When El Salvador made the smart decision to accelerate Bitcoin adoption in the country, many naysayers made a lot of noise declaring that the country’s economy would soon fail. They were wrong.
The Anti-Bitcoin Brigade
One of these anti-Bitcoin people was actually a US senator. Joining the bandwagon that made its business to bash El Salvador’s move, Senator Robert Menendez (New Jersey – Democrat) said,
“Bitcoin can open the doors of corruption in El Salvador.”
Granted, this is just a short statement from among the extensive bashing that the senator did against BTC. The interesting part is the fact that Bitcoin is actually a better way to prevent corruption than the use of fiat. This notion is backed by Bitcoin’s public ledger that is accessible and visible to everyone.
Indicted For Corruption
Now, it turns out that Senator Menendez had his reasons for being so brazenly anti-Bitcoin. In an interesting twist of events, it may appear that the senator was against Bitcoin because using it would expose his own underhand dealings. The senator is currently under scrutiny by the US DOJ and is already facing an indictment for corruption charges.
Apparently, Senator Menendez and his wife received bribes in form of cash, expensive items, and Gold bars worth north of $400,000. Other gifts and vacations were also involved. In return, Senator Menendez provided political cover and favors to a rich eye doctor who happened to be doing something on the other side of the law.
Of course if you think about it, he choose to receive the bribes in form of Gold and fiat cash primarily to avoid a trail of records that could lead back to him. But it appears that the law enforcement sleuths outsmarted his “fool-proof” bribery scheme and caught up with him.
This is an interesting case, as mentioned, especially considering that the senator has been all vocal against Bitcoin that uses a public ledger system, while taking bribes in a secretive form on the side. This case could be cited by Bitcoin supporters in the future to expose the hypocrisy and possible motives of influential people who oppose Bitcoin adoption.
Is There Corruption In El Salvador After Bitcoin Adoption?
Since adopting Bitcoin as legal tender, El Salvador has seen an economic boom as well as significant reduction in crime rates and corruption. The Government bonds are booming and attracting investors.
The country’s plan to woo Bitcoiners to migrate there is already working. In a bid to further boost Bitcoin adoption, El Salvador is also embarking on a mining operation and educating kids about Bitcoin.
