President Nayib Bukele responded humorously to a social media post on March 7, highlighting the legal troubles of one of his country’s prominent critics in Capitol Hill. Bukele quoted a post on X (formerly Twitter) with a laughing emoji.
The post detailed Senator Bob Menendez’s indictment, adding a touch of irony to the situation. Senator Menendez, a vocal critic of El Salvador’s Bitcoin policy, is facing bribery and obstruction of justice charges in the US.
Menendez Indictment Unveiled Amidst Bribery Charges
Senator Menendez and his wife, Nadine Menendez, were charged in a new 18-count indictment, including obstruction of justice. These charges suggest that the senator and his spouse conspired to obstruct justice and conceal bribe payments that the senator was previously accused of.
According to prosecutors, the pair allegedly instructed their attorneys to tell investigators that certain payments made on behalf of Nadine were in loans, knowingly disguising them as bribes.
These payments are linked to Nadine’s house mortgage and another payment for her Mercedes-Benz. The obstruction accusations may stem from the recent guilty plea of co-defendant Jose Uribe, a New Jersey businessman who confessed to providing Nadine with bribes in exchange for the Senator’s favor.
Prosecutors are accusing Menendez of receiving multiple gift items, including luxury watches and gold bars, in exchange for helping Uribe and the governments of Egypt and Qatar. The New Jersey Senator has pleaded not guilty to either of the charges, and the trial is scheduled for May.
Moreover, the Senate Foreign Relations Committee disclosed that Menendez had lent his support to legislation to mitigate the risks of El Salvador’s Bitcoin adoption.
El Salvador, the first country to adopt Bitcoin as legal tender in June 2021, has affirmed that it will continue to hold its Bitcoin portfolio regardless of price fluctuations.
On Tuesday, when Bitcoin reached a new all-time high of $69,170.63, El Salvador reported a 53% increase in profit in the country’s Bitcoin holding.
Bukele has also taken a swing at the mainstream media, which he claimed published negative articles about his country’s unrealized losses during the 2022 Bitcoin bear market.
If Barclays had put some bitcoin on their balance sheet instead of wasting everyone’s time with their nonsensical ‘market analysis,’ then perhaps their stock price would not be stuck in 1994? 🤷♀️ https://t.co/JZi3ciCzSm pic.twitter.com/ndmHntP8ec
— Stacy Herbert 🇸🇻🚀 (@stacyherbert) March 6, 2024
President Bukele continues to advocate for Bitcoin recognition as a globally acceptable currency. He reacted to the recent decline in the New York community Bancorp holding, which saw an 85% decline in five years.
In Bukele, We Trust
Nayib Bukele secured a second five-year term in February after winning his re-election. The President, known for his pro-Bitcoin stance and policies to reduce gang violence, first took office in 2019. He is admired locally for making Bitcoin a legal tender in Latin America.
The President plans to use his next term to further integrate Bitcoin into the country’s financial market. To this end, he plans to launch “Volcano bonds,” a financial instrument that the President plans to use for Bitcoin mining, and to build a tax-free enclave for Bitcoin lovers to be dubbed “Bitcoin City.”
🚨BREAKING NEWS🚨
The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).
We anticipate the bond will be issued during the first quarter of 2024.
This is just the beginning for new capital markets on #Bitcoin in El Salvador.
🇸🇻🌋🚀
— The Bitcoin Office (@bitcoinofficesv) December 12, 2023
The country’s Digital Assets Commission (CNAD) gave its regulatory approval for the bonds, which are expected to be issued in 2024.
Bukele’s ambitious plan to integrate Bitcoin into the capital markets has not gone unnoticed on the world stage. The IMF has repeatedly called on the President to reverse its Bitcoin policy due to the macro and financial issues it could create.