Nayib Bukele Won the Election, Bitcoin Remains Legal Tender

The young President of El Salvador, Nayib Bukele, made a historic decision in 2021. He declared Bitcoin legal in his nation, and the country became the 1st in the world to fully accept Bitcoin as a payment mode. 

El Salvador is also termed the haven for crypto enthusiasts and Nayib Bukele is also a positive thinker of crypto. However, some reports also claim that the president himself holds several cryptocurrencies. He never revealed his holdings and earnings from crypto assets. 

During a conversation with a regional media outlet on January 31, the vice president of El Salvador said that Bitcoin will remain a legal tender in the nation even in the second term of Nayib Bukele.   

A few hours ago, Reuters reported that Nayib Bukele had been reelected as the president of El Salvador, over thousands of his supporters clad in cyan blue and waving flags thronged San Salvador’s central square to celebrate his recollection results. 

Media reports claim that Nayib Bukele made a statement about his winning before the release of official results, claiming to have 85% of the votes in favor. 

While facing the cameras, Bukele said, “El Salvador went from being the most unsafe (country) to the safest. Now in these next five years, wait to see what we are going to do.”  

Nayib announced in November 2022 that country-level dollar cost averaging (DCA) plan, promising to buy a single Bitcoin daily.  

El Salvador Crypto Laws & Nation Response

Bitcoin is a legal tender and all economic actors must accept Bitcoin as a form of payment. The State guarantees the automatic convertibility of BTC to the dollar. A specific law entitles the governance and functioning of Bitcoin in the nation.     

Lava Pool is the first Bitcoin mining pool in El Salvador. The infrastructure aims to mine profitability in and out of the nation. As of October 10, 2023, the 1st phase of the project involved the construction of a 241-megawatt power source. 

Several data sources urge that 56.6% of respondents have downloaded a Bitcoin wallet backed by the nation’s government, 62.9% have never used it or only once, whereas 36.3% use Bitcoin at least every month. 

When writing, the crypto market leader, Bitcoin, was trading at $43,430 with a weekly growth of 3.38%, and intraday, its trading volume grew 14.71%. No specific movement is seen in the market capitalization of the entire crypto market, and when writing, it was $1.66 Trillion.   

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.