Nayib Bukele Begins Second Term as El Salvador’s President

El Salvador’s crypto-friendly leader, President Nayib Bukele, 42, has been sworn in for another five-year term, further consolidating his control over the parliament.

Bukele took his oath at the National Palace in San Salvador, receiving the presidential blue and white sash from Ernesto Castro, President of the Legislative Assembly. The event, broadcast live, saw many Salvadorans gather to celebrate their President.

An avid supporter of cryptocurrency, Bukele recently revealed that El Salvador holds over 5,000 bitcoins worth more than $400 million in a cold wallet, significantly more than previous estimates.

Donald Trump Jr. attended the inauguration, congratulating Bukele and humorously noting the absence of political imprisonment, to which Bukele replied, “we don’t jail political opponents here.”

Crypto enthusiasts flooded social media platform X with congratulations for Bukele on his decisive re-election for the 2024-2029 term.

El Salvador’s Bitcoin Journey

In September 2021, El Salvador became the first nation to adopt bitcoin as legal tender when it was valued around $51,000. This move aimed to boost financial inclusion, simplify remittances, and encourage financial innovation.

Despite initial criticism and a significant drop in bitcoin’s price from its peak of $69,000 in November 2021, El Salvador has remained committed to its bitcoin strategy. Bitcoin currently trades around $68,400.

In May, El Salvador launched a pioneering online platform to track its Bitcoin Treasury, enhancing the transparency of government financial operations. This platform, similar to a mempool, provides public access to data on the country’s BTC investments.