El Salvador to expand Bitcoin initiatives following Bukele’s landslide re-election

Bukele positioned El Salvador as a pro-Bitcoin hub during his first term by legalizing it as an official currency in 2021.

While the crypto community greatly applauded the move, the country faced steep criticism from major international financial bodies like the International Monetary Fund (IMF). However, despite the opposition, El Salvador has steadfastly maintained its pro-BTC inclinations, purchasing more than 2,825 of the top cryptocurrencies valued at over $120 million, according to Nayibtracker.

Besides that, the country introduced the Freedom Visa program last year, powered by Bitcoin. This initiative granted Salvadoran citizenship to foreign investors investing $1 million in BTC or Tether’s USDT in the country and was approved by the country’s lawmakers. CryptoSlate reported that the government has raised $153 million through this scheme since December 2023.

In addition, El Salvador is set to launch the world’s inaugural highly-anticipated Bitcoin bonds in the first quarter of the year. This innovative financial instrument aims to establish a unique Bitcoin-centric capital market, offering investors a 6.5% annual return over ten years.

Notably, Vice President Felix Ulloa reportedly said the country will double down on these pro-BTC moves in Bukele’s second term.