El Salvador, a Bitcoin-friendly country, has now become one of the safest countries in the world under the radical policies promoted by Bitcoin advocate Bukele. According to recent reports, El Salvador’s transformation under President Nayib Bukele has been remarkable. What was once considered the most dangerous country in the world is now ranked the eighth safest.
Data shared by the media organization Radar Hits confirms that as many as 88% of Salvadorans now feel safe when walking alone. This is in stark contrast to the situation a decade ago, when violence and crime were rampant. Historical data shows that between 2015 and 2016, about 70% of people felt unsafe, while only 30% felt safe.
Notably, recent data shows that Kuwait tops the list of countries where citizens feel safe walking alone, with around 99% feeling safe. Singapore also prides itself on the high security of its 94%, while Norway and Saudi Arabia both have 92%.
Bukele's tough stance
Although El Salvador ranks eighth on the list, its progress from 30% feeling safe to 88% in eight years is particularly commendable. The main driver of this shift has been President Ney Bukele’s tough stance on crime. His "state of exception" policy, introduced in March 2022, allowed for the mass arrest of gang members and significantly reduced violence. While human rights groups have criticized the policy for bypassing legal safeguards and undermining civil liberties, its impact on public safety is undeniable.
The policy has helped lead to thousands of arrests, but some groups argue that some individuals are innocent. Interestingly, El Salvador’s murder rate has plummeted, giving the country a new reputation as a safer destination for residents and tourists.
Bitcoin betting in El Salvador
It is worth noting that Bukele’s reforms are not limited to security issues, but also extend to the economic field. His decision to adopt Bitcoin as legal tender alongside the U.S. dollar in 2021 sparked widespread controversy. Initially, the move was opposed by international financial institutions, many of which warned it could destabilize El Salvador's economy. Agencies like Fitch Ratings even downgraded the country’s credit rating, predicting financial disaster.
However, Booker’s Bitcoin bet is now paying off. The country’s Bitcoin bonds, once considered high risk, have soared in value. Booker pledged to buy 1 BTC per day starting in November 2022. Data shows that the country currently holds 5,883 BTC, with profits reaching $60.5 million.
Those profits were largely helped by a rebound in bitcoin prices, with the recovery of the main cryptocurrency sparking confidence in El Salvador’s financial management. Many once-skeptical global investors are now also beginning to support the country because of the opportunities presented by Bitcoin mining and renewable energy projects that utilize the country's natural resources.
Tourism and the digital economy
Additionally, Bukele's government has focused on infrastructure and digital connectivity. Tourism is booming, and projects like SurfCity and hosting of major international events like the 2023 Central American and Caribbean Games are drawing global attention to the country. While Bukele’s policies still face criticism, especially from those who view his style of governance as authoritarian, the results speak for themselves. El Salvador’s economy is stabilizing, tourism is growing, and for the first time in years, Salvadorans feel safer in the country.
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