Economy
El Salvador adopts bitcoin as its national currency despite hiccups
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El Salvador officially adopted bitcoin as its national currency Tuesday. First the country announced its Bitcoin law back in June.
El Salvador President Nayib Bukele said that the country purchased 400 bitcoins, worth around $20 million. Yet, according to the World Bank, only 30% of Salvadorans even had a bank account in 2017. The country’s internet connection isn’t much better, either. According to a 2020 study, El Salvador had the second lowest internet penetration across Latin America and the Caribbean.
Since the law came into effect, the country bought an additional 150 bitcoin. Bukele lauded the purchase, tweeting “we saved a million in printed paper.” But the app the government approved to help Salvadorians manage their bitcoin hit a snag on its first day. As a result, the president took to Twitter to ask the public to check for errors on the app. Some responded that they did not receive their promised introductory $30 for joining the app for the first time.
Meanwhile, the president stands accused of being under the influence of China. On the latest episode of the Sara Carter Show, Central Intelligence liaison officer Jerry Torres said as much. “The El Salvador president, He’s pretty new,” Torres told Carter. “He’s under the thumb of Chinese right now.”
This year over 74,000 from Salvadorians crossed the United States southern border, where bitcoin is nowhere near becoming a national currency. Just a week ago former President Trump appeared on Fox Business to say that he is “not a big fan” of bitcoin because it’s “”potentially a disaster waiting to happen.” However, globally, the digital currency has been performing relatively well for the past two weeks.
You can follow Jenny Goldsberry on Twitter @jennyjournalism.
Economy
Chevron downsizes global San Fran headquarters, paying for employees to move to Texas office
Oil giant Chevron made a huge announcement saying it will be closing its current global headquarters in San Ramon, California. Even more telling, its encouraging employees to move to Houston, Texas.
The San Francisco Gate reported “the oil company will cover relocation costs for those voluntarily leaving for the Texas office, which has been growing and employs nearly 6,000 people. Meanwhile, the San Ramon office buildings have experienced dwindling numbers in recent years.”
Although the company is not leaving the state completely, “company leadership has pushed for a permanent move to Texas in the past” adds SFGATE. Chevron, which has had “deep roots” in California going back to the late 1800s, will vacate its 100-acre campus in 2023.
The Wall Street Journal reports the business hopes to move into a smaller space in San Ramon, which will remain its headquarters. A company spokesperson told SFGATE “the current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population.”
“The move is expected to occur during the third quarter of 2023” they continued. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.”
The SFGATE notes Chevron is one of “the East Bay’s legacy companies joining the trend” to move their headquarters out of the area in recent years. Tech companies such as startups like Coinbase to industry pioneers like Hewlett Packard and Oracle have all vacated, with Elon Musk having been “one particularly outspoken voice decrying California’s business conditions.”
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