Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent meeting between Elon Musk and Bitcoin backing El Salvador President Nayib Bukele.
Elon Musk & Nayib Bukele
The Tesla billionaire Elon Musk has recently shared details of his unknown and secret meeting with El Salvador President Nayib Bukele. The pair met just as the price of Bitcoin saw a surge following the Federal Reserve shock announcement of a half a precent rate cut and marking the first reduction since the onset of the Covid.
Musk revealed that he discussed the "future of humanity" and technology with President Bukele, although no reference was made to Bitcoin. Given that Musk is considered one of the biggest bitcoin and crypto price influencers around, and Bukele made the bold decision to adopt Bitcoin as El Salvador's national currency, their meeting has sparked rumours of a potential incoming Bitcoin price surge. Musk posted on 'X' about the meeting, stating:
"Just had an excellent conversation with president Nayib Bukele. We talked a lot about the nature of reality, future of humanity and how technology like AI and robotics will affect the world. El Salvador has an amazing leader."
Bukele propelled himself into the international spotlight after he adopted bitcoin as legal tender in El Salvador back in 2021. He also shared news of his meeting with Musk, posting on X a video where he stated that "it was a pleasure to spend several hours talking with one of the great minds of our time." The video was filmed at Tesla's Austin headquarters, known as Giga Texas, and within the pair can be heard discussing the future of the United States. Bukele even predicted the country's days could be numbered.
In the last month Bukele also admitted his initial expectations for the adoption of Bitcoin within El Salvador had fallen short, noting in an interview with Time Magazine that "it could have worked better" but has still been a "net positive" for the country. The nation adopted Bitcoin as a legal tender while also issuing bonds backed by bitcoin mined in the country via volcano-powered computers. This has seen a citizenship-through-investment scheme for foreigners who donate Bitcoin to the government introduced to the nation, while they have also managed to build a Bitcoin stash worth $360 million.
Musk is considered a major driver of the Bitcoin and crypto market bull run in 2021 as he purchased $1.5 billion worth of bitcoin via his electric car company Tesla. Most of it was later sold to make a quarterly profit for the company in 2022. Tesla still owns almost 10,000 Bitcoin and its value has doubled to almost $600 million over the last three years. Musk has also admitted to privately owning some Bitcoin, Ethereum, and his "favourite" cryptocurrency Dogecoin.
Not only did Musk note that Bukele is an amazing leader, but Musk also noted how the El Salvador President gifted him coffee that had been grown at the leader’s personal ranch. Musk offered the President a can of Coca-Cola in return. The owner of 'X' also stated that the pair should do a livestream of their next conversation, which would more than likely be hosted on X Spaces. Bukele did not specify exactly when he travelled to the United States, but he is set to attend the 79th United Nations General Assembly in New York during the last week of September.
Musk has also back former United States President Donald Trump in this year's race for the White House, but the billionaire has also repeatedly warned over the last year that the spiralling U.S. debt pile of more than $35 trillion could "bankrupt" the country. Trump has promised to create a United States Bitcoin strategic reserve if re-elected in November and he has been extremely pro-crypto during his campaigning. Trump also noted that Musk had agreed to serve as head of the Department of Government Efficiency, which Musk branded DOGE and said would be "epic."
Over the course of the last number of years Musk has met with a wide range of world leaders. This has included:
- Argentina President Javier Milei in May
- Italy Prime Minister Giorgia Meloni in June
- Turkish President Recep Tayyip in September
- Thailand’s Prime Minister Srettha Thavisin in September
- Israel Prime Minister Benjamin Netanyahu in September
- Hungary President Katalin Novák in September
Many of these discussions took similar notes as that with Bukele, discussing AI, space travel, electric vehicles (EVs), and concerns about population collapse.
The CEO of ARK Invest, Cathie Wood, has also recently made a prediction regarding El Salvador’s gross domestic product (GDP). She feels it could increase tenfold by 2029 and last May Wood met with Bukele to discuss investment opportunities in El Salvador related to Bitcoin, AI and other tech innovations, as well as tax policies. After the meeting Wood noted:
“President Bukele’s determination to turn El Salvador into an oasis for the Bitcoin and AI communities — two of the biggest economic and technology revolutions in history — is the reason I believe that its real GDP could scale 10-fold during the next five years.”
Have a great day.
Peace. CryptoGod-1.
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