On April 14, Salvadoran President Nayib Bukele made an official visit to the White House for consultation with his American colleague Donald Trump. Remarkably, no word about Bitcoin came over their lips – while both leaders are known as outspoken proponents of the crypto coin. Instead, the meeting was completely about trade and migration.
Not a word about crypto
Bukele made El Salvador the first country in the world in 2021 where Bitcoin is legal tender. Trump put his signature in March of this year under a decision to construct a national bitcoin reserve, made up of seized crypto by, among others, Silk Road and Bitfinex matters. Nevertheless, Bitcoin played no role in the public conversation during this visit.
Instead, the focus was on migration and safety. Trump even suggested to deport convicted Americans to El Salvador and called Bukele to build five extra prisons for that. Commercial matters were also discussed. Trump emphasized that his new measures should offer space to American car manufacturers to bring their production back to their own country. “They just need a little more time,” said Trump.
International pressure on Bukele’s Bitcoin policy
Although Bukele is internationally known as Bitcoin promoter, his policy is under fire. The International Monetary Fund (IMF) requires El Salvador to reduce its bitcoin strategy in exchange for a loan of 1.4 billion dollars. In January the country already adapted legislation to comply with the conditions of the IMF, but the daily purchases of Bitcoin through the Salvadoran state continues unabated.
According to the National Bitcoin Office, El Salvador currently has more than 6,100 BTC, with a market value of around 520 million dollars. Bukele’s persistent investments in Bitcoin increasingly seem like a political signal to international institutions.
Bitcoin remains relevant – but in the background
Although both leaders have left their mark on the advance of Bitcoin, it seems that diplomatic priorities were given priority over their shared crypto vision. The fact that the subject was not mentioned at all shows that practical matters are sometimes more important than ideals.
Yet the door is not closed. With the American National Bitcoin Reserve, which is now worth more than $ 17 billion, and the growing market value of Salvadoran holdings, Bitcoin continues to play in the background. Only not during this visit.
Source: https://newsbit.nl/bitcoin-blijft-onbesproken-tijdens-historisch-bezoek-bukele-aan-trump/
