poorest nations are grappling with ... El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November ...
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World Bank Raises Alarm As Debt Levels Soar For World’s Most Vulnerable Economies
El Salvador’s President Nayib Bukele Faces 8% Loss On Bitcoin Investment
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