El Salvador’s “Bitcoin President” Secures Second Term in Landslide Victory
Nayib Bukele, the president who placed El Salvador on the global map by making Bitcoin legal tender, has secured a landslide victory in the 2024 presidential election. Although official results haven’t been announced, Bukele declared himself the winner on February 4th, citing “overwhelming” support with 85% of the vote and control of most legislative seats. Polling data reinforces this claim, with CID Gallup showing 87% of voters in his favor.
Bukele’s first term, starting in 2019, was marked by unconventional policies and a firm hand against gang violence. This, along with his Bitcoin experiment, fueled his popularity both domestically and regionally. Despite criticism from the IMF and others, Bukele remains bullish on Bitcoin. He has created the Chivo wallet, facilitated Bitcoin ATM access, and accumulated Bitcoin for the nation.
Even more ambitiously, El Salvador plans to build a “Bitcoin City” powered by volcanic energy and issue its first $1 billion Bitcoin bond in 2024. Additionally, a recent partnership with Tether allows foreign investors to acquire Salvadoran citizenship through million-dollar investments in Bitcoin or USDT.
Bukele’s re-election signifies continued support for his audacious leadership and his Bitcoin gamble. Whether this path paves the way for prosperity or potential pitfalls remains to be seen, but El Salvador’s experiment under Bukele is undoubtedly one to watch in the evolving world of cryptocurrency and governance.
