Nayib Bukele, 42, has officially begun his second term as El Salvador’s president, set to govern for another five years with near-total control of parliament. The swearing-in ceremony took place at the National Palace in San Salvador, where President Bukele received the presidential blue and white sash from Ernesto Castro, the President of the Legislative Assembly. The event was broadcast live, drawing crowds of cheering Salvadorans.
President Bukele has been a strong supporter of cryptocurrency, and it was recently revealed that El Salvador holds more Bitcoin than previously estimated. In a recent post on X, Bukele disclosed that the country has moved over 5,000 bitcoins, valued at over $400 million, into a cold wallet.
Donald Trump Jr. attended the inauguration, congratulating Bukele on his second term and joking about not having to imprison his political opponents, to which Bukele responded, “we don’t jail political opponents here.” Crypto enthusiasts took to social media platform X to congratulate Bukele on his decisive victory for the 2024-2029 term.
El Salvador’s Bitcoin Adoption
In September 2021, El Salvador became the first nation to adopt Bitcoin as legal tender when the cryptocurrency was trading around $51,000. This move aimed to enhance financial inclusion, streamline remittance payments, and promote financial innovation. Despite facing criticism, particularly after Bitcoin’s price fell from its all-time high of $69,000 in November 2021, El Salvador has remained committed to its Bitcoin strategy. Currently, Bitcoin is trading around $68,400.
In May, El Salvador launched a cutting-edge online platform to track the country’s Bitcoin Treasury. This platform is a significant step towards enhancing the financial transparency of government operations, providing public access to data regarding El Salvador’s BTC investments.