El Salvador Bitcoin-friendly President Nayib Bukele wins the elections

Feb 05, 2024
According to the exit poll, the current President of El Salvador, Nayib Bukele, will be re-elected for another five-year term. According to the results of voting on Sunday, Bukele has an overwhelming advantage.

The result was expected because, having held the post of president since 2019, Bukele was very popular in the country and led by a wide margin in the pre-election polls.

Bukele wrote on Twitter that he won the presidential election, gaining more than 85% of the vote.

It should be noted that Bukele made a splash during his first term, fighting gang violence through mass incarceration and betting heavily on Bitcoin.

Recall that in 2021, El Salvador became the first state to accept the largest cryptocurrency as legal tender, developed and introduced the Chivo crypto wallet to expand the distribution of Bitcoin, and also began to buy a digital asset as an investment. This move, despite the approval of crypto enthusiasts, has drawn criticism from international financial institutions, including the International Monetary Fund (IMF).

After regulatory approval in December, the country plans to release its long-awaited Volcano Bonds, which will be backed by Bitcoin. The bonds will finance the mining industry, which operates exclusively from renewable energy sources.