ONE FOR THE ROAD
Last September, El Salvador became the first country in the world to adopt Bitcoin as legal tender; two months later, just last Friday, their president, Nayib Bukele, shocked the world once again with the announcement of Bitcoin City –– a digital investor’s paradise that promises zero percent income taxes, zero capital gains tax, zero property tax, and zero municipal and payroll taxes.
Are you paying attention yet?
If you are wondering how El Salvador will source its revenue from these digital nomads, they will achieve that through a 10 percent VAT on all purchases , as well as selling bonds against the energy they produce to mine Bitcoin. It is the ultimate middle finger at the system and it has started off a revolution of sorts that Hillary Clinton recently warned will destabilize America. Needless to say, the fear mongers and institutional bullies, like the IMF, the World Bank and the Feds are threatening El Salvador with all the dangers of leaving their usurious and oppressive systems. But Bukele and his team are enjoying the support of the world’s biggest investors and are more than happy to take their chances doing this on their own terms.
Many see this as the ultimate acid test for smaller or marginalized nations to achieve true sovereignty. If this plays out even half as well as Bukele and his supporters believe it will, then we will witness the rise of…