Nayib Bukele Inaugurated in El Salvador: Consolidation of Bitcoin Project
This is a new period plagued by internal controversies. This new phase will serve to consolidate the Bitcoin project.
On Saturday, El Salvador’s President Nayib Bukele was officially sworn in to serve a second term leading the country. The Central American country is the first nation in the world to adopt BTC as legal tender. Since then, it has become a reference point for millions of people around the world, especially those betting on cryptocurrencies.
The Salvadoran incursion into this sector of digital assets did not stop at bitcoin as a means of payment. Apart from that, the authorities gave way to a series of policies aimed at promoting the use of crypto for various purposes. Among them are industrial, commercial and others.
Now, the Spanish-speaking nation prepares for a period of policy consolidation. President Bukele himself recently announced that the bitcoin-based program is one of the best financial decisions his government has made. So far, the country has reserves amounting to thousands of coins. In addition, the authorities recently announced plans to buy one BTC per day.
El Salvador Prepares for the Consolidation of the Bitcoin Project
Now that President Bukele is assuming a new mandate, bitcoin supporters are increasing their bets on the consolidation of the crypto project. Despite this futuristic bet that is yielding great results, the country does not have a very favorable economic outlook.
Indeed, El Salvador faces a traumatic debt that already exceeds 84% of GDP, or $30 billion. On the other hand, projections indicate that the country’s economic growth will fall to 3% this year in 2024. This is a significant drop from 3.5% last 2023.
The period of economic prosperity promised by the government remains a pending task for this second term. Meanwhile, critics continue to blame the president for these problems. According to them, the introduction of bitcoin into the local monetary system has changed the internal dynamics and exacerbated the situation.
Whether this is true or not, there is no doubt about the controversy his internal security measures have created in the country. Some of his critics call him the “cool dictator. Allegations of human rights abuses by the government are serious. In addition, this second term allegedly violates the country’s constitution.
As it can be seen, this second term is presented as one of the great challenges. Continuity represents the possibility of consolidating the economic project based on bitcoin. It is one of the most followed experiments by financial enthusiasts and investors who support cryptocurrencies.
Bukele Shows off Immense Power at his Inauguration
Nayib Bukele displayed immense power at his inauguration on Saturday. In his first words, the president repeatedly referred to the glory of God, then assured that this was a moment of catharsis for him and for the nation he leads: “It’s the most important moment in our recent history.”
With security under control, Bukele must now take charge of the economy. Poverty has increased and the government’s accounts are out of balance. Pension debts have to be paid and payments to investors have to be made. The capital is filled with pharaonic constructions that must now be amortized. The president said that this will be his main task and that for this he will need, first of all, “God’s guidance”. Secondly, tireless work, and thirdly, “that the people defend to the hilt each of the decisions taken.”
By Audy Castaneda