Bitcoin Wins Again: Nayib Bukele Sworn in as President For the Second Time

Bitcoin scored another landslide victory as Nayib Bukele begins his second term as the President of El Salvador after an inauguration ceremony at the National Palace in San Salvador.

The news that Bukele has been reappointed as El Salvador’s president is exciting in the crypto space, given his bullish stance on Bitcoin.

Crypto commentator Cory Bates, in a tweet shared his insights on how President Bukele’s crypto-friendly tenure will pan out.

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

Nayib Bukele Bullish Stance on Bitcoin

On Sept. 7 2021 El Salvador became the first country to adopt Bitcoin as a legal tender, three months after its president proposed the bill and the Legislative Assembly of El Salvador voted to adopt the Bitcoin Law.

The country’s adoption of Bitcoin sparked both support from crypto enthusiasts and criticism from about 70% of El Salvador’s population. For instance, the International Monetary Fund warned the country against accepting the cryptocurrency as its legal tender. 

Despite the several criticisms, the country maintained its bullish stance. That same month, El Salvador purchased about 400 units of Bitcoin which was worth around $20.9 million then. Additionally, in June 2022, President Bukele topped the country’s bitcoin holdings with an additional 80 units of BTC.

In December 2023, El Salvador passed a law granting citizenship to foreign Bitcoin investors, which shows the country’s optimism about Bitcoin’s potential.

El Salvador Utilizes Its Geothermal Volcanic Energy, Mines Nearly 474 BTC 

Early last month, El Salvador reported that it has mined nearly 474 Bitcoin in the last three years using its Tecapa volcano-fueled geothermal power plant. 

The mining activity boosted the country’s BTC holdings to 5,750, which are currently worth $398 million, as President Bukele installed 300 processors to mine bitcoins from the volcano.

Will Argentina Become The Next El Salvador?

In a recent development, Roberto E. Silva and Patricia Boedo, the president and vice president of Argentina’s National Securities Commission (CNV), met with the president and vice president of El Salvador’s National Digital Assets Commission (CNAD).

The meeting which was held at the CNV headquarters, was arranged to discuss the impacts of  El Salvador’s decision to adopt Bitcoin as its legal tender. By making such a move, is Argentina planning to also introduce Bitcoin as its legal currency? Only time shall tell.