El Salvador’s President Nayib Bukele Takes Oath for Second Term, Consolidating Power
El Salvador’s President Nayib Bukele, a strong advocate for cryptocurrencies, has been inaugurated for his second term as president, solidifying his control over parliament. The swearing-in ceremony took place at the National Palace in San Salvador, with President Bukele receiving the presidential sash from Ernesto Castro, the President of the Legislative Assembly. The event was broadcasted live, drawing a large crowd of cheering Salvadorans.
President Bukele has long expressed his support for cryptocurrency, and it has recently been revealed that El Salvador holds a substantial amount of Bitcoin, exceeding previous estimates. In a post on social media platform X, President Bukele announced that the country has transferred over 5,000 bitcoins, valued at over $400 million, into a secure cold wallet.
Notably, Donald Trump Jr. attended the inauguration and congratulated President Bukele on his re-election. He even made a lighthearted remark about not imprisoning political opponents, to which President Bukele responded by emphasizing the country’s commitment to political freedom.
Crypto enthusiasts have been quick to praise President Bukele’s decisive victory for the 2024-2029 term on social media platform X.
El Salvador made global headlines in September 2021 when it became the first country to adopt Bitcoin as legal tender, even when the cryptocurrency was trading at around $51,000. The move aimed to promote financial inclusion, streamline remittance payments, and foster financial innovation.
Despite facing criticism during the early days of adoption, particularly after Bitcoin’s price plunge from its all-time high of $69,000 in November 2021, El Salvador has remained steadfast in its commitment to Bitcoin. Currently, Bitcoin is trading at around $68,400.
In May, the country introduced a state-of-the-art online platform to track El Salvador’s Bitcoin Treasury, enhancing the transparency of government operations. The website, similar to a mempool, provides public access to data on El Salvador’s BTC investments.
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