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El Salvador’s Pro Bitcoin President Nayib Bukele Claims Victory in Re-election Poll

El Salvador’s incumbent president, Nayib Bukele, has declared a resounding victory in the country’s presidential election. Bukele made this announcement shortly after the polls closed, stating that preliminary counts show he secured over 85% of the vote. He also asserted that his political party, Nuevas Ideas, is poised to achieve a significant majority in the legislative assembly, potentially winning at least 58 out of 60 seats.

In his declaration, Bukele confidently stated, “According to our numbers, we have won the presidential election with more than 85% of the votes and at least 58 of the 60 deputies of the Assembly.” He went on to claim that this outcome is a historic achievement, proclaiming, “This is a record in the entire democratic history of the world.” Bukele invited supporters to join him at 9 pm in front of the National Palace.

While official results from electoral authorities were not available at the time of his statement, Bukele’s claims align with a poll conducted by the Costa Rican research firm CID Gallup, which suggested that Bukele and Nuevas Ideas had secured the election with an 87% victory.

Nayib Bukele’s Bitcoin Strategy Yields Profits

President Nayib Bukele’s re-election came two months after he proudly announced that El Salvador had profited from its Bitcoin investments. In early December 2023, when the price of Bitcoin surpassed $42,000, Bukele took to social media to share this positive development.

“El Salvador’s Bitcoin investments are in the black!” exclaimed Bukele. He elaborated that selling their Bitcoin holdings at that moment would not only recover the country’s initial investment but also yield a profit of $3.62 million. However, El Salvador expressed its intention to retain its Bitcoin holdings for the long term.

It’s worth noting that El Salvador had adopted Bitcoin as its official currency in September 2021 and had completed the implementation of supportive digital asset laws in January 2023, signaling its commitment to embracing cryptocurrencies.

El Salvador Launches Citizenship for Crypto Investment

Additionally, in December 2023, El Salvador enacted legislation permitting foreign nationals to obtain Salvadoran citizenship by making investments in Bitcoin. This new law, supported by the Salvadoran legislature led by President Bukele, aimed to boost economic development by streamlining the process for international investors, eliminating the customary five-year residency prerequisite.

According to Reuters, if Bukele’s predictions materialize, he could become the first Salvadoran president in nearly a century to secure re-election. Such a victory could grant him unprecedented authority, potentially enabling him to make amendments to El Salvador’s constitution.

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