Crypto Investors In El Salvador Welcome Trump-backed Rally Bitcoin

President of El Salvador, Nayib Bukele and family (photo: x @nayib_bukele)

JAKARTA Bitcoin fans who gathered in El Salvador on Friday 15 November stated that the spike in cryptocurrency value since Donald Trump's victory in the US presidential election has raised their hopes that prices will continue to rise and be adopted more widely globally.

Dozens of local and foreign 'bitcoiners' attended the Bitcoin Adopting conference on the outskirts of the Salvadoran capital, with the Central American country continuing to to touted its status as a center for promoting digital currency trading.

Three years ago, President Nayib Bukele made El Salvador the first country in the world to designate Bitcoin as a legal tender, alongside the US dollar. The move has come under criticism from the International Monetary Fund (IMF), which is negotiating with the country on a $1.3 billion loan.

Bitcoin, trading over $9.000 on Friday, surged to record highs after Trump secured his new term of office which will begin in January. Investors see the elected president as a strong supporter of cryptocurrencies that will cut regulations.

"Trump understands the world of capitalism, he will get rid of unnecessary regulations," said Charlie totaled. 27-year-old Irish man who has lived in El Salvador for a year and a half. "Bitcoin is growing very fast, in front of the eyes of the world. And the world is paying attention to El Salvador," he added.

Bukele's office has yet to comment on this matter.

Bitcoin, the world's largest cryptocurrency, has seen a sharp rise despite fluctuating. Five years ago, Bitcoin traded around 8,000 US dollars, and started this year in the range of 42,000 US dollars.

In January, Vice President Felix Ulloa told Reuters that El Salvador remains committed to the digital currency, although the use of Bitcoin among Salvadorans is still limited and there are some technical issues.