Why Bukele believes Bitcoin and El Salvador will benefit from Trump administration: Video
On January 14, President Nayib Bukele of El Salvador expressed optimism about Bitcoin's future and its benefits for his country, especially with Donald Trump's upcoming presidency.
One of the primary reasons Bukele is optimistic is Trump's apparent shift in stance towards Bitcoin. During his campaign, Trump promised to create a "national strategic reserve of Bitcoin" and ensure that the federal government would never sell its Bitcoin reserves.
This move is expected to create a more favourable environment for Bitcoin, potentially driving up its value.
Bukele also highlighted that Trump's economic policies could foster a more robust market for cryptocurrencies. The anticipation of a pro-Bitcoin administration in the U.S. has already led to increased market confidence, with Bitcoin's value seeing a notable rise. Bukele believes that this trend will continue, benefiting countries like El Salvador that have invested heavily in Bitcoin.
"Especially this year, because of Trump's inauguration and the maturation of the existing ETFs [exchange-traded funds], I think this is going to be a critical year for bitcoin and the overall ecosystem, and we're benefiting from that," Bukele said.
El Salvador was the first country to adopt Bitcoin as legal tender in September 2021. Bukele's administration has since been accumulating Bitcoin reserves, positioning the country to benefit from any significant appreciation in its value.
