El Salvador's President Nayib Bukele, a strong advocate for Bitcoin, has been sworn in for his second five-year term. His landslide victory in the recent election has generated significant excitement in the cryptocurrency industry due to his positive stance on Bitcoin.

The inauguration ceremony took place at the National Palace in San Salvador, where Bukele reiterated his achievements in reducing crime in the country. Under his leadership, El Salvador has seen a significant decline in crime after a major crackdown on gangs. Bukele emphasized that his efforts had turned around a situation that had been unresolved for over half a century, with more than 70,000 gang members controlling the country and leaving more dead than the armed conflict.

Bukele's decision to adopt Bitcoin as a legal tender has earned him significant support from the global crypto industry. In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, following the announcement of the Bitcoin law. Initially, there was skepticism from more than three quarters of Salvadorans, according to a Reuters poll in July 2021. However, Bukele's efforts have paid off, and he secured a landslide victory in the recent election.

The New Ideas party secured 54 out of the 60 seats in the legislature, providing Bukele with the political means to continue leading the country. The results were from the country's elections on February 4, and Bukele claimed victory before the official results were announced, suggesting that the New Ideas party had won 58 seats instead of 54.

Recently, there have been reports that Argentina might be emulating El Salvador's approach to adopting Bitcoin and other cryptocurrency plans. On May 27, it was reported that Argentina's securities regulator, the National Securities Commission (CNV), held a meeting with El Salvador's National Commission of Digital Assets (CNAD) to address crypto adoption and regulation in the two countries.