Will El Salvador’s Bitcoin Bet Pay Off – Bitcoin Magazine

Will El Salvador’s Bitcoin Bet Pay Off – Bitcoin Magazine

  • Bitcoin
  • September 6, 2022
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This is an opinion editorial by Kudzai Kutukwa, a passionate financial inclusion advocate who was recognized by Fast Company magazine as one of South Africa’s top-20 young entrepreneurs under 30.

The United Fruit Company (AKA El Pulpo which means “the octopus”) was an American company that had an overarching presence in Latin American countries. They grew and traded all kinds of fruits, but they were a gargantuan monopoly in the banana trading business. El Pulpo’s dominance extended beyond Central America, stretching as far as the West Indies which saw the company control 603,111 acres of land by 1954. Guatemala, Panama, Costa Rica and Honduras were heavily dependent on the export of bananas, which accounted for a major portion of their total exports — hence these countries earned the nickname, banana republics. As a result the company had immense control over the economies of these nations and were notorious for bribing local politicians to get their way, as well as ousting leaders that wouldn’t play ball.

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