El Salvador's Bitcoin President Nayib Bukele Meets Michael Saylor To 'Accelerate Adoption'

El Salvador's President Nayib Bukele met with MicroStrategy (NASDAQ:MSTR) co-founder Michael Saylor on Thursday at the country's presidential palace, according to the country’s National Bitcoin Office.

What Happened: While the specifics of their discussion remain undisclosed, the meeting brought together two of Bitcoin's (CRYPTO: BTC) most outspoken supporters at a time when El Salvador is adjusting its cryptocurrency policies.

Bukele shared a photo of the dinner on social media, and the National Bitcoin Office later released additional images.

Saylor also tweeted photos of the encounter, saying the discussion focused on El Salvador benefiting from and accelerating “global Bitcoin adoption.”

Around the same time, El Salvador added one Bitcoin to its reserves, bringing its total holdings to 6,077 BTC, valued at approximately $590 million, according to Arkham Intelligence data.

The country continues to purchase Bitcoin through a strategy of daily dollar-cost averaging.

Saylor's company, MicroStrategy, has also been steadily expanding its Bitcoin portfolio over the last few months.

The firm recently acquired 7,633 BTC, pushing its total Bitcoin reserves to 478,740 BTC, worth an estimated $46 billion.

Also Read: ‘Bad Trump To Good Trump’ Means Bitcoin Could Go To $102,500, Standard Chartered Says

Why It Matters: The meeting occurred against the backdrop of regulatory changes in El Salvador's Bitcoin policy.

Although the country made Bitcoin legal tender in 2021, recent amendments to its Bitcoin law were introduced to align with conditions set by the International Monetary Fund for a $1.4 billion loan agreement.

These amendments prevent Bitcoin from being used for tax payments and government fees and restrict the government's ability to directly manage BTC holdings.

Additionally, changes to Article 8 remove the state's obligation to facilitate Bitcoin transactions, which could impact the future use of Chivo, the government-backed cryptocurrency wallet.

The International Monetary Fund has been a consistent critic of El Salvador's Bitcoin strategy, warning that its widespread adoption could pose risks to financial stability.

As part of the loan agreement, the country is expected to scale back aspects of its Bitcoin program, raising speculation about how its policies will evolve in the coming years.

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