El Salvador’s President Nayib Bukele has proposed the establishment of a private investment bank dedicated to Bitcoin investors, promising broader financial services than conventional banks. This initiative comes just two weeks into his second term following a landslide election victory.
“As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in dollars and Bitcoin,” stated Salvadoran Ambassador to the US Milena Mayorga on X.
Max Keiser, Senior Bitcoin Adviser to Bukele, expressed his support, stating, “President Bukele hits the ground running in his new term with new legislation establishing a Bitcoin Bank.”
This proposal underscores Bukele’s ongoing commitment to integrating Bitcoin into El Salvador’s financial system. Despite challenges since making Bitcoin legal tender in 2021, Bukele remains steadfast in his Bitcoin advocacy.
Bukele’s popularity largely stems from his successful crackdown on the country’s notorious criminal factions, Mara Salvatrucha 13 and Barrio 18. Once known as the “homicide capital of the world,” El Salvador now boasts a murder rate comparable to Canada, according to recent government data.