El Salvador's pro-Bitcoin president Nayib Bukele sworn in for a second term

El Salvador’s pro-Bitcoin President Nayib Bukele began a new five-year term, with the crypto industry applauding his leadership as he positions the country as a "world leader."

El Salvador’s pro-Bitcoin (BTC) President Nayib Bukele has been sworn in for another five-year presidential term after a landslide victory in February — an event that has generated much excitement in the crypto industry due to his positive stance on Bitcoin.

“Bukele is Proof of Work— Cheers to 5 more years. God bless El Salvador,” crypto commentator Cory Bates declared in a June 1 X post.

“Exactly 5 years ago today, Nayib Bukele took the Oath of Office, becoming President of El Salvador. Ever since, the country has been a world leader – a beacon of freedom, safety, and innovation. The 1st Bitcoin President” crypto media guru Pete Rizzo added.

On June 1, the inauguration ceremony took place at the National Palace in San Salvador. Bukele reiterated how, under his leadership, the nation saw a significant decline in crime after a major crackdown on gangs.

“In two years we turned around a situation that had been unresolved for more than half a century, with more than 70,000 terrorists controlling the country, and who left more dead than the armed conflict,” Bukele said.

While he garnered support from citizens for his efforts to combat crime, he also earned backing from the global crypto industry for his decision to adopt Bitcoin as a legal tender.

In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, following the announcement of the Bitcoin law. However, there was initial skepticism from more than three quarters of Salvadorans, according to a Reuters poll in July 2021.

Bukele secured landslide victory in recent election

On February 20, Cointelegraph reported that the New Ideas party had secured 54 out of the 60 seats in the legislature, providing Bukele with the political means to continue leading the country.

The results were from the country’s elections on February 4. On February 5, Bukele claimed victory before the official results were announced, suggesting that the New Ideas party had won 58 seats instead of 54.

Related: El Salvador launches $360M Bitcoin treasury monitoring website

More recently, reports indicated that Argentina might be emulating El Salvador’s approach to adopting Bitcoin and other cryptocurrency plans.

On May 27, Cointelegraph reported that Argentina’s securities regulator, the National Securities Commission (CNV), held a meeting with El Salvador’s National Commission of Digital Assets (CNAD) to address crypto adoption and regulation in the two countries.