El Salvador’s Bitcoin-Friendly President Nayib Bukele Wins Re-Election

El Salvador’s Bitcoin-Friendly President Nayib Bukele Wins Re-Election

Nayib Bukele, the president of El Salvador, known for his favorable stance towards Bitcoin, is poised to secure another five-year term.

Exit polls conducted after the conclusion of Sunday’s voting indicate a significant lead for Bukele, reinforcing the widely anticipated outcome. Bukele, who has been in office since 2019, has maintained high popularity in the country and consistently led in pre-election polls by a considerable margin.

Bukele declared himself the winner before official results were announced, claiming to have attained more than 85% of the vote. Provisional results showed Bukele winning 83% support with 31% of the ballots counted.

His New Ideas party is expected to win almost all of the 60 seats in the legislative body, tightening its grip on the country and bestowing even more sway on Bukele, the most powerful leader in El Salvador’s modern history.

During his initial term, Nayib Bukele made a significant impact by adopting bold measures to address gang violence, primarily through widespread arrests and incarcerations.

Additionally, he gained attention for taking substantial strides in embracing Bitcoin (BTC) as part of El Salvador’s economic strategy.

Bukele And His Stance on Crypto

In 2021, El Salvador made history by becoming the first country to officially recognize the largest cryptocurrency, Bitcoin, as legal tender. Alongside this groundbreaking decision, the nation introduced a cryptocurrency wallet named Chivo to facilitate the widespread adoption of Bitcoin.

Additionally, El Salvador began actively acquiring Bitcoin as part of its investment strategy.

While this move garnered praise from the Bitcoin community and enthusiasts, it faced criticism from international organizations such as the International Monetary Fund (IMF).

In December, El Salvador introduced the “Freedom Visa,” which aims to offer residency or citizenship to up to 1,000 applicants per year for a $1 million investment in Bitcoin or USDT.

In the current year, El Salvador is set to launch its highly anticipated “Volcano bonds,” backed by Bitcoin. This initiative received regulatory approval in December.

The funds raised through these bonds are intended to support the development of a Bitcoin mining industry within the country, exclusively powered by renewable energy sources.

This strategic move aligns with El Salvador’s broader efforts to leverage sustainable practices in its cryptocurrency endeavors, showcasing a commitment to environmentally friendly BTC mining practices.

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