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Bukele's Bitcoin Blunder

Author

Listed:
  • Hanke, Steve

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

  • Hanlon, Nicholas

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

  • Chakravarthi, Mihir

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

El Salvador’s President Nayib Bukele has blessed El Salvador’s Bitcoin Law, a law that will make bitcoin legal tender. Among other things, the President has asserted that bitcoin is a cheaper method of sending and receiving remittances than the methods currently used for the transmission of greenbacks to El Salvador. We examine the validity of the President’s assertion, and conclude that the assertion is false.

Suggested Citation

  • Hanke, Steve & Hanlon, Nicholas & Chakravarthi, Mihir, 2021. "Bukele's Bitcoin Blunder," Studies in Applied Economics 185, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    • Handle: RePEc:ris:jhisae:0185
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    More about this item

    Keywords

    bitcoin; remittances;

    JEL classification:

    • F24 - International Economics - - International Factor Movements and International Business - - - Remittances

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