In a resounding victory that resonates beyond El Salvador's borders, President Nayib Bukele has been re-elected with an overwhelming majority, signaling an imminent expansion of the country's Bitcoin initiatives. This re-election, which took place on February 5, 2024, not only confirms Bukele's undeniable popularity but also his commitment to crypto-currency, marking an era of profound transformation for the Salvadoran economy.
A historic victory
According to figures published by Nayib Bukele himself on the social platform X (formerly Twitter), the president won the presidential election with over 85% of the vote, a record in world democratic history. Data from CID Gallup corroborated this claim, revealing that Bukele secured 87% of the votes cast, leaving his competitors Manuel Flores, Joel Sanchez, and Luis Parada far behind with 7%, 4%, and 1.6% of the vote respectively.
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.
— Nayib Bukele (@nayibbukele) February 5, 2024
El récord en toda la historia democrática del mundo.
Nos vemos a las 9pm frente al Palacio Nacional.
Dios bendiga a El Salvador.
A pro-Crypto first mandate
Since coming to power, Bukele has positioned El Salvador as a pro-Bitcoin hub, legalizing the crypto-currency as an official currency in 2021. Despite criticism from major international financial bodies such as the International Monetary Fund (IMF), the country has maintained its pro-BTC stance, purchasing over 2,825 of the leading crypto-currencies worth over $120 million.
Bitcoin innovations and initiatives
Among notable initiatives, El Salvador launched the Bitcoin-powered Visa Freedom program last year, which grants Salvadoran citizenship to foreign investors investing $1 million in Tether BTC or USDT. This initiative has enabled the government to raise $153 million since December 2023.
The launch of the world's first Bitcoin bonds is also scheduled for the first quarter of the year. These innovative financial instruments aim to establish a Bitcoin-centric capital market, offering investors an annual return of 6.5% over ten years.
A stronger commitment for the second term
Vice President Felix Ulloa has indicated that the country will step up its pro-BTC actions during Bukele's second term, reinforcing El Salvador's commitment to crypto-currency. This bold direction promises not only to reshape the Salvadoran economy, but also to position the country as a forerunner in the adoption of blockchain and crypto-currency technologies.
Conclusion
The re-election of Nayib Bukele and his plans to expand Bitcoin initiatives mark a pivotal moment for El Salvador. Despite criticism and challenges, the country's determination to embrace the Bitcoin revolution could not only boost its economy, but also serve as a model for other nations. El Salvador's future, under Bukele's leadership, looks promising, with a trajectory that could redefine global economic standards in favor of financial decentralization and innovation.
