Senator Menendez Gets Indicted As Nayib Bukele Responds With Laughter

President Nayib Bukele responded with humor to a social media post on March 7th, drawing attention to the legal issues of a prominent critic in Capitol Hill. Bukele shared a post on X with a laughing emoji. The post discussed the indictment of Senator Bob Menendez, adding a touch of irony to the situation. Senator Menendez, a vocal opponent of El Salvador deciding to openly adopt Bitcoin, is facing charges of bribery and obstruction of justice in the US.

The indictment emerged amidst bribery allegations. The charges claim that the senator and his spouse conspired to obstruct justice and conceal bribe payments that the senator had previously been accused of making.

A Touch Of Irony

Prosecutors accuse Menendez of receiving various gift items, including luxury watches and gold bars, in exchange for helping Uribe and the governments of Egypt and Qatar. The Senator has pleaded not guilty to the charges, and the trial is scheduled for May. In addition, the Senate Foreign Relations Committee revealed that Menendez had supported legislation to mitigate the risks of Bitcoin adoption in El Salvador.

After adopting Bitcoin as legal tender in June 2021, President Bukele has affirmed that it will maintain its Bitcoin portfolio regardless of price fluctuations. When Bitcoin hit a new all-time high this past Tuesday, El Salvador reported a 53% increase in profit via local Bitcoin holdings. Nayib Bukele has also criticized the mainstream media, accusing them of publishing negative articles about his any unrealized losses during the 2022 Bitcoin bear market.

Bukele Remains Unfazed

President Bukele continues to advocate for Bitcoin and for everyone to recognize it as a globally acceptable currency. He reacted to the recent decline in the New York Community Bancorp holdings, which saw an 85% decline over five years. The President, known for his pro-Bitcoin stance and efforts to reduce gang violence, first took office in 2019. He is admired locally for making Bitcoin a legal tender in Latin America.

El Salvador also plans to further integrate Bitcoin into the domestic financial market during his next term. To achieve this, the country intends to launch Volcano Bonds, a financial instrument for Bitcoin mining, and establish a tax-free enclave for Bitcoin enthusiasts called Bitcoin City. The Volcano Bond project recently received regulatory approval by the Digital Assets Commission (CNAD).