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Senate’s Bitcoin Blunder: El Salvador’s Crypto Conundrum

BBG News

Dear Reader, welcome to the latest edition of Latam Insights Encore, where we delve into the most intriguing economic and crypto news from Latin America. This week, we explore the U.S. Senate’s bizarre attempt to weaponize Bitcoin against El Salvador, in a move that has left us scratching our heads and chuckling at the same time.

Latam Insights Encore: U.S. Senate’s Crypto Clusterfudge

In a plot twist straight out of a satirical novel, the U.S. Senate has decided to use Bitcoin as a weapon against El Salvador. Yes, you read that right. Senators Chris Van Hollen, Tim Kaine, and Alex Padilla introduced the “El Salvador Accountability Act of 2025,” which includes a report detailing the status of Bitcoin in El Salvador and the nation’s capabilities of using it for nefarious purposes.

This move seems to be a politicized attempt to sanction President Bukele’s administration on alleged human rights violations. However, the introduction of Bitcoin in this bill appears to be a desperate attempt to find a connection between the cryptocurrency and the alleged violations.

President Bukele’s response, stating that Democrats were just salty, seems spot on, as there has been no evidence that there was any utilization of Bitcoin linked to these actions.

The sole mention of Bitcoin in the bill should raise concerns amidst governments around the world, as it seems to want to set a precedent weaponizing the ownership of Bitcoin at a state-nation level, when decisions taken seem to upset one of the U.S.’s political parties.

This seems to point in the direction of depicting Bitcoin as an element used in an illegal way or for illegal purposes, an idea that has been seemingly left behind with the progressive inclusion of the prime cryptocurrency in both national and international financial systems and with the current administration’s embrace of cryptocurrency.

Furthermore, President Bukele has stated that El Salvador will not be selling or moving its Bitcoin anytime soon, given its relevance as a reserve asset for the country.

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2025-07-16 10:02

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