El Salvador’s President Nayib Bukele Takes Oath for Second Term
El Salvador’s President Nayib Bukele, a strong supporter of cryptocurrencies, has been inaugurated for his second term as president, giving him almost complete control over the parliament. The swearing-in ceremony took place at the National Palace in San Salvador, with Bukele receiving the presidential blue and white sash from Ernesto Castro, the President of the Legislative Assembly. The event was broadcast live, and a large crowd of Salvadorans gathered to show their support for the president.
Bukele has been vocal about his support for cryptocurrencies, and it has now been revealed that El Salvador holds even more Bitcoin than previously estimated. In a recent post on X, Bukele announced that the country has moved over 5,000 bitcoins, worth over $400 million, into a cold wallet.
Donald Trump Jr. attended the inauguration and congratulated Bukele on his re-election. He even made a lighthearted comment about not having to imprison political opponents, to which Bukele responded by saying that political opponents are not jailed in El Salvador.
Crypto enthusiasts have taken to the social media platform X to congratulate President Bukele on his decisive victory for the 2024-2029 term.
El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender when the cryptocurrency was trading at around $51,000. The move was aimed at promoting financial inclusion, streamlining remittance payments, and encouraging financial innovation.
Although President Nayib Bukele faced criticism for his decision, especially after Bitcoin’s price dropped from its all-time high of $69,000 in November 2021, El Salvador has remained committed to its Bitcoin strategy. Currently, Bitcoin is trading at around $68,400.
In May, El Salvador introduced an advanced online platform to track the country’s Bitcoin Treasury. This platform enhances the financial transparency of the government’s operations in El Salvador. Similar to a mempool, the website provides public access to data regarding El Salvador’s BTC investments.
