El Salvador President Re-Elected; Plans for Further Bitcoin Initiatives

El Salvador President Re-Elected; Plans for Further Bitcoin Initiatives

By: Eliza Bennet

El Salvador's Bitcoin-friendly President, Nayib Bukele, has secured a re-election victory, enabling him to further his Bitcoin initiatives. Bukele's administration made history last year when they legalized Bitcoin as official currency, marking the nation the first to do so. Despite skyrocketing popularity domestically, this move met international skepticism, particularly from institutions like the International Monetary Fund (IMF).

The Salvadoran government has not been deterred by this opposition, and continues to uphold its pro-Bitcoin stance. To date, the country has purchased over 2,825 Bitcoins with a value exceeding $120 million. Additionally, the Freedom Visa program launched last year has been a favorable venture, with the government raising $153 million since December 2023. The program offers Salvadoran citizenship to foreign investors providing a $1 million investment in Bitcoin or Tether's USDT.

The government of El Salvador is also preparing to release the world's first Bitcoin bonds this year. This unique financial tool is set to establish a Bitcoin-centric capital market with investors looking forward to a 6.5% annual return over ten years. The Vice President, Felix Ulloa, assured that the administration will continue these pro-Bitcoin decisions in Bukele's second term.

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