Connect with us

Hi, what are you looking for?

Economy

El Salvador’s President Nayib Bukele Sworn in for Second Term

El Salvador’s crypto-friendly President Nayib Bukele, 42, is set to govern for another five years taking near-total control of parliament.

President Bukele took the oath of office at the National Palace in San Salvador this weekend. During the ceremony, he received the presidential blue and white sash from Ernesto Castro, the President of the Legislative Assembly. The whole ceremony was broadcast live and many Salvadorans gathered to cheer for the President.

Over the years, the young President has shown support for crypto and it has been revealed that El Salvador has much more Bitcoin than previous estimates when President Bukele posted on X that the country has moved over 5,000 bitcoins worth over $400 million into a cold wallet.

Oficialmente, @nayibbukele es el Presidente de la República de El Salvador para el periodo 2024 – 2029.#InvestiduraPresidencial pic.twitter.com/idcypyt2Jf

— Casa Presidencial (@PresidenciaSV) June 1, 2024

Donald Trump Jr. arrived in El Salvador to attend the inauguration. He congratulated the President on winning a second term and joked about not having to imprison his political opponents. To which President Bukele responded, “we don’t jail political opponents here.”

I congratulated President @nayibbukele this morning for winning a second term and not even having to try to imprison his political opponents!

Bukele said “we don’t jail political opponents here.”

Incredible concept! pic.twitter.com/Ok604ouMA4

— Donald Trump Jr. (@DonaldJTrumpJr) June 3, 2024

Many crypto enthusiasts took to the social media platform X to congratulate President Bukele on a decisive victory for the 2024-2029 term.

Leadership under a Bitcoin Standard looks like this.

-Young-Smart-Fit-Patriotic

Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador pic.twitter.com/rQd4yv5OwY

— Cory Bates (@corybates1895) June 1, 2024

El Salvador’s Bitcoin Adoption

In September 2021 El Salvador became the first nation to use bitcoin as legal tender when bitcoin was trading around $51,000. The move aimed to foster financial inclusion, streamline remittance payments, and promote financial innovation.

During the early days of adoption, President Nayib Bukele’s decision faced criticism, particularly after bitcoin’s price plunged from its all-time high of $69,000 in November 2021. El Salvador has remained steadfast in its bitcoin strategy. Today bitcoin is trading at around $68,400.

In May, El Salvador introduced a cutting-edge online platform for tracking the country’s Bitcoin Treasury. The introduction of the platform is a significant step towards enhancing the financial transparency of government operations in El Salvador. The website, akin to a mempool, offers public access to data regarding El Salvador’s BTC investments

The post El Salvador’s President Nayib Bukele Sworn in for Second Term appeared first on Cryptonews.

You May Also Like

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com