President Nayib Bukele is promoting El Salvador as the “new land of the free,” as part of an invitation for foreigners to move to the Latam country. Bukele tweeted a poster in vintage American style that included several advantages that the country brings its citizen, including the adoption of bitcoin as legal tender.

EL Salvador’s ‘New Land of the Free’ Campaign Invites People to Move in With Bitcoin as Legal Tender

President Nayib Bukele is inviting people to move to El Salvador. Bukele posted a poster in vintage American style where he depicts a classic American family in a living room, calling his country “the new land of the free,” a motto usually applicable to the U.S.

The poster serves to exhibit the achievements that, according to him, his government has reached, principally in the security and monetary policy areas. The poster calls for people to move to El Salvador, explaining that there are “no fentanyl crisis,” “no shootings” and “no lootings,” as a product of the tight security measures that the government has taken during 2022 and 2023.

Also, the poster features the adoption of bitcoin as a legal tender, with El Salvador being the first country in the world that presents this option to tourists and residents. Also, president Bukele has made statements about easing the way of migrants by proposing to give Salvadoran citizenship via bitcoin investments.

Achievements Among Criticism

To some, the poster appears to celebrate the new face that Bukele has brought to El Salvador, making a clear comparison to what the U.S. represented back in the sixties. While heavily criticized for possible violations of human rights in its battle against gangs, Bukele has made security a priority in the country. According to reports, El Salvador finished 2022 with its homicide rate plummeting by 56.8%. Also, Bukele celebrated a milestone of 300 days without homicides on February 14.

However, to get to this point, Bukele had to establish an exception state, with curfews for the population while waging an all-out war with the Maras Salvatruchas, the biggest national gang, since March 2022.

In the poster, great weather and beaches are also promoted. Bukele had stated before that the recovery of tourism in the country, one of the fastest in the world after the Covid-19 pandemic, was in part thanks to the inclusion of bitcoin in the economy of the country and also because of surf.

Bukele has also announced significant investments in landmark beaches like El Zonte, known as Bitcoin Beach due to its adoption. In August, the Salvadoran government destined an investment of $203 million to build support infrastructure for the region including a new drainage system, bridges, and bicycle roads.

What do you think about Bukele’s ‘new land of the free’ poster? Tell us in the comments section below.

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Tim Draper, a venture capitalist and bitcoin millionaire, has included bitcoin as part of a series of cash management recommendations offered to startup founders. Draper recommended having at least two payrolls worth of cash in bitcoin or other cryptocurrencies to avoid being affected by bank failures like the collapse of Silicon Valley Bank (SVB).

Tim Draper Touts Bitcoin as Hedge Against Bank Failures

Tim Draper, a well-known venture capitalist and crypto enthusiast, has recommended bitcoin as part of his cash diversification advice for business founders. Draper, known for winning an auction of 30,000 bitcoins from the U.S. Marshals back in 2014, and for his bitcoin price predictions, posted a document on Twitter that comments on several considerations businesses should make in the face of bank failures.

The document, which presents seven different ways to avoid a cash crunch, states:

Since boards and management are responsible for making payroll, even in times of crisis, it is important to build out contingency plans for bank failures that could happen more and more often if government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.

Draper comments that the collapse of Silicon Valley Bank (SVB) showed the importance of having a sound contingency strategy in uncertain times.

Per different reports, many tech startups that were dependent on Silicon Valley Bank faced a period of uncertainty when the bank collapsed, not having the necessary liquidity to complete payroll payments. However, the U.S. Federal Deposit Insurance Corporation (FDIC) averted the situation and made customers’ deposits whole under a systemic risk exception approved by the Federal Reserve.

Bank Diversification Recommendations

One of the key points in Draper’s cash management plan, which was designed with the help of Wharton school individuals, is the diversification of banking risk. Draper states that businesses can no longer rely on just one institution to manage their cash, advising to keep at least six months of short-term cash in two banks — one local and one global bank.

Also, Draper advises keeping at least two payrolls worth of cash in bitcoin or other cryptocurrencies, maintaining excess money in assets saleable for emergencies. He supports taking these measures by stating:

For the first time in many years, governments are taking over banks and governments themselves are at risk of becoming insolvent. Bitcoin is a hedge against a ‘domino’ run on the banks and on poor over-controlling governance.

What do you think about Tim Draper’s advice on keeping bitcoin as a hedge against bank failures? Tell us in the comment section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

After the U.S. Commodity Futures Trading Commission sued Binance for alleged violations of trading and derivatives rules, a significant amount of cryptocurrency was withdrawn from the exchange. Data from analytics provider Nansen shows $400 million in Ethereum-based funds were withdrawn in 24 hours, and 3,655 bitcoin worth more than $99 million were withdrawn over the past day, according to Coinglass metrics.

3,655 Bitcoin Withdrawn From Binance in 24 Hours

On Monday, March 27, 2023, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and CEO Changpeng Zhao (CZ), alleging the exchange had violated specific trading and derivatives rules. The CFTC is seeking disgorgement and monetary penalties, as well as a ban on future registrations. Following the news, Binance experienced a large number of withdrawals, and some observers noted “large onchain movements prior” to the exchange’s troubles with the CFTC.

“A few hours before the Binance CFTC Indictment, there were large stablecoin withdrawals across centralized exchanges, totaling almost $1.5B in just 12 hours. Notably, Binance itself saw an $850M outflow,” analysts from ‘An Ape’s Prologue’ explained. “Just one hour after the announcement, Binance saw an additional $240M withdrawn,” the researchers noted.

Data from Nansen and Dune Analytics show more than $400 million in Ethereum-based funds were withdrawn in 24 hours. As of writing, Nansen’s proof-of-reserves portal shows Binance holds $63.36 billion worth of cryptocurrency assets. Statistics also show more than 150 million BUSD stablecoins were redeemed on Monday. There’s currently 7.84 billion BUSD in circulation, and 7.1 billion of those tokens are held on Binance.

Binance also holds one of the largest caches of bitcoin, as its cold wallet holds 248,597 bitcoin, the single largest address today. According to Coinglass, Binance’s BTC balance indicates that the exchange has shed 3,655 bitcoin worth close to $100 million over the last day. While Binance saw the most bitcoin outflow over the last 24 hours, Coinglass records indicate that 1,025 bitcoin was withdrawn from Coinbase.

What do you think about the CFTC’s lawsuit against Binance? Share your thoughts about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.