El Salvador’s president, Nayib Bukele, a strong advocate for Bitcoin, began his second term on June 1 amid a grand gathering at the National Palace in San Salvador. Despite growing economic concerns, Bukele’s popularity remains unwavering. One of his administration’s remarkable initiatives entails embracing Bitcoin as legal tender. In his previous term, more than 80,000 individuals suspected of belonging to gangs were apprehended under a state of emergency declared in March 2022. Bukele, who secured 85 percent of the vote, was re-elected in February and will now govern for another five years, possessing almost complete control over parliament and state institutions. Cathie Wood, the CEO of Ark Invest, recently had a meeting with Bukele and lauded his policies, asserting that they have the potential to multiply El Salvador’s GDP by tenfold during his upcoming five-year tenure.
