Who is Nayib Bukele ?
By Wilhelm Zahn
Netzcash, knitbit, e-chip… These words were barbarisms for the common man a decade ago but now, they are in every mouth, for better and for worse, either as a tool that will replace banking as we know it and a cornucopia for well-advised investors, or as an economic bubble and a scam. Still, Netzcash is a force to be taken into consideration and the incredible rise of Internetz entrepreneur Nayib Bukele is a good indicator.
When Forbes published his yearly list of the top billionaires of the world, Bukele has tripled his fortune in 2022, skyrocketing from the 150th to the 15th place, becoming the only Latin American of the top 20, the second wealthiest Muslim of the world, thanks to a fortune estimated to 65 billion dollars, thanks to the unprecedented booming of his company, NIS (for New Ideas & Solutions), the most valued Netzcash trading company in the world.
Nayib Bukele has also a biography that would make biographers drool. Born in El Salvador to parents whose roots came from Palestine, his parents fled the military dictatorship and settled in California in the 1980s. As his father, a convert to Islam and an imam, managed to perpetuate his fortune in the textile industry in the context of the 1983 krach, young Bukele graduated from Tufts University and dropped out from Stanford before beginning a career in finance trading in New York City, before working in software engineering in California and Cuba. Discovering the nascent industry of Netzcash in a random conversation with Chinese enthusiasts, he started NIS almost from scratch in 2012, designed as a trading platform made as simple as possible for curious investors, usable from a comphone. Ten years later, NIS is the fastest-growing company on Earth, millions of users throughout the world have installed it and paid billions to acquire any of the 30,000 Netzcash currencies it has to offer and Bukele has become the hero of billions of libertarians, objectivists and small investors, even becoming the hero of a most-watched Korean TV show.
“It’s strange they took a Muslim Latino to be a star in Korea, but I appreciate the attention” laughs Bukele, with his bright smile, seated on his office on top of the highest office tower in Havana. Wearing a t-shirt, he tries to remain simple to explain the success of Netzcash : “After the Wuchang pneumonia shook the economy to its core and resulted in millions losing their jobs and hopes throughout the world, Netzcash became the promise of a better future, without regulations, banking or control. It is the new gold, the new oil, the new Helium-3. And as in all rushes, everyone wants his part, and it’s only three clicks away. Since 2020, the majority of our new users came from China and the growth of the three most valued Netzcash currencies (Nakamoto, Eridium, Primecoin) has been inversely proportional to the yuan or the piaster, allowing hundreds of thousands to keep, or even increase their capital when banks are bankrupting all over Asia !”
When inflation is skyrocketing all over the world and stimulus packages weren’t enough to deal with the aftermath of the pandemic, Netzcash can be a valuable investment. The currencies Bukele quotes have seen their value increase by four digits since 2020 and almost all companies in the US now accept Netzcash for payment. Borealia is even considering to adopt Nakamoto as legal tender. Ads for Netzcash currencies are now everywhere to be seen and in a world where most young adults can’t acquire their own apartment and constitute their own capital, Netzcash appears as a high-stakes market where one can win big… or nothing at all.
“Netzcash is close to a scam : it’s all about confidence and speculation… It was the same for all economic kraches, starting with the tulips in the Dutch provinces” sighs Elena Terzian, economist for the World Council. “The rush that made Bukele’s fortune could even be worse in the long term : on a whim of, let’s say, a bank run, the millions of subscribers are on the brink of losing everything, with no way to be able to recover from it. And that’s more, these dormant sums are making no difference on the real economy, something that will definitely not help the stagnant economies throughout the world.”
“That’s what they always said to the pioneers” replies Samuel Bankman-Fried, chief financial officer to NIS. “With this way of thinking, we would have still thought the plane was a toy, Konrad Zuse was wasting his time and that permanent moon bases would never be of any use.” Nayib Bukele, his boss, has the same opinion. “The banking system and the whole financial sphere know they are losing their grip on our civilization and it’s easier to call us scammers as such. But we aren’t evil. I don’t spend my fortune in orgies in Costa Rica or in bunkers in the Pacific Ocean. I remain an investor first and it’s my duty to serve my customers” he adds, taking a jab at other objectivist businessmen. Like them, Bukele is however much present on network media, with a record amount of followers appreciating his jokes and comments.
But the politics of Bukele aren’t the ones of John McAfee and Peter Thiel. If Bukele has made huge donations to the Republican Party for the 2022 midterms, he has also sponsored Conservative candidates that had made law and order and government oversight their main platforms, such as Senator Elise Stefanik in New York or Kimberly Yee in Arizona, positions that might be the opposite of your average pro-deregulation businessman. “I might be cool, but I’m also in favor of the rule of law. I come from a country where the government was tough but didn’t do enough to quell down dissent. If you have to make strong steps against drugs and street gangs, so be it.” In his native country, Bukele has established good relations with the current ruler, Vice Admiral Monroy, who took power in a military coup in 2021 ; investing in education, infrastructure and health, some think he might one day run for President of El Salvador. His faith would be an issue : even if he has followed his late father’s step in favor of the Muslim American community, funding and building mosques throughout the country, he claims to be a believer in God first and has stressed the “Jewish-Sphardic blood” of his wife, Gabriela, a fellow Salvadoran psychologist and educator.
In the same time, Nayib Bukele is still confident in his rise. “I might be far from Jack Ma, but the sky is not the limit for Netzcash : it’s space.” And he has three simple advices for anyone who might be interested in Netzcash : understand the technology behind ; never invest more than you can afford to lose ; never forget your passwords. “Some journalist asked me if I would be furious if one of my customers became wealthier than me, and I lost my entire fortune overnight. On the contrary : helping people is my pride.”
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