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El Salvador’s Nayib Bukele secures re-election

Exit polls indicate that El Salvadoran President Nayib Bukele, who legalized Bitcoin in 2021, has been re-elected for a fifth term.

El Salvador’s President Nayib Bukele secured his second consecutive election victory on February 4, 2024, with an astounding 87 percent of the vote. Under his leadership, homicides in El Salvador decreased by an astounding more than 92 percent, transforming the nation into one of the safest in the Western Hemisphere. In spite of confronting the highest homicide rate globally, President Bukele effectively instituted stringent measures against criminal organizations and groups, thereby transforming his country into a secure haven.

El Salvador’s elections favored the 42-year-old leader handily, as voters put aside concerns about the deterioration of democracy in favor of applauding his resolute efforts to combat gang activity—a substantial improvement in security for the Central American nation. In the central square of San Salvador, thousands of Bukele supporters congregated while waiving flags and donning cyan blue attire to commemorate his re-election, which he termed a “referendum” on his government.

The investment in Bitcoin and the introduction of the Chivo cryptocurrency wallet by the administration of Nayib Bukele demonstrated his dedication to cryptocurrencies. In spite of international scrutiny, most notably from the IMF, Bukele received more than 85 percent of the vote to re-elect, which demonstrates broad domestic support.

It is anticipated that the focus of Nayib Bukele’s upcoming term will be on further integrating Bitcoin into the national economy, including the introduction of Bitcoin-backed “Volcano bonds” to finance BTC mining fueled by renewable energy. Under the continued guidance of Bukele, El Salvador remains a leader in the adoption of cryptocurrencies by nation-states.

The El Salvadoran government has introduced a financial instrument called the “Bitcoin Bond”, As part of a larger effort to recognize cryptocurrencies, specifically Bitcoin, as legal tender, El Salvador implemented this notion in September 2021, becoming the inaugural nation to accomplish this feat globally.

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