On April 14, US President Donald Trump welcomed El Salvador’s President Nayib Bukele to the White House for discussions that primarily focused on trade and immigration, deliberately omitting Bitcoin from the agenda.
The pressing matters of migration and bilateral security cooperation established the framework for Bukele’s inaugural official meeting at the White House during Trump’s second term.
As per a livestream shared by Bukele’s office on X, Trump proposed the idea of transferring US citizens convicted of crimes to prisons in El Salvador, and encouraged Bukele to enhance the country’s prison capacity. “I said homegrowns are next, the homegrowns. You gotta build about five more places,” Trump remarked.
Source: Nayib Bukele
Since the onset of his administration, Trump’s policies have led to the deportation of hundreds of alleged foreign criminals to El Salvador under a $6 million agreement between the two nations.
Trump also touched upon the ongoing trade conflict initiated by his administration on April 2, hinting at a potential temporary exemption for automakers to facilitate the adjustment of their supply chains.
“I’m looking at something to help some of the car companies with it,” Trump conveyed to reporters, adding that the US auto industry “need[s] a little bit of time” to shift their production to the country.
The topic of digital assets and Bitcoin (BTC) policy — a significant initiative for both administrations — was not addressed during the meeting.
In 2021, El Salvador implemented Bitcoin as legal tender, spearheading the Bitcoin strategic reserve model later embraced by Trump.
Throughout the 2024 election cycle, the US president has positioned himself as a pro-crypto candidate. On March 6, Trump enacted an executive order to establish a Bitcoin strategic reserve and a digital asset stockpile within the United States.
The US currently possesses nearly 198,000 BTC, valued at over $17 billion as of March. This reserve primarily consists of Bitcoin obtained through criminal and civil seizures, including notable amounts from the Silk Road and Bitfinex hack cases.
Related: How much Bitcoin does the US hold, and where did it come from?
El Salvador’s Bitcoin Plans Confront IMF Opposition
In December, El Salvador finalized a $1.4 billion loan agreement with the International Monetary Fund (IMF), which stipulated commitments to roll back Bitcoin-related initiatives and curtail public sector engagement with digital assets.
Despite amendments made by the Salvadoran Congress to its Bitcoin laws in January to align with the arrangement, the government has persistently continued its daily acquisitions of BTC. Currently, the National Bitcoin Office’s tracker indicates that the country possesses 6,147.18 BTC, valued at approximately $520.7 million at this moment.
Related: Tether will relocate HQ to El Salvador after securing a license
