El Salvador’s President Nayib Bukele, a strong supporter of Bitcoin, has been inaugurated for his second five-year term after winning the election by a wide margin. This event has generated great excitement in the cryptocurrency industry due to Bukele’s positive stance on Bitcoin.
Crypto commentator Cory Bates expressed his support for Bukele, saying, “Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador.” Pete Rizzo, a crypto media guru, added, “Exactly 5 years ago today, Nayib Bukele took the Oath of Office, becoming President of El Salvador. Ever since, the country has been a world leader – a beacon of freedom, safety, and innovation. The 1st Bitcoin President.”
The inauguration ceremony took place on June 1 at the National Palace in San Salvador. During his speech, Bukele highlighted the significant decline in crime that occurred under his leadership after 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.”
In addition to his efforts to combat crime, Bukele gained support from the global crypto industry for his decision to adopt Bitcoin as a legal tender. In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender following the announcement of the Bitcoin law. However, there was initial skepticism from the majority of Salvadorans, as revealed by a Reuters poll conducted in July 2021.
Bukele’s landslide victory in the recent election was a significant milestone. The New Ideas party, led by Bukele, secured 54 out of the 60 seats in the legislature, providing him with the political means to continue leading the country. Bukele claimed victory before the official results were announced, stating that his party had won 58 seats instead of 54.
The positive developments in El Salvador have attracted attention from other countries. Reports suggest that Argentina may be considering following El Salvador’s approach to adopting Bitcoin and other cryptocurrencies. The securities regulator of Argentina, the National Securities Commission (CNV), held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to discuss crypto adoption and regulation in the two countries.
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