El Salvador’s President Nayib Bukele, a strong supporter of Bitcoin, has been inaugurated for his second five-year term after winning by a large margin in February. This event has generated significant excitement in the cryptocurrency industry due to Bukele’s positive stance on Bitcoin.
In a June 1 post, crypto commentator Cory Bates expressed his support for Bukele, stating, “Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador.” Crypto media guru Pete Rizzo also praised Bukele, calling him the “1st Bitcoin President” and highlighting El Salvador’s status as a world leader in 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 significant reduction in crime that the nation has experienced under his leadership, thanks 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.”
Apart from his efforts to combat crime, Bukele has also gained support 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 make this move, following the announcement of the Bitcoin law. However, initial polls in July 2021 showed skepticism from more than three-quarters of Salvadorans regarding this decision.
Bukele’s landslide victory in the recent election further solidifies his position as the leader of El Salvador. The New Ideas party, of which Bukele is a member, secured 54 out of the 60 seats in the legislature. This victory gives Bukele the political means to continue implementing his vision for the country.
In addition to the excitement surrounding Bukele’s presidency, there are reports that Argentina may be looking to emulate El Salvador’s approach to adopting Bitcoin and other cryptocurrencies. The National Securities Commission of Argentina recently held a meeting with El Salvador’s National Commission of Digital Assets to discuss crypto adoption and regulation in both countries.
Overall, Bukele’s positive stance on Bitcoin and his achievements in reducing crime have garnered support from the crypto industry and the citizens of El Salvador. His second term as President holds great potential for further advancements in cryptocurrency adoption and innovation in the country.