Nayib Bukele started his second term as El Salvador’s president, as he won the last El Salvador presidential election.
El Salvador is a highly Bitcoin-friendly jurisdiction, thanks to the Bitcoin laws introduced in the country under the presidency of Nayib Bukele. On 7 Sep 2021, Bitcoin became a legal tender in this country’s laws officially. For Bitcoin adoption, El Salvador president Bukele faced huge criticism from opposition leaders as well as from global financial bodies but still, Bukele already remained strong with his Bitcoin adoption decision. This country currently holding 5,769.76 BTC.
El Salvador President Nayib Bukele was sworn in for a second term on Saturday of last week.
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— Nayib Bukele (@nayibbukele) June 2, 2024
Many people congratulated Bukele for the completion of his 5 years of presidency as a successful president of El Salvador & also for the second term.
Speaking from the balcony of the National Palace in San Salvador, President Bukele, 42, told the public that gang violence in the country was mostly under control. “Salvadorian society still has problems, but it’s not as bad as it used to be,” he said, talking about the criminal gangs that once made El Salvador very dangerous.
Bitcoin adoption & challenges
The whole El Salvador population knows very well that Bukele faced huge criticism & challenges from his haters & opposition leaders, with Bitcoin adoption.
Some local media reports noted that Bukele’s economic policies are still struggling to attract investors for Bitcoin City, a tax-free place supported by cryptocurrency.
Also, El Salvador owes more than $30 billion in debt, which is almost 84% of what the country makes in a year.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $69,107 & this trade price is 2.1% higher over the last 24 hours.
Read also: Hong Kong official claims Hong Kong crypto licence is not beneficial for companies
Bitcoin City dreamer Nayib Bukele begins his second term as an El Salvador president
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