Bitcoin enthusiast is president of El Salvador for a second term

On Saturday, Nayib Bukele began his second presidential term in El Salvador, following his landslide victory in February's elections. The Salvadoran president is therefore continuing his bold program focused on the adoption of Bitcoin to stimulate the national economy.

The reign of El Salvador’s marvelous Bitcoin-loving dictator extends for a second term

Nayib Bukele (Najib Bukele), a 42-year-old man of Palestinian origin, began his second term as president of El Salvador after his landslide victory in February's elections. Bukele received the presidential sash from the President of Parliament last Saturday.

Nayib Bukele, who calls himself a “brilliant dictator,” is widely admired throughout Latin America. Which made him one of the most popular leaders in the region.

The inauguration ceremony took place at the National Palace of San Salvador in the presence of numerous foreign dignitaries. Among the participants was Argentine President Javier Milley, son of the former US president. Donald Trump Junior and King Felipe of Spain. Without forgetting the presidents of Ecuador, Honduras, Costa Rica and Paraguay.

Furthermore, thousands of supporters attended the inauguration ceremony and were present in the square in front of the palace to show their support for their president. In fact, Nayib Bukele's tenure witnessed a decline in violence in the country thanks to the fierce fight against criminal gangs. Which greatly increased its popularity.

👈Read more: How Has Bitcoin Adoption Affected El Salvador’s Economy? And the steps to get a free trip there!

Even though Nayib Bukele succeeded in making El Salvador one of the safest countries in the world during his previous term, El Salvador still has a lot of work to do economically. While his bet on Bitcoin was a good long-term insurance policy.

Despite the skepticism of three-quarters of Salvadorans, in September 2021 El Salvador became the first country in the world to grant Bitcoin currency Characteristics of legal tender. Bukele decided to adopt Bitcoin to combat inflation and facilitate transactions for expatriates, whose remittances El Salvador relies heavily on.

Facing El Salvador A major economic issueIts economic foundations are weak. Over the past year, the country has used a number of tools to alleviate economic difficulties. Despite low inflation, market liquidity and large inflows of funds abroad, the cost of a basket of basic goods has increased by 30% for Salvadorans.