In El Salvador, crypto investors cheer Trump-powered Bitcoin rally
2024.11.15 18:40
By Nelson Renteria
NUEVO CUSCATLAN, El Salvador (Reuters) – enthusiasts meeting in El Salvador on Friday said a recent surge in the cryptocurrency’s value since Donald Trump’s U.S. election win has heightened their expectations the price will rise further and it will be adopted more broadly globally.
Dozens of domestic and foreign ‘bitcoiners’ met at the Adopting Bitcoin conference just outside the Salvadoran capital, with the Central American country hyping its status as a hub for the promotion of digital currency trading.
Three years ago, President Nayib Bukele made El Salvador the first country in the world to establish Bitcoin as legal tender, alongside the U.S. dollar. The decision drew criticism from the International Monetary Fund, with whom the country is negotiating a $1.3 billion loan.
Bitcoin, which was trading above $90,000 on Friday, rallied to an all-time high after Trump secured his new term in office, set to begin in January. Investors see the incoming president as a cryptocurrency champion who will slash regulations.
“Trump understands what it’s like to be a capitalist, he’s going to get out of the way and remove regulations that are not necessary,” said Charlie Stevens, a 27-year-old Irishman who has lived in El Salvador for a year and a half.
“Bitcoin is growing very, very fast, in front of the eyes of the whole world. And the whole world has its eyes on El Salvador,” he added.
Bukele’s office did not immediately respond to a request for comment.
The world’s biggest cryptocurrency has had a heady if volatile rise, trading at around $8,000 five years ago, and starting this year at around $42,000.
In January, Vice President Felix Ulloa told Reuters that El Salvador would remain committed to the digital currency, despite scarce use of Bitcoin among Salvadorans and some technical issues.
