Nayib Bukele Defends Cryptocurrency Policies
Nayib Bukele, the President of El Salvador, has once again taken to social media to defend his administration’s cryptocurrency policies while ridiculing foreign political figures, especially U.S. Democratic senators. This week on X, he addressed concerns surrounding a legislative proposal aimed at investigating his governance of Bitcoin and potentially imposing sanctions against him.
Legislative Proposal: El Salvador Accountability Act of 2025
The legislative initiative, known as the “El Salvador Accountability Act of 2025,” was introduced by Senators Tim Kaine, Chris Van Hollen, and Alex Padilla. The bill seeks to examine how cryptocurrency is utilized by the Salvadoran government amidst allegations of “regime corruption” and suggests freezing the nation’s assets as part of the inquiry. In a sarcastic tweet, Bukele reacted to this development, stating,
“HAHAHAHAHAHAHA the Dems are just salty.”
Bukele’s Relationship with Trump and Domestic Support
While Bukele has a history of dismissing criticisms from various global entities—including the International Monetary Fund and the Venezuelan government—his recent remarks also reflect a newfound rapport with former President Donald Trump. This relationship has sparked controversy due to Trump’s policy of using El Salvador’s mega-prison as a destination for some deportees from the United States.
Despite the rapport with Trump, Democrats are advocating for a detailed examination of whether Bitcoin, which El Salvador adopted as legal tender alongside the U.S. dollar in 2021, has been misused for bypassing financial sanctions. El Salvador’s cryptocurrency law previously mandated that businesses accept Bitcoin as payment if they could handle it technologically; however, after negotiations with the IMF over a development grant, Bukele eased the stipulations, allowing businesses to opt-out of accepting the digital currency.
Bitcoin Holdings and Market Performance
Bukele remains a staunch advocate for Bitcoin, continuing to purchase it for state reserves. Initial transparency regarding these acquisitions was limited, with enthusiasts relying on Bukele’s humorous posts to estimate the country’s Bitcoin holdings. Recently, he disclosed a Bitcoin wallet that contains 6,232 BTC, valued at approximately $690 million at current market prices. With Bitcoin experiencing a surge that pushed its price past $112,000, it has since stabilized around $111,000 according to CoinGecko.
Public Approval Amidst Controversy
Despite facing international scrutiny and accusations of fostering an authoritarian regime, Bukele enjoys significant domestic support, with a recent poll indicating an approval rating of 8.5 out of 10 from citizens. The Salvadoran government has not yet provided comments on the new legislative developments regarding cryptocurrency scrutiny.
