Bukele Secures Another Term As Pro-Bitcoin Leader Of El Salvador

Nayib Bukele, the president of El Salvador who made history by adopting Bitcoin as legal tender in his country, has won a second term in office with a landslide victory.

The exit polls showed that Bukele had a commanding lead over his rivals, with more than 85% of the votes and at least 58 out of 60 seats in the Assembly. The official results are expected to be announced soon.

Bukele confirmed his triumph on Twitter, saying:

According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly.

Bukele’s Bitcoin Bet & Controversies

Since taking office in 2019, Bukele has earned praise for his endeavors to diminish gang violence and poverty in El Salvador. However, critics have condemned his authoritarian inclinations and confrontations with the judiciary and the media.

One of his most controversial and innovative moves was to embrace Bitcoin as a legal currency in 2021, making El Salvador the first nation in the world to do so. He also launched a state-backed crypto wallet called Chivo and invested in Bitcoin as a reserve asset.

Many crypto enthusiasts welcomed Bukele’s Bitcoin bet as a sign of mainstream adoption and financial inclusion. However, it also faced opposition from some sectors of society and international institutions such as the IMF, which warned of the risks and challenges of using a volatile and unregulated digital currency.

Bukele has defended his decision, saying that Bitcoin will help boost the economy, attract foreign investment, and empower the millions of Salvadorans without access to traditional banking services.

As of Feb 5, 2024, El Salvador holds about 1,120 bitcoins, worth around $50 million. The country also plans to issue bitcoin-backed “Volcano bonds” this year to fund a renewable energy project for bitcoin mining.

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