[El Salvador’s Bitcoin-supporting President Nayib Bukele is sworn in for a second term]
El Salvador’s pro-Bitcoin president Nayib Bukele was sworn in for a new five-year presidential term following a landslide victory in February, an event that caused a lot of excitement in the crypto industry because of his positive stance on Bitcoin.
Crypto commentator Cory Bates said in an X tweet on June 1: “Bukele is proof of work — cheers to another five years. God bless El Salvador.”
Crypto media guru Pete Rizzo added: “Exactly five years ago today, Nayib Bukele was sworn in as President of El Salvador. Since then, the country has become a world leader in freedom, security, and innovation—the first Bitcoin President.”
The swearing-in ceremony took place on June 1 at the National Palace in San Salvador. Bukele reiterated that under his leadership, the country has seen a significant decrease in crime rates following the crackdown on gang crime.
"In two years, we have turned around a situation that had lain unresolved for more than half a century, with more than 70,000 terrorists controlling the country and causing more deaths than armed conflict," Bukele said.
He has won support from citizens for his efforts to fight crime and 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 adopt Bitcoin as legal tender. Still, more than three-quarters of Salvadorans were initially skeptical, according to a July 2021 Reuters poll.
On February 20, Cointelegraph reported that the New Idea Party secured 54 of the 60 seats in the legislative body, providing the political means for Bukele to continue leading the country.
These results come from the country's February 4 elections. On February 5, Bukele claimed victory before the official results were announced, saying New Idea had won 58 seats instead of 54.
Recent reports suggest that Argentina may be following El Salvador’s plans for Bitcoin and other cryptocurrencies.
On May 27, Cointelegraph reported that Argentina’s securities regulator, the National Securities Commission (CNV), held a meeting with El Salvador’s National Digital Asset Commission (CNAD) to discuss cryptocurrency adoption and regulation in both countries.
