Nayib Bukele, the President of El Salvador, invited Chris Pavolvski, the head of Rumble, to transfer his business to their nation. This invitation was made just a day following Tether’s decision to relocate as well.
As a crypto investor, I’ve noticed that the Salvadoran government has taken a more flexible approach to its initial maximalist pro-Bitcoin stance. Now, they seem to be actively pursuing strategic collaborations with prominent players in the cryptocurrency sector.
Rumble Considers El Salvador
El Salvador is known for being welcoming towards cryptocurrencies, and it invites companies from this industry to establish themselves there. Yesterday, Tether declared its intention to move there after obtaining a new license. The CEO of Rumble, Chris Pavlovski, contacted the company regarding their relocation to El Salvador, and President Bukele proposed a straightforward incentive in return.
“You should move your headquarters here too,” Bukele said.
It’s not unreasonable that Rumble might join Tether in El Salvador within a few years. One reason for this could be the significant investment Tether made in the platform – a massive $775 million over the past month.
The two companies are heavily intertwined, and such a move might be highly logical. Moreover, Pavlovski endorsed several optimistic messages regarding Tether’s decision.
Additionally, it’s possible that Rumble is drawn to El Salvador because of its strong association with Bitcoin. In fact, last November, the company started putting its cash reserves into Bitcoin, starting with a $20 million investment. Notably, El Salvador has been a significant buyer of Bitcoin since President Bukele declared it as legal tender and promotes Bitcoinization globally.
El Salvador has been striving to preserve its status as a leading crypto hub by making moves such as the Tether agreement and inviting Rumble. Just last month, it made changes to its Bitcoin Law following a favorable proposal from the IMF. This marks a shift from its previously strong, pro-Bitcoin standpoint.
For several years, the International Monetary Fund (IMF) closely examined the nation due to its requirement that all businesses must accept Bitcoin payments. However, after numerous attempts, the United Nations agency has successfully convinced President Bukele to loosen this policy.
According to Sam Callahan’s previous post on X, one of the main reasons the IMF is withholding funds from El Salvador is their disapproval of Bitcoin and the fact that the government has integrated Bitcoin into its national assets.
After this agreement, El Salvador has been showcasing several public initiatives to uphold its reputation as a protector of cryptocurrency. For instance, Bukele recently hinted at purchasing Bitcoin at a discount following the U.S. government’s announcement of a $6.7 billion sale. Additionally, by attracting Tether’s business, El Salvador may also stand to gain significantly from Rumble.
In simpler terms, while a lighthearted social media proposal might be made for such a significant partnership, it’s far from enough. The potential business connections with Tether could bring Rumble closer to El Salvador, but a complete move there involves a much more intricate set of steps.
Regardless of the circumstances, the nation is eager to draw investment from the global cryptocurrency market, and Bukele is actively pursuing collaborations.
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2025-01-14 22:32