El Salvador’s Bitcoin Champion Nayib Bukele Starts New Term

Nayib Bukele, El Salvador’s famous leader, has started his new five-year term as President following a decisive election victory in February. His unwavering support for Bitcoin has kicked off major enthusiasm within the cryptocurrency world.

Also Read: El Salvador Mines 474 Bitcoin Using Geothermal Volcanic Energy

The crypto community expects a continuation of his transformative policies. Bukele first took office five years ago, and El Salvador has seen dramatic changes since then. Crypto media expert Pete Rizzo recognized Bukele’s influence, dubbing him the “1st Bitcoin President.”

Bukele Starts Second Term as El-Salvador’s President

On June 1, Bukele was sworn in at the National Palace in San Salvador. During his inauguration speech, he highlighted the nation’s significant drop in crime rates, attributing this success to his aggressive crackdown on gangs.

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.

Bukele

“We conquered fear, and today are truly a free nation,” Bukele proclaimed to hundreds of supporters from the balcony. His approach to crime has gained widespread support from citizens who have experienced the positive impacts firsthand. His decision to adopt Bitcoin as legal tender has gotten backing from the global crypto community. This policy has positioned El Salvador as a trailblazer in crypto.

Also Read: Argentina Is Learning About Bitcoin Adoption From El Salvador

On May 27, Cryptopolitan reported a meeting between Argentina’s National Securities Commission (CNV) and El Salvador’s National Commission of Digital Assets (CNAD). The discussions centered on crypto adoption and regulation. Bukele and Argentina’s president Javier Milei share similar values and quirks.

Bukele Transformed El Salvador

El Salvador became the first country to adopt Bitcoin as legal tender in September 2021, following the announcement of the Bitcoin law. Initially, there was significant skepticism among Salvadorans, with a poll indicating that more than three-quarters of the population doubted the move. Despite this, Bukele pushed forward with his plan.

I’m not here to do what others think I should do. I’m here to do what’s best for our country.

Bukele

Under Bukele’s leadership, 1% of the population was imprisoned, which led to a staggering 97% drop in the murder rate. This tough stance on crime has made El Salvador one of the safest countries in Latin America and significantly reduced migration to the U.S. by over 60% since Bukele took office in 2019. The inauguration has made ‘El Salvador’ trend globally on X.

In 2021, the Biden administration snubbed Bukele, denying the president of the South American nation a meeting during a trip to Washington. The U.S. feared a photo op would boost Bukele’s attempts to expand his power. The situation has changed significantly over the last three years. A high-level U.S. delegation led by Homeland Security Secretary Alejandro Mayorkas and senior White House and State Department officials attended Bukele’s second inauguration.

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Cryptopolitan reporting by Jai Hamid