El Salvador to Advance Bitcoin City and More with Bukele’s Reelection

El Salvador’s commitment to Bitcoin isn’t wavering, especially with President Nayib Bukele’s reelection prospects looking strong. Vice President Felix Ulloa confirmed in recent interview with Reuters that Bitcoin’s status as legal tender in the nation will continue if Bukele secures another term in office. This statement underscores El Salvador’s pioneering role in embracing cryptocurrency at a national level, a move initiated under Bukele’s leadership in 2021.

The vice president pointed to the recent approval of Bitcoin ETFs in the United States as evidence that El Salvador’s stance on Bitcoin is well-founded. Since adopting Bitcoin alongside the U.S. dollar, El Salvador has attracted global attention, not just for its unique financial strategy but also for Bukele’s distinctive approach to governance, characterized by his active use of social media.

Despite facing criticism (and snubbing it) from international bodies like the IMF and the U.S. government over its cryptocurrency initiatives, El Salvador under Bukele’s administration is looking to double down on its crypto-friendly policies. A win for Bukele in the upcoming elections would not only reinforce the country’s crypto path but also advance ambitious projects like Bitcoin City, proposed technological hub that would leverage geothermal energy from a volcano for power and fund its development through Bitcoin-backed bonds.

Bukele’s approach, blending tech-savvy governance with a strong push towards cryptocurrency, has made El Salvador a case study in national digital currency adoption. His reelection could further solidify the country’s position as a leader in the global conversation on cryptocurrencies and their place in national economies.