Hassan Maishera
TL;DR
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President Nayib Bukele has been re-elected in El Salvador.
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El Salvador, under Bukele’s leadership, became the first country to adopt bitcoin as its legal tender.
President Nayib Bukele Wins Re-Election
El Salvador’s pro-bitcoin president Nayib Bukele has been re-elected. He is on his way to another five-year term according to exit polls which show him with an overwhelming lead shortly after voting ended on Sunday evening. CID Gallup’s exit poll data showed that 87% voted in his favor.
#ElSalvador | Resultados preliminares con base en boca de urna, arrojan que tal como se previó en las encuestas, @nayibBukele tendría la ventaja en los comicios presidenciales con un porcentaje superior al 87% de votos a favor. Siendo así, electo para un próximo periodo al mando… pic.twitter.com/fHcBECOXub
— News On Demand (@OnDemand_News) February 5, 2024
President Bukele also announced his victory on X, revealing that he had clinched more than 85% of the votes and 58 out of 60 Assembly deputies. Once the official voting results confirm his victory, Bukele will serve as president until 2029.
De acuerdo a nuestros números, hemos ganado la elección presidencial con más del 85% de los votos y un mínimo de 58 de 60 diputados de la Asamblea.
— Nayib Bukele (@nayibbukele) February 5, 2024
El récord en toda la historia democrática del mundo.
Nos vemos a las 9pm frente al Palacio Nacional.
Dios bendiga a El Salvador.
Bukele’s support and popularity in El Salvador grew after he tackled the country’s gang crime. He has also been vocal about his support for Bitcoin over the last couple of years. Under his leadership in 2021, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. He is expected to continue supporting Bitcoin, as El Salvador is also one of the countries that held BTC on their balance sheet. El Salvador holds 2,762 bitcoins, with an average price of $42,433.42 and a current market value of over $131 million.
El Salvador is also set to be the first country to launch Bitcoin Bonds, which are expected to be in the market in the first quarter of 2024. The main idea behind the Bitcoin Bonds was for El Salvador to receive $1B in investments and use the money for two main projects: 50% to create Bitcoin City in the Conchagua region and 50% to boost bitcoin mining activity in the country.
In December, President Bukele also launched the “Freedom Visa.” Freedom Visa seeks to offer residency or citizenship to up to 1,000 applicants annually for a $1 million investment in bitcoin or USDT.
