On April 14, US President Donald Trump and El Salvador’s President Nayib Bukele met at the White House, engaging in crucial discussions focused primarily on trade and immigration. Surprisingly absent from the agenda was Bitcoin, a topic that has been central to both administrations’ policies. This meeting marked Bukele’s first official visit to the White House during Trump’s second term, setting a tone geared towards urgent matters like migration and security cooperation.
During the discussions, Trump proposed a controversial plan aimed at dealing with US citizens convicted of crimes, suggesting they could be transferred to prisons in El Salvador. “I said homegrowns are next, the homegrowns. You gotta build about five more places,” he stated, emphasizing the need for expanded prison capacity in El Salvador, reflecting ongoing efforts to tackle immigration and related issues.
The meeting also addressed the significant impact of the current trade war, which began under Trump’s administration. He hinted at potential support for the US auto industry, suggesting that he was considering providing temporary exemptions to facilitate the transition of manufacturing supply chains back to the United States. Trump noted, “I’m looking at something to help some of the car companies with it,” acknowledging the challenges faced by automakers during this period.
Despite both leaders advocating for pro-Bitcoin policies in the past, no discussions related to Bitcoin or digital assets were held during this meeting. El Salvador has been a pioneer in adopting Bitcoin as legal tender since 2021, promoting innovative approaches such as the Bitcoin strategic reserve—a strategy that Trump has echoed as part of his upcoming election campaign. Trump’s recent executive order also called for the creation of a national Bitcoin strategic reserve, highlighting the 198,000 BTC held by the US, valued over $17 billion as of March.
Interestingly, as El Salvador continued to pursue its Bitcoin initiatives, the government came under mounting pressure from the International Monetary Fund (IMF). A $1.4 billion loan agreement signed in December mandated that El Salvador amend its Bitcoin-related laws and minimize public sector involvement with cryptocurrencies. Despite these challenges, the Salvadoran government maintains a commitment to its Bitcoin objectives, with reports indicating that it currently possesses over 6,147 BTC, valued at approximately $520.7 million.
In conclusion, while the meeting between Trump and Bukele tackled pressing geopolitical issues, the absence of Bitcoin discussions was notable given the significance both leaders place on cryptocurrency. As we observe their respective policies unfold, the tension between international financial institutions and cryptocurrency enthusiasts might shape future engagements in this realm.
