- El Salvdor’s pro-Bitcoin president has won the nation’s newly-concluded presidential election.
- The nation’s vice president assured it will continue recognizing Bitcoin as a legal tender.
- The El Salvadoran population has remained reluctant to embrace the asset class despite the official integration of Bitcoin.
El Salvador’s renowned Bitcoin-friendly stance has persisted over the years, led by none other than the pro-crypto president Nayib Bukele. Since becoming the first nation head to integrate Bitcoin as a legal tender, Bukele has continually charged optimism for the asset class, promoting adoption among the El Salvadoran population and establishing accommodating regulatory standards.
Despite recent elections hanging the question of the nation’s Bitcoin fate in the balance, the Latin American nation appears poised for another five years of crypto-friendly governance.
El Salvador Bitcoin President Re-Elected
On Monday, February 5, Nayib Bukele emerged as the 2024 El Salvadoran presidential election winner.
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Securing his second five-year term as the nation’s leader, Bukele dominated with a landslide 87%, leaving his competitors Joel Sanchez and Manuel Flores in the dust.
Although official reports are pending, Bukele took to social media platform X (formerly Twitter) to celebrate his win. The pro-Bitcoin President also shared several congratulatory posts, asserting his win for a second term run.
The re-election of Nayib Bukele charts an extended course for El Salvador’s use of Bitcoin as a legal tender, as the nation continues in its pursuit to revolutionize its economy with this asset class.
El Salvador Bitcoin Dream: Boom or Bust?
The 2021 “Bitcoin Law” bill passed by Bukele marked a historic chapter for the cryptocurrency industry, establishing El Salvador as the first country to adopt the asset as a legal tender.
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However, the sluggish adoption among its population has cast uncertainty on the success of the crypto embrace, raising questions about whether the nation will meet Bukele’s expectations.
Reports highlight that only 1.72% of El Salvador’s population currently holds Bitcoin despite the integration of the asset as an acceptable means of exchange. This represents a mere 109,175 citizens out of its total population of 6.36 million.
Despite the prevailing sentiment, President Bukele remains optimistic about the nation’s crypto-friendly stance to yield results in the long run. The government has continued to launch Bitcoin-driven initiatives, such as a Freedom Visa program targeting crypto enthusiasts and Bitcoin-backed “Volcano bonds” for its capital markets.
On the Flipside
- El Salvador’s Bitcoin aspirations have drawn criticisms from global financial institutions, including the International Monetary Fund (IMF) and the World Bank.
- The El Salvador Bitcoin portfolio, worth over $131 million, saw a profit of approximately $3.6 million during the December rally.
- Despite the official integration of Bitcoin, El Salvador ranks 55th on the global crypto adoption index.
Why This Matters
The reelection of Nayib Bukele solidifies El Salvador’s position as a pro-Bitcoin nation for an additional five years, marking a positive trajectory for its aspirations to become a leading technology hub.
Find out more about the performance of this altcoin and its soaring blockchain TVL:
SUI Price Notches 75% in 30-Day Rally Amid Soaring TVL
Read more on El Salvador’s industry-friendly regulatory standards:
Bitfinex Debuts El Salvador’s First Registered Crypto Service
