Nayib Bukele, El Salvador’s president known for his pro-bitcoin stance, seems set for another five-year term, as exit polls indicate a significant lead shortly after the Sunday evening voting concluded.
The anticipated outcome aligns with expectations, given Bukele’s widespread popularity and commanding lead in pre-election polls. Bukele himself confidently shared the news on Twitter, stating, “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.”
During his initial term, Bukele garnered attention for tackling gang violence through mass incarcerations and embracing bitcoin (BTC) as a major focus. In 2021, El Salvador made history by becoming the first nation to adopt bitcoin as legal tender. Bukele further promoted bitcoin adoption by introducing the Chivo crypto wallet and initiating investments in the cryptocurrency. While celebrated by bitcoin enthusiasts, these moves faced criticism from international bodies like the International Monetary Fund (IMF).
Looking ahead, El Salvador plans to issue “Volcano bonds” backed by bitcoin, following regulatory approval in December. The funds raised from these bonds will support a Bitcoin mining industry powered entirely by renewable energy, marking the country’s continued commitment to cryptocurrency innovation.
