El Salvador, a pioneer in adopting Bitcoin as legal tender, is once again in the global spotlight. During the Adopting Bitcoin conference held outside San Salvador, national and international enthusiasts analyzed the impact of the recent surge in the price of Bitcoin, which reached an all-time high of $93,500 following Donald Trump’s victory in the US presidential election.
Since President Nayib Bukele made Bitcoin the official currency three years ago, the nation has faced international criticism, especially from the International Monetary Fund (IMF), with whom it is negotiating a $1.3 billion loan. However, the government has reaffirmed its commitment to the cryptocurrency, highlighting its potential as an engine of economic and technological development.
The Trump effect on the crypto market
Trump’s re-election has been seen as a catalyst for the cryptocurrency market. Investors anticipate more favorable policies, with fewer regulations, that could boost global adoption of Bitcoin. “Trump understands what it means to be a capitalist and will remove unnecessary regulations,” said Charlie Stevens, an Irish Bitcoiner based in El Salvador.
The optimistic outlook is not limited to the political sphere. Bitcoin has shown exponential growth since its adoption in El Salvador: in 2018, it was trading at around $8,000, and now it is above $90,000, marking a milestone in its trajectory.
A bright future for Bitcoin and El Salvador
Despite limited Bitcoin adoption among Salvadorans and some technical challenges, the Bukele government continues to promote the country as a global hub for cryptocurrency commerce and innovation. “Bitcoin is growing rapidly, and the entire world has its eyes on El Salvador,” Stevens said.
The recent conference reaffirms that El Salvador is not only leading the conversation about Bitcoin, but could also be key in the next stage of cryptocurrency expansion globally.
