Pro-Bitcoin President Bukele Begins Second Term in El Salvador

The pro- bitcoin president of El Salvador, Nayib Bukele, commenced his second term on June 1 at the National Palace in San Salvador, with his family and a large crowd in attendance. Despite rising economic concerns, Bukele’s popularity remains robust. His administration’s notable policies include adopting bitcoin as legal tender. During his first term, over 80,000 suspected gang members were detained under a state of emergency initiated in March 2022. Bukele was re-elected in February with 85 percent of the vote and will govern for another five years with near-total control of parliament and state institutions. Ark Invest CEO Cathie Wood recently met with Bukele. The asset manager praised the Salvadoran leader’s policies, stating that he “could potentially increase El Salvador’s GDP tenfold during his next five-year term.”