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Pro-Bitcoin President of El Salvador Nayib Bukele Announces Candidacy for Re-Election

At a live-streamed event on Independence Day on September 15, El Salvador’s President Nayib Bukele announced his candidacy for re-election after his current term ends in 2024.

Bukele’s announcement comes despite a law prohibiting past presidents of El Salvador from serving consecutive terms. The President stressed:

“Developed countries will have re-elections and, thanks to the new makeup of our democratic system, so will El Salvador.”

Overall, a CID Gallup poll last month found 85% support for Mr Bukele’s presidency and 95% support for his rule on security issues. Bukele is showing signs of solid support.

But in light of the announcement that Salvadorans had taken to the streets in protest. Thousands of protesters opposed issues that made Bukele uncomfortable during his presidency, including corruption and the integration of Bitcoin.

In September 2021, while in office, Bukele introduced Bitcoin as the country’s legal tender. The introduction of the country’s largest cryptocurrency recently celebrated its first anniversary after a year of steady price declines.

Despite introducing bitcoin-centric educational programs such as “Mi Primera Bitcoin”, my first bitcoin, and examples from neighboring countries such as Colombia and Venezuela, the locals are as enthusiastic about crypto as expected. not enthusiastic about

Related: El Salvador ‘suffered no losses’ due to plunge in bitcoin price, says finance minister

According to a national survey in February this year, 20% of the population actively use Chivo Wallet, El Salvador’s preferred crypto wallet, for bitcoin migration. More than double the number of downloads with free dollar gifts.

Only 20% of business owners surveyed said they would accept cryptocurrency payments, most of which were large businesses rather than smaller stores.

Meanwhile, the adoption of Bitcoin as a legal tender has brought a new type of crypto traveler to the country despite the bear market. According to official statistics, the number of local tourists this year alone has increased by 82.8%.

Critics continue to come and go on the topic of Bitcoin use and adoption in El Salvador. Thousands of people may be taking to the streets protesting against policies surrounding digital currencies. However, some see it as a technological and financial advance for a developing country like El Salvador.