El Salvador: The "cool dictator", and pro-bitcoin, reelected president!

According to the Supreme Electoral Tribunal, Nayib Bukele leads with 82.9% of the votes after 31.49% of the ballots have been counted. The young president, who has been in power since 2019, announces that his party Nuevas ideas wins at least 58 out of 60 seats in the Assembly. A victory that could create a “single party in a fully democratic system.” Bukele, nicknamed “the cool dictator,” is on track for another five-year term, strengthening his position in El Salvador and raising questions about the country’s democracy.

Bukele Reelected in El Salvador: Democratic Triumph or Authoritarian Shift?

In 2021, El Salvador made history by adopting Bitcoin as legal tender, defying criticism from the IMF. Vice President Felix Ulloa reaffirms this commitment, stating that Bitcoin will remain legal under Nayib Bukele’s second term, despite pressures. The SEC’s recent decision on Bitcoin Spot ETFs has reinforced Salvadoran confidence in cryptos. Far from faltering, the country is envisioning ambitious projects. Bukele’s bold policies, criticized abroad, continue to inspire the nation.

HISTORIC VICTORY

Bukele wins the 🇸🇻 El Salvadoran election with over 85% of the votes in his favor.

His party also secured at least 58 of 60 deputies in the legislative Assembly.

This is an unprecedented win in the history of democracies 🙌 pic.twitter.com/0lUDN5j9oY

— Bitcoin News (@BitcoinNewsCom) February 5, 2024

The incumbent president of El Salvador, and a fervent supporter of Bitcoin, Nayib Bukele, declares his victory in the first round of the presidential elections with “more than 85% of the vote,” boasting El Salvador as “the safest” on the continent. His party, Nuevas ideas, wins “at least 58 out of 60” seats in the Assembly.

Despite the record turnout with 6,214,399 voters, criticism abounds regarding the concentration of power and circumventing the Constitution that forbids consecutive terms. After replacing the judges and attorney general, Bukele skirts the rules by taking a six-month leave before the election.

“The Salvadoran people have spoken, and not only have they spoken loudly, but they have spoken with the greatest force in the history of democracy worldwide. This is literally the highest percentage in history,” he proclaims before his supporters gathered in front of the National Palace.

La verdadera democracia… https://t.co/gGZab7t6Vp

— Nayib Bukele (@nayibbukele) February 5, 2024

Bitcoin, Bukele, and “Volcano Bonds” on the Horizon

In 2021, El Salvador took the world by surprise by adopting Bitcoin as legal tender, garnering applause from crypto enthusiasts but also attracting tons of criticism. This year, the country plans to issue “volcano bonds” backed by Bitcoin, an initiative after receiving regulatory approval in December. These bonds will fund a BTC mining industry powered by renewable energy.

Bukele, known for his crackdown on gangs and his support for Bitcoin, extends the state of emergency since 2022, allowing for warrantless arrests and military deployment. A contested approach but one that keeps 75,000 criminals behind bars.