YEREVAN (CoinChapter.com) — Nayib Bukele, the Bitcoin (BTC)-loving President of El Salvador, is back at the helm of the country after an assured landslide win in the country’s General Elections held on Feb. 4, 2024. Although the official results are yet to be declared, Bukele has officially announced his thumping victory.
According to a recent post on X (formerly Twitter), Bukele claimed to have secured more than 85% of the vote. Moreover, he expects his party, Nuevas Ideas (“New Ideas”), to win 58 of 60 deputies in the National Assembly.
Calling his win a “record in the entire democratic history of the world,” the self-dubbed “world’s coolest dictator” called on his supporters to gather in front of the National Palace later that evening.
Nayib Bukele Makes a Comeback
Bitcoin-friendly Nayib Bukele stepped down from the post of the country’s President in December 2023 to focus on his re-election campaign. In his absence, the country is led by Acting President Claudia Rodríguez de Guevara. She is the first female head of state of El Salvador.
However, his re-election bid was ridden with conspiracy. The constitution of El Salvador prevents any sitting President from seeking a consecutive term in office through elections. Accordingly, Bukele was supposed to step down after his first 5-year term.
However, in September 2021, the Constitutional Chamber of the country’s Supreme Court re-interpreted this rule. According to the court’s ruling, a President can seek re-election in El Salvador if he has been out of office for at least six months before the polls.
The ruling opened the loophole President Bukele needed to sweep back to power through elections in El Salvador. As a result, he strategically quit his office, eyeing a comeback in February 2024.
The previous law existed to prevent the rise of dictatorship in the Central American nation. Opposition parties and democracy activists have since denounced the court’s decision.
However, with Bukele set for a thumping win, he will storm back to the Presidential Palace as what he called the “CEO of El Salvador.” He will now become the first person in almost a century to be re-elected as the President of the country.
Will Bitcoin (BTC) Price Boom After President Bukele’s Win
President Bukele enjoys a huge popularity in the country. Recent polls ahead of the El Salvador Elections shat he has a 90% approval rating among Salvadorans.
A huge chunk of this love from the electorate comes from his unprecedented crackdown on gangs. According to reports, he has initiated the arrest of over 75,000 people amid the crackdown.
Before Bukele took upon the country’s registry, El Salvador was considered one of the most dangerous countries in the world. However, the crime rate in the country has since droppeboosting to the tourism industry.
Amoof President NayBukele’s plansele to bring sweeping reforms in the country was the adoption of Bitcoin. In June 2021, he announced a bill to adopt BTC as legal tender in El Salvador, becoming the first country to do so.
At the time of this writing, BTC exchanges hands just above the $43,000 mark.
In November 2021, during the Bitcoin Week conference, Bukele announced the launch of Bitcoin City. The funds for the innovative city came from $1 billion in BTC bonds.
Moreover, El Salvador has invested in Bitcoin on several occasions, which has angered critics. The International Monitory Fund (IMF) has also criticized Bukele’s Bitcoin stance. Nonetheless, the country’s BTC stash is currently in profit.
With President Nayib Bukele set to make a comeback after the elections in El Salvador, he is expected to continue to push for Bitcoin adoption. If he continues to prove his model works successfully, many more countries might make BTC legal tender, giving a boost to the crypto sector.
