Nayib Bukele, the President of El Salvador, began his second term with a pledge to tackle the nation's economic challenges with the same determination he displayed in combating gang violence during his first term. Despite controversy surrounding his re-election, Bukele, who won with over 80% of the vote, aims to heal the country's economic "ailments".
While addressing the public from the National Palace, Bukele assured them that gang-related violence, once rampant, is now largely under control. Now focusing on economic revival, he acknowledges the need to address pressing issues following the restoration of security. Despite his popularity for improving security, Bukele faces hurdles in implementing his economic policies.
The Bitcoin City project, intended as a cryptocurrency-supported hub, has struggled to attract investment, and the country's public debt has soared to over $30 billion, nearly 84% of its GDP. El Salvador's treasury currently holds 5,769 Bitcoins valued at around $389 million, with Bukele disclosing the country's daily purchase of 1 BTC.
June 2024, Cryptoniteuae