In the past decade, you all must have heard of the term Cryptocurrency. In case you don’t know what that means, Cryptocurrency is a form of digital money. The best and worst thing about crypto is that it is completely decentralized. That basically means no regulation from governments.
As more and more cryptocurrency is accepted, the need for intermediaries such as banks and financial institutions will go down. All this may seem scary and way too risky for the layman. But, in the case of cryptocurrency, every transaction is recorded on a ledger.
These ledgers and completely digital and are secured with a lot of cryptography.
There is a saying that ”People fear what they can not control.” It is the same in the case of crypto as well. There has been a lot of resistance regarding the acceptance of crypto as an acceptable tool for the exchange of goods or services.
Despite the pushback, there are many business moguls that are promoting cryptocurrencies. Businessmen such as Mark Cuban, Elon Musk, and Brian Armstrong are among those, to name a few.
Not just businessmen, but in the last couple of years, cryptocurrency has been supported by some politicians as well. One of the biggest supporters is none other than the President of El Salvador, Nayib Bukele.
Here in this blog today, we are going to learn more about Nayib Bukele. We will also discuss Nayib Bukele’s net worth.
Businessman Childhood
Nayib Bukele was born on the 24th of July 1981 in San Salvadore. The business was always a big part of his life as he was born into the family of a business tycoon, Armando Bukele Kattan. Despite this, initially, Nayib went through his childhood as any normal child would.
He completed his schooling at a local high school. Furthermore, he enrolled at the Central American University, San Salvador, to study law.
Dawn of A Rising Businessman
Soon after he started at the University, Nayib realized that conventional ways were not for him. As he was born into a business family, it would have been easy for him to join the family business. As a result, Nayib’s net worth would have kept increasing without much fuss.
However, Nayib decided to pave his own road. At the tender age of just 18, Nayib founded his first company. Thus began the cycle of consistent new businesses and new investments.
Unfortunately, Nayib is very private about his businesses and does not disclose much information regarding them.
However, after further research, we were able to ascertain that Nayib owned a Yamaha Motors distribution company, Yamaha Motors El Salvador. Nayib consistently made wise investments which further boosted Nayib’s net worth.
Blast off Into The World Of Politics
Despite being a very successful businessman, Nayib was not satisfied, and he then decided to enter the whirlwind world of politics. In fact, at the young age of just 30 years old. He was elected as the mayor of Nuevo Cuscatlan.
During his tenure as a mayor, he started a new initiative of taking care of the elderly.
He arranged that a basket with basic nutritional products is sent monthly. His leadership also reduced the crime rate in the municipality as well. There were many scholarships offered to the youth as well during his time as mayor.
In 2015, Nayib was elected as the mayor of his home city, San Salvador. During his tenure in his home city, Nayib worked hard to improve the infrastructure of the city. He improved the quality of roads, electricity lines, and building upkeeps.
However, during his last months as mayor, he was expelled from his political party. He was accused of having arguments within his own party.
The Presidential Campaign
After being expelled by his own party, Nayib did not feel sorry for himself. In fact, he founded his own political party, Nueves Ideas, in 2019. His main goal in creating this party was to eventually run for the presidency of the country.
However, after learning about his aspirations, the rival political parties conspired to stop him. He was consistently attacked by the political front and consistently blocked Nayib’s attempts to create his new party.
However, Nayib’s resistance paid off as he was given his chance to run for the presidency by the GANA (Grand Alliance for National Unity).
On the 3rd of February 2019, Nayib Bukele announced that he had won the elections and had been elected president. Soon after, his rivals conceded.
Cryptocurrency Debacle
Surely enough, Nayib was a very popular figure in his own and neighboring countries, but on the 5th of June 2021, Nayib became worldwide famous. This was due to his support of cryptocurrencies. He introduced a bill that made cryptocurrency a legal tender in El Salvador.
Interestingly, El Salvador was the first country to pass such a bill. El Salvador, as a result, purchased their first 400 bitcoins in September 2021.
Unfortunately, though, this tender had a lot of drawbacks. Merely months after the tender became official, bitcoin prices crashed to about 45% less than when purchased. This caused a crisis in the country.
Economist Steve Hank said that ”El Salvador now has the most distressed sovereign debt in the world, and it’s because of the bitcoin folly. The markets think that Bukele’s gone mad, and he has.”
However, despite this debacle, Nayib’s leadership steadied the ship a bit, and the country is on the path to a slow but steady recovery.
How Much Is Nayib Bukele’s Net Worth?
Now that we know about Nayib Bukele’s life and career, it’s time to see what is Nayib Bukele’s net worth. As we know that Nayib was a successful businessman and a fairly successful politician as well. It would be safe to assume that he must be really rich.
However, this is not true for Nayib. Despite so many successful endeavors in his life, Nayib Bukele’s net worth is approximately $2 Million. Sure, this seems like a huge amount, but as compared to other businessmen turned politicians, this is a measly amount.
This further goes to show that he is an honest and selfless president, as he is not focused on increasing his own wealth while being a president.
In The End
Many of us are afraid to take bold steps in our life. Let’s be honest, nobody wants to risk the comfort that they have. However, if we were ever to look at the story of any successful businessman, we would find one thing common among them. They all took risks.
Sure, sometimes they do not pan out. They also may cause losses, but that is the whole point of taking risks. There is no investment in the world that does not involve risks. Nayib Bukele also took a risk because he believed in cryptocurrency.
Yes, it did not pay off, but what if it had? As the legendary Hockey player Wayne Gretzky once said, ”you miss 100% of the shots you don’t take.”
We can also learn something from Nayib’s journey. Despite all the struggles, he has kept going and working to make his country great. Like the patriotic president that he is, he is still working hard to make his country the best it can be and not just focusing on increasing ”Nayib Bukele’s net worth.”
Whereas Milo Arthur Johnson, who had other plans and never wanted to pursue politics, unlike Nayib.
