Former Bitcoin President Nayib Bukele Successfully Re-elected

Nayib Bukele is edging closer to a new term in the 2024 Presidential election in El Salvador. Even though the electoral authorities have not officially announced the results, the Bitcoin-friendly former President seems to have confirmed his victory yesterday (04/02).

Sharing on his personal Twitter account, Bukele asserted:

We are leading with an overwhelming 85% vote share and the approval of at least 58 out of 60 National Assembly deputies.

CID Gallup’s poll also reflects a similar figure, with 87% of voters supporting Nayib Bukele.

President Nayib Bukele is betting on Bitcoin

President Nayib Bukele has been in office since 2019 and sought re-election in September 2022. In his previous term, the 37-year-old gained popularity for his unconventional approach and tough crackdown on criminal gangs in the country.

He is renowned throughout Latin America for his strong stance on crime. Notably, El Salvador became the first country to legalize Bitcoin as a legal tender in 2021, despite criticism from international organizations such as the International Monetary Fund (IMF).

Bukele remains steadfast in his “Bitcoin dream,” from developing the Chivo cryptocurrency wallet, exporting Bitcoin ATMs, to accumulating Bitcoin as a regular investment.

In addition to plans for building a “Bitcoin City” based on mining with renewable energy from volcanoes, the Central American nation intends to issue its first $1 billion Bitcoin bond in Q1 of this year.

Related: The US SEC Officially Approves Spot Bitcoin ETF

El Salvador’s Bitcoin investment portfolio was reported to be in profit in December 2023, recording a gain of $10 million on January 10. Moreover, the government recently collaborated with Tether to launch the “El Salvador Freedom Visa Program,” allowing anyone to become a citizen of El Salvador by investing $1 million in USDT or BTC in the country.