Nayib Bukele, the Bitcoin-friendly president of El Salvador, has officially begun his second term, reaffirming his commitment to solving the nation’s economic challenges with the same vigor he applied to combating gang violence during his first term.
One task done
Bukele, who secured re-election in February with over 80% of the vote, has pledged to address El Salvador’s economic illnesses.
His extraordinary popularity is largely attributed to his successful initiatives against gangs, as many Salvadorans, including those abroad who visit their homeland, have noted the significant improvement in public safety.
Bukele’s decisive actions against gang violence have allowed citizens to walk the streets without fear, a stark contrast to the mere promises of other politicians worldwide.
The president assured the public that gang-related violence is now under control, referring to the criminal gangs that once made El Salvador one of the world’s most dangerous countries.
With security largely restored, Bukele now faces the complex task of revitalizing the stagnant economy.
“Now that we have ensured the most pressing issue, which is security, we will focus on other important problems, starting with the economy.”
There is still work to do
Despite his popularity for enhancing security in the country of 6.3 million, Bukele’s economic policies have faced harsh criticism.
Many experts highlighted the ambitious Bitcoin City project, envisioned as a tax-free, cryptocurrency-supported hub, has struggled to attract enough investment for start, and El Salvador’s public debt has soared to over $30 billion, and now it’s nearly 84% of its gross domestic product.
Bitcoin for the future
El Salvador’s future strategy rely on a relatively straightforward approach to Bitcoin.
The country is both mining and purchasing Bitcoin, having established a new geothermal power plant on a dormant volcano to power their Bitcoin-mining operations.
Bukele also reported that the country buys 1 Bitcoin every day. Currently, El Salvador holds 5,769 Bitcoin, valued at approximately $389 million.
Bukele’s achievements in reducing crime have sent a clear signal to the developed world, as crime issues are solvable with the right political will, and by not only talking about restoring order but actually achieving it, Bukele has won the admiration of his citizens and set an example globally.
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