Nayib Bukele Wins Election As El Salvador Keeps Buying Bitcoin

El Salvador President Nayib Bukele was inaugurated for a second term over the weekend, pledging to tackle various domestic economic challenges with the same vigor he showed in combating gang violence during his initial tenure. The nation currently holds 5,769 BTC valued at approximately $389 million in its reserves, with Bukele revealing a daily purchase of 1 Bitcoin for the country.

Safety Is Priority

El Salvador has faced significant issues with gang violence in the past, making it one of the most dangerous countries in the world. Gangs like MS-13 and Barrio 18 have been major players there, contributing to high homicide rates and widespread insecurity. However, recent efforts by the government, including those led by President Nayib Bukele, have resulted in some improvements in controlling gang-related violence.

Addressing the public via the National Palace in San Salvador, the 42-year-old leader assured that the once pervasive gang violence has significantly subsided, likening it to a curable illness rather than a terminal cancer.

Fixing The Economy

Now that security concerns have been largely mitigated, Bukele shifts his focus to the formidable task of rejuvenating the sluggish economy. Following his controversial re-election in February, where he secured over 80% of the vote amidst legal disputes, Bukele has expressed his determination to remedy the aforementioned economic issues while also ensuring that El Salvador remains at the forefront of digital innovation and true financial independence.

Despite his popularity for enhancing security in the nation of 6.3 million, his economic initiatives encounter hurdles. Notably, the ambitious Bitcoin City project, envisioned as a cryptocurrency-supported hub with tax incentives, struggles to attract investments. Furthermore, El Salvador grapples with a public debt exceeding $30 billion, equivalent to nearly 84% of its gross domestic product.