El Salvador’s President Bukele Wins Re-election, Continues Bitcoin Adoption

Nayib Bukele, the President of El Salvador known for his pro-bitcoin stance, has secured a victory for another term, signaling continued support for cryptocurrency initiatives within the nation. Exit polls indicated a landslide win for Bukele right after the polls closed on a Sunday evening, mirroring his high approval ratings and the anticipation of his re-election.

During his first term that began in 2019, Bukele’s administration took big steps such as the mass incarceration of gang members to combat violence and the historic move to adopt bitcoin as the country’s legal tender in September of 2021. This made El Salvador the world’s first country to fully embrace the cryptocurrency, decision that was celebrated by bitcoin advocates but viewed skeptically by entities like the International Monetary Foundation (IMF).

Bukele proudly announced on Twitter, “According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly.” His administration didn’t stop with just adopting bitcoin; it also launched the Chivo crypto wallet to promote its use and began investing in the cryptocurrency.

Looking ahead, El Salvador is preparing to continue its Bitcoin mission and will bring out its bitcoin-backed “Volcano bonds,” project that received regulatory nod in December. The initiative aims to fund a bitcoin mining operation that relies entirely on renewable energy sourced from volcanoes. This venture is part of a broader vision that includes the establishment of Bitcoin City, expected to develop in close proximity to the mining sites, leveraging the country’s volcanic energy to power its growth.