Bukele mocks US Democrats after proposal against Bitcoin use
- El Salvador's president mocks US Democrats
- Cryptocurrencies remain a focus of Bukele's policy
- Salvadoran government's Bitcoin holdings now total $690 million
El Salvadoran President Nayib Bukele once again provoked foreign leaders after Democratic U.S. senators introduced a bill that would investigate his government's use of cryptocurrencies. On his X account, Bukele mocked the proposal with the phrase: "HAHAHAHAHAHAHA the Democrats are just salty."
The initiative, titled the "El Salvador Accountability Act of 2025," was introduced by Senators Tim Kaine, Chris Van Hollen, and Alex Padilla. The bill proposes examining whether the Salvadoran government uses cryptocurrencies as a tool for corruption and suggests measures such as freezing the country's assets.
HAHAHAHAHAHAHA the Dems are just salty… https://t.co/O6CLtZuV46
- Nayib Bukele (@nayibbukele) July 8, 2025
The lawmakers' criticism comes amid a strengthening relationship between Bukele and current US President Donald Trump. The Republican has even publicly mentioned the mega-prison being built in El Salvador as a possible destination for deported immigrants.
Since 2021, Bitcoin has been considered legal tender in El Salvador, alongside the US dollar. At the time, legislation required commercial establishments to accept the cryptocurrency, provided they had the necessary technological infrastructure. After negotiations with the International Monetary Fund, the government relaxed the measure, removing the mandatory acceptance requirement for businesses.
Despite criticism and legal adjustments, Bukele maintained his policy of hoarding Bitcoin for public coffers. Initially, data on these purchases was scarce and based solely on his social media posts. Recently, the president himself revealed the address of the official government wallet, which now holds 6.232 BTC—equivalent to approximately US$690 million, according to data from Arkham Intelligence.
Despite external accusations of authoritarianism, Bukele maintains high approval ratings in the country. A recent survey conducted in June gave the president an average rating of 8,5 out of 10 among Salvadoran voters.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Swiss Franc weakens as US Dollar gains on Fed rate hike odds
From "chasing the light" to "going upstream toward the light"! Morgan Stanley asserts: In the tsunami of computing power, fiberglass fabric and copper foil ignite a super cycle in materials.
Morgan Stanley's latest research report points out that the global frenzy of AI infrastructure expansion is shifting from downstream GPU and wafer foundry to a comprehensive upstream spread in critical base material sectors.
As "AI slowdown" impacts the semiconductor sector, Goldman Sachs issues a bullish report! Target prices for the "Korean memory chip giants" indicate nearly 90% upside potential.
Goldman Sachs reaffirmed its “Buy” rating for the world’s two largest memory chip giants — Samsung Electronics and SK Hynix. Samsung Electronics continues to be on Goldman Sachs’ Conviction List.
Anthropic has been profitable for two consecutive quarters ahead of its IPO
Anthropic has achieved positive adjusted operating profit for two consecutive quarters, with Q2 revenue surging 14-fold year-on-year to $11.5 billion and annualized revenue reaching $65 billion. The gross margin exceeds 80%. The company has chosen to list on Nasdaq, with a potential valuation of up to $2 trillion. Dramatically, the CEO has made a rare call to slow down AI development just before the IPO. Analysts believe that balancing safety concerns with commercial competition will become the core challenge.
Crypto prices
More
