El Salvador President Nayib Bukele Sets Sights on Bitcoin-Backed Bonds in Re-election Campaign

In the face of opposition from the International Monetary Fund (IMF), President Nayib Bukele of El Salvador remains unwavering in his commitment to Bitcoin, intending to push forward with cryptocurrency-friendly initiatives if re-elected for a second term.

Despite the IMF’s pressure during loan negotiations to reconsider the country’s adoption of Bitcoin as legal tender, Bukele’s government, as stated by Vice President Felix Ulloa, stands firm on retaining Bitcoin’s status as legal tender in El Salvador.

El Salvador created history in September 2021 by becoming the first country to adopt Bitcoin as legal tender. The move faced criticism from various quarters, including the IMF. However, despite challenges and calls to reconsider, the government is resolute in maintaining its cryptocurrency-friendly stance.

Ulloa, citing the recent approval of Bitcoin-tracking exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), asserted that this decision strengthens the government’s resolve regarding Bitcoin.

He highlighted the government’s commitment to recognizing Bitcoin as a legal tender in the country, reinforcing its belief in the global credibility of this decision.

Related: El Salvador Pro-Bitcoin President Registers for Re-election in 2024

Future Bitcoin Plans and Ambitious Initiatives

🔥 JUST IN: #Bitcoin will remain legal tender in El Salvador 🇸🇻 during the second term of President Nayib Bukele, the vice president confirms. pic.twitter.com/JMVTO1axVf

— Coinwaft (@coinwaft) February 1, 2024

Bukele’s administration has ambitious plans for the future, including the launch of Bitcoin-backed bonds in the first quarter of 2024. Additionally, the government aims to establish a tax-free crypto haven called Bitcoin City in the eastern part of the country.

Further, it plans to issue passports to investors contributing the equivalent of $1 million in cryptocurrency.

Despite facing criticism and challenges, including concerns over accessing IMF financing, the government remains optimistic. The upcoming election, where Bukele’s New Ideas party is predicted to win by a significant margin, holds potential for the continuation and expansion of El Salvador’s cryptocurrency-friendly policies.

Bitcoin Investment Pays Off for President Nayib Bukele

El Salvador’s bold move to invest in Bitcoin is starting to yield positive results. Data from Nayibtracker.com, tracking the country’s Bitcoin purchases based on President Bukele’s tweets, indicates a potential profit of roughly $4 million if the country decides to sell its Bitcoin holdings.

This profit marks a turnaround from initial concerns and demonstrates the potential financial gains associated with embracing cryptocurrency on a national level.

Notably, other major investors in Bitcoin, such as MicroStrategy and Tether, have also seen substantial profits. MicroStrategy’s unrealized profit has soared to $2 billion, while Tether’s Bitcoin reserves have exceeded $1 billion in profit.

These success stories underscore the potential financial benefits for both nations and corporations embracing Bitcoin.

Related: El Salvador Reports $12.6 Million Unrealized Profits on Bitcoin Investment