Bukele declares victory in El Salvador’s presidential election, continues Bitcoin policy

Bukele wins presidential election

El Salvador’s President Najib Bukele declared victory in the presidential election on the 5th. With the reappointment of President Bukele, the country’s crypto asset (virtual currency) Bitcoin (BTC)-related policies will continue to be advanced.

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.

El récord en toda la historia democrática del mundo.

Nos vemos a las 9pm frente al Palacio Nacional.

Dios bendiga a El Salvador.

— Nayib Bukele (@nayibukele) February 5, 2024

“We won the presidential election with over 85% of the vote and at least 58 out of 60 members of Congress,” Bukele said.

Bukele has been president since 2019 and is set to continue in office for another five years. Bukele has gained support, especially for his efforts to crack down on gangs and improve public safety. It is also known for making Bitcoin legal tender in 2021.

El Salvador’s Vice President Félix Ulloa said last month that if Bukele remains in office, the country will maintain its Bitcoin policy as a fiat currency.

Although the International Monetary Fund (IMF) has opposed this policy from the beginning, the Bukele administration has continued to move forward with plans such as increasing Bitcoin purchases, creating Bitcoin bonds, and Bitcoin mining pools, demonstrating the strength of its beliefs. It shows.

connection: El Salvador “continues Bitcoin policy” in case of reappointment of President Bukele

connection: I went to El Salvador where Bitcoin became legal tender | Experience contribution 1

There are also concerns that it could lead to dictatorship.

President Bukele has been on leave since December 2023 to prepare for the presidential election. He has temporarily suspended the exercise of his authority and official functions. Bukele’s critics considered the move unconstitutional.

Some fear that Bukele’s reappointment could turn El Salvador into a de facto one-party state. In El Salvador, presidents were previously prohibited from serving consecutive terms, but this was upheld in a 2021 Supreme Constitutional Court ruling during Mr. Bukele’s tenure.

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Bitcoin investment is positive

El Salvador is also investing in Bitcoin with long-term ownership in mind. President Bukele reported in December last year that the country’s Bitcoin investment had turned positive, with unrealized gains of approximately 530 million yen.

connection: Unrealized gain of about 530 million yen, Bitcoin investment in El Salvador turns positive

El Salvador’s Bitcoin mining pool, Lava Pool, is powered by geothermal energy and reportedly has a contract to provide the government with 23% of its net profits.

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