El Salvador’s President Starts Second Term with Strong Support and Bitcoin Focus
El Salvador’s President Nayib Bukele, aged 42, has begun his second term with unprecedented public support.
He was re-elected in February with 85% of the vote and now has near-total control over the country’s parliament and state institutions. His aggressive crackdown on gangs has restored order in a country long plagued by violence, boosting his popularity.
Despite criticism from human rights groups, Bukele remains the most popular leader in Latin America. His New Ideas party’s dominance in the legislature gives him significant power to enact his policies.
Bukele’s administration is notable for making Bitcoin legal tender in 2021, a world first. He aims to attract foreign investment, increase financial inclusion, and reduce reliance on the US dollar. This decision involved significant taxpayer investment in Bitcoin, despite warnings about its volatility. Bitcoin prices have fluctuated between $16,000 and $73,797, but Bukele believes the benefits outweigh the risks.
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El Salvador faces economic challenges, with public debt over $30 billion and slowing growth. Critics argue that Bitcoin’s volatility could destabilize the economy further, but Bukele insists that reducing crime will support economic stability and growth.
Bukele’s inauguration, held at the National Palace in San Salvador, drew international dignitaries like Spanish King Felipe VI and Argentine President Javier Milei. Donald Trump Jr. also attended, highlighting Bukele’s connections and growing international influence. This event underscores global interest in Bukele’s unconventional policies, especially his embrace of Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
