Also known for his pro-Bitcoin views Nayib Bukelewas re-elected President after winning the elections held in El Salvador.
Bukele, who first took office in 2019, also implemented policies aimed at reducing the violence of gangs in the country during his presidency. BitcoinIt attracted attention by adopting ‘ as one of the official means of payment.
Management’s promotion of Chivo crypto wallet and investment in Bitcoin, cryptocurrency bHe underlined his commitment to his life. Despite facing international scrutiny, especially from the IMF, Nayib Bukele’s re-election with more than 85% of the votes was widely discussed in the world press.
Bukele’s next term is expected to focus on further integrating Bitcoin into the country’s economy, including launching Bitcoin-backed “Volcano bonds” to finance renewable energy-backed BTC mining. Bukele’s leadership continues to place El Salvador at the forefront of cryptocurrency adoption among nation states.
The El Salvador Volcano Bond, also known as the “Bitcoin Bond”, is one of the financial instruments proposed by the government of El Salvador. The concept was introduced as part of the country’s broader push to embrace cryptocurrency, specifically Bitcoin, as legal tender, with El Salvador becoming the first country in the world to do so in September 2021.
The acceptance of BTC as one of the official payment methods brought with it some problems. As the popularity of Ordinals inscriptions increased, Bitcoin transaction fees rose to their highest levels in the last two years and the public expressed difficulty in making payments.
As Koinfinans.com reported, a $100 payment required an average transaction fee of $20.
Since every transaction must be verified by a miner, Bitcoin fees tend to increase during periods of heavy usage. And when there are many pending transactions, the cost of processing a transaction quickly can skyrocket.
