El Salvador’s Bitcoin (BTC) President Nayib Bukele has been sworn in for another five-year presidential term after winning a landslide victory in February. This has created a lot of excitement in the cryptocurrency industry due to his positive stance on Bitcoin.
“Bukele is proof-of-work. I wish you all the best for the next 5 years. God bless El Salvador.” Cryptocurrency commentator Cory Bates declared in an X post on June 1:
“Exactly five years ago today, Nayib Bukele was sworn in as President of El Salvador. Since then, the country has become a world leader, a symbol of freedom, security, and innovation. The first Bitcoin Chairman,” added crypto media expert Pete Rizzo.
The inauguration ceremony was held at the National Palace of San Salvador on June 1. Bukele reiterated that crime had decreased significantly in the country following a major crackdown on gangs under his own leadership.
Prime Minister Bukele said, “We have reversed in two years a situation that had been unresolved for over half a century, with more than 70,000 terrorists taking control of the country and more deaths than in armed conflict.”
While he has garnered support from citizens for his efforts to combat crime, his decision to adopt Bitcoin as fiat currency has also earned him support from the global cryptocurrency industry.
In September 2021, El Salvador became the first country in the world to adopt Bitcoin as fiat currency after the Bitcoin Law was announced. But more than three-quarters of Salvadorans were initially skeptical, according to a July 2021 Reuters poll.
Bukele won a landslide victory in the recent election.
On February 20, Cointelegraph reported that the New Idea Party had won 54 of the 60 seats in parliament, giving Bukele the political leverage to continue leading the country.
The results are from the national election on February 4. On 5 February, Bukele claimed victory before the official results were announced, suggesting that the New Ideas Party won 58 seats rather than 54.
Related: El Salvador launches $360 million Bitcoin financial monitoring website
Recent reports suggest that Argentina may emulate El Salvador’s approach to adopting Bitcoin and other cryptocurrency initiatives.
On May 27, Cointelegraph reported that Argentina’s securities regulator, the National Securities Commission (CNV), held a meeting with El Salvador’s National Commission for Digital Assets (CNAD) to discuss cryptocurrency adoption and regulation in both countries.
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