El Salvador remains steadfast in its commitment to Bitcoin, declaring that the cryptocurrency will continue to be recognized as legal tender during President Nayib Bukele’s second term. Vice President Felix Ulloa emphasized that the recent approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has reinforced the country’s determination to uphold the law, despite calls from the International Monetary Fund (IMF) to reconsider the measure during loan negotiations.
Ulloa stated, “Not only will it [the law] be maintained <…> at this moment, it enjoys the greatest credibility in the entire world.”
President Bukele, who resigned in December to focus on his 2024 re-election campaign, has been a vocal advocate for Bitcoin. In September 2021, El Salvador declared Bitcoin as a legal means of payment, initiating the country’s foray into cryptocurrency by actively purchasing Bitcoin. Despite the volatility of BTC, El Salvador persisted in its strategy, with President Bukele announcing daily purchases of one Bitcoin in mid-November 2022.
By December 2023, El Salvador’s Bitcoin investments had fully paid off, with the country’s BTC reserves estimated at $12.6 million in January. The commitment to Bitcoin remains a key element of El Salvador’s financial and economic strategy under President Bukele’s leadership.
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