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The Congressional El Salvador Caucus urged the Joe Biden administration to ease El Salvador's travel advisory to Level 1 from the current Level 3.
What Happened: Led by Rep. Matt Gaetz (R-Fla.) and Rep. Vicente Gonzalez (D-Texas), the bipartisan caucus sent a letter to Secretary of State Anthony Blinken, requesting the government to ease the advisory to the lowest Level 1, which corresponds to "Exercise Normal Precautions."
Currently, the advisory is set to Level 3, or "Reconsider Travel." the second-highest rating.
The letter noted El Salvador's marked improvement in law and order under President Nayib Bukele's regime and called it the "safest" country in the Western Hemisphere.
"Since 2015, El Salvador's homicide rate has been steadily declining, from a high of 104 per 100,000 inhabitants to 2.4 in 2024. This homicide rate is less than nearly every major city in the United States," the letter read.
For the curious, Gaetz established the Congressional El Salvador Caucus in July, following a congressional trip to El Salvador to attend President Bukele’s second inauguration.
Why It Matters: El Salvador, led by Bukele, has doubled down on Bitcoin (CRYPTO: BTC) ever since adopting the world's largest digital currency as a legal tender in 2021.
Just two weeks into his second term, the president proposed the establishment of a Bitcoin bank, to diversify financing options for borrowers.
Similarly, Gaetz, a Republican, is well-known for his support for the world’s largest cryptocurrency. In June, he proposed a bill that would allow individual federal income tax payments to be made in Bitcoin.
A big critic of the Federal Reserve, Gaetz also cosponsored a bill aimed at abolishing the central bank.
Price Action: At the time of writing, Bitcoin was exchanging hands at 56,764.63, up 1.83% in the last 24 hours, according to data from Benzinga Pro.
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Posted In: $BTC
