Nayib Bukele, El Salvador’s Bitcoin advocate, inaugurated for second presidential term

El Salvador’s President Nayib Bukele, known for his pro-Bitcoin stance, has been inaugurated for his second five-year term, following a landslide victory in February. This development has generated significant excitement within the crypto industry. Bukele’s positive attitude towards Bitcoin has earned him praise, with crypto commentator Cory Bates stating, “Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador.” Additionally, crypto media guru Pete Rizzo referred to Bukele as the “1st Bitcoin President,” highlighting El Salvador’s leadership in terms of freedom, safety, and innovation.
The inauguration ceremony took place on June 1 at the National Palace in San Salvador. During his speech, Bukele emphasized the decline in crime that the country experienced under his leadership, attributing it to a major crackdown on gangs. He stated, “In two years we turned around a situation that had been unresolved for more than half a century, with more than 70,000 terrorists controlling the country, and who left more dead than the armed conflict.”
While Bukele gained support for his efforts to combat crime, he also garnered backing from the global crypto industry for his decision to adopt Bitcoin as legal tender. In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender following the announcement of the Bitcoin law. However, there was initial skepticism among Salvadorans, as a Reuters poll in July 2021 indicated that more than three quarters of the population had doubts about the decision.
Bukele’s landslide victory in the recent election was a significant milestone. The New Ideas party, led by Bukele, secured 54 out of the 60 seats in the legislature, providing him with the political means to continue leading the country. The official results were announced on February 5, a day after Bukele claimed victory, stating that his party had won 58 seats instead of 54.
In recent news, there have been reports suggesting that Argentina may be following El Salvador’s lead in adopting Bitcoin and other cryptocurrencies. The National Securities Commission (CNV) of Argentina held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) on May 27 to discuss crypto adoption and regulation in both countries.
Overall, Bukele’s re-election and his positive stance on Bitcoin have solidified El Salvador’s position as a leader in the crypto industry.