El Salvador’s continued acceptance of Bitcoin during President Bukele’s second term

adminJune 2, 2024

President Nayib Bukele has begun his second term as El Salvador’s leader, pushing a bold agenda centered on adopting Bitcoin to revitalize the country’s economy. His approach includes fostering international relationships and navigating anticipated obstacles.

Nayib Bukele, 42, celebrated the start of his second term as president with enthusiastic support from voters. In his last February election, he won a landslide victory with 85% of the vote. His grip on power was further strengthened by his party, New Ideas, which won 54 of the 60 legislative seats. Bukele’s administration has actively fought criminal gangs and significantly reduced violence in the country, which has boosted his popularity even amid criticism from international human rights groups.

Despite being labeled a self-described “cool dictator,” Bukele is widely respected across Latin America and is one of the most popular leaders in the region. This popularity translated into his strong legislative majorities, allowing him to effectively enact his policies.

Strategic economic initiatives and challenges ahead

The most notable and controversial policy of Bukele’s term was the adoption of Bitcoin as fiat currency. This is a world first. The policy, launched in 2021, is part of Bukele’s broader economic strategy aimed at attracting foreign investment, increasing financial inclusion among the unbanked and reducing dependence on the US dollar. Despite the volatile nature of Bitcoin, whose price fluctuates between $16,000 and $73,797, Bukele remains optimistic about its benefits, such as lower transfer fees and greater financial independence.

However, El Salvador suffers from significant economic problems, including public debt exceeding $30 billion, or 84% of GDP. Economic growth is expected to slow, and volatility in the Bitcoin market adds to financial uncertainty. But Bukele hopes his measures to curb violence will promote economic stability and prosperity.

Bukele’s inauguration and global spotlight on foreign relations

The inauguration ceremony held at the National Palace of San Salvador was attended by high-ranking figures such as Spain’s King Felipe VI and Argentina’s President Javier Millais, drawing attention from around the world and signaling international interest and support for Bukele’s unconventional strategy. Donald Trump Jr.’s presence also highlighted Bukele’s respect and relationship with former US President Donald Trump.

This large-scale event not only highlights Bukele’s growing influence on the world stage, but also demonstrates the international community’s deep interest in his pioneering financial policies, especially the integration of Bitcoin into the Salvadoran economy. As Bukele moves forward with his vision, the world is watching closely, recognizing that the results could impact other countries considering similar financial innovations.

El Salvador President Nayib Bukele begins second term to lead Bitcoin adoption https://t.co/87lHFg64O3
— Crypto Mak (@crypto__mak) June 1, 2024

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