Who is Nayib Bukele?
Nayib Bukele, the president of El Salvador, is a major figure in the crypto industry. Read about his early life, political journey and making Bitcoin a legal tender.
Cryptocurrency believers and Bitcoin enthusiasts have definitely heard the name "Nayib Bukele." But for all the crypto newbies and the general public, Nayib Bukele is the 43rd president of El Salvador.
El Salvador is a Central American country that has been quite prominent in the crypto sphere. Let us take a look at why Bukele is quite a major figure in the cryptocurrency industry. Before that, let us look at his early life.
Bukele's early life
Nayib Armando Bukele Ortez was born on July 24, 1981, in San Salvador, El Salvador. He is the son of Olga Ortez de Bukele and Armando Bukele Kattán.
Bukele attended Central American University to study law, but he soon dropped out to start his first business at the age of 18. Bukele owned Yamaha Motors El Salvador, a business that markets and distributes Yamaha goods in El Salvador, according to a 2017 article in the online newspaper El Faro.
Bukele's political journey
His political career began in 2012 when he served as mayor of Nuevo Cuscatlán for three years. All adults in Nuevo Cuscatlán over 55 received a monthly basket to meet their essential nutritional needs during his tenure as mayor.
Nuevo Cuscatlán had about 12 homicides annually before Bukele took office, but only one homicide was reported over the course of his three-year term. He also provided scholarships to all young people with GPAs greater than 3.5.
From 2015 to 2018, he then served as mayor of San Salvador. Street vendors were moved as part of Bukele's "revitalization" of San Salvador. This particular change was well-received by the general public and the media. He also constructed San Salvador's first municipal library as well as the Cuscatlán Market.
Bukele improved the historic district of San Salvador in the final months of his term. The cost of renovation was about $5.7 million, which included widening roads, remodelling buildings, and reestablishing electric and telecommunication lines.
Bukele was expelled from the party in 2017, and he formed his own party in 2018. With the intention of using it as a platform for his presidential campaign in El Salvador, he founded the political party Nuevas Ideas ("New Ideas").
Both the ruling FMLN party on the political left and ARENA on the political right opposed him because they prevented him from starting his own political party and politically disbanded any party he tried to use to run for office.
Bukele declared victory in the presidential election on February 3, 2019. He won the presidential election with 53 % of the vote and became El Salvador's president in 2019. Eight men and eight women make up Bukele's sixteen-member cabinet, which will be in place until June 1, 2024.
Bukele played his part in minimizing gang fights and corruption and lowering the murder rate in the country.
But unlike presidents of other countries, Bukele decided to move a step ahead and put forward a new law. Little did they know that the decision would broadcast their name worldwide.
Making Bitcoin a Legal Tender
A year ago, cryptocurrencies, including bitcoin, didn't have the recognition that they do now. Scepticism and doubts regarding digital assets have gradually diminished with increased adoption. However, Bukele's decision to make Bitcoin a legal tender in El Salvador shook the global nations.
El Salvador's president, Nayib Bukele, unveiled a bill on June 5, 2021, that would render bitcoin legal tender in the nation. As a result, El Salvador became the first nation to accept bitcoin as a legal tender and a payment.
At the Bitcoin 2021 Miami conference, Bukele discussed his plans to introduce bitcoin as a legal tender. On September 7, 2021, the law became operative, and bitcoin was accepted as legal tender.
Bukele announced in November 2021 that he intended to create the first bitcoin city in the world. The city was expected to utilize geothermal energy to power bitcoin mining, in the southeast region of La Unión, at the foot of the Conchagua volcano.
The Salvadoran government also bought its first 400 bitcoins on September 6, 2021. It was widely regarded as the first time a country used a volatile currency as a legal tender.
However, critics slammed Bukele's decision, claiming that it would lead to increased money laundering and illegal activity. Despite the falling prices, Bukele didn't stop believing in bitcoin and his decision to make it legal tender.
Why is Nayib Bukele relevant in the crypto realm?
Bukele made bitcoin a legal tender despite the backlash he received for his decision. He strongly believed that the move will help benefit Salvadorans who don't have bank accounts and will also boost remittances and money transfers.
Cryptocurrency enthusiasts have no doubt about the future of digital assets. Cryptocurrencies aid in the decentralized movement of funds with very low transfer fees in the quickest way possible.
El Salvador is the first country to make bitcoin a legal tender. That move by Bukele was indeed a strong leap of faith that several pro-crypto presidents have failed to take.
Decisions like this also act as a trigger for other nations to jump on the bandwagon and accept bitcoin as a legal tender. Bukele will go down in history as one of the bravest presidents to lay down a positive framework for cryptocurrencies.
Nayib Bukele, the 43rd president of El Salvador, is a major figure in the cryptocurrency industry. He made history by making Bitcoin a legal tender in the nation, despite receiving criticism for his decision. His faith in cryptocurrencies has helped to promote the decentralized movement of funds with low transfer fees in the quickest way possible.
Bukele will continue to be remembered for his brave decision, which has acted as a trigger for other nations to follow in his footsteps and accept Bitcoin as a legal tender. The future will show whether the decision was good or bad for the well-being of the people of El Salvador.
Who is Nayib Bukele?
Bukele is the 43rd president of El Salvador.
When did Nayib Bukele become the president of El Salvador?
Bukele won the election and became the president of El Salvador in 2019.
What is El Salvador famous for among cryptocurrency enthusiasts?
El Salvador gained popularity as the first country to make Bitcoin a legal tender.
How did El Salvador implement bitcoin adoption?
Once the country announced the legalization of bitcoin as a legal tender, the government released the Chivo wallet app. Moreover, they also conducted camps to spread awareness of bitcoin and how to use the app.