Nayib Bukele wins reelection as president of El Salvador

Nayib Bukele, who gained a decisive victory and is renowned for his affinity with Bitcoin, has been sworn in as the president of El Salvador for 2024. Bukele disclosed the information prior to the electoral body’s official announcement.

According to a tweet by Bukele, he emerged victorious in the presidential election with an overwhelming majority of ballots (85%). Moreover, out of a possible sixty Assembly deputies, he won 58. According to the exit polls collected by CID Gallup, he received 87% of the total ballots. Bukele will remain president until 2029 if the official tally is in his favor.

Since Bukele gained popularity for his efforts to reduce gang crime in the country, many anticipate that he would maintain his support for Bitcoin. Recently, his vice president Felix Ulloa stated that, upon reelection, the government intends to maintain Bitcoin as lawful tender. 

Bukele led El Salvador’s adoption of Bitcoin as legal tender in September 2021. Subsequently, the nation commenced purchasing Bitcoin and, at the start of December 2023, had amassed a total of $131 million in value. Additionally, a profit of $3.6 million was realized on these transactions.

El Salvador launched the Freedom Visa in December to grant citizenship or residency to a maximum of one thousand applicants annually in exchange for a one-million-dollar investment in Bitcoin or USDT. Like other nations’ Golden Visa schemes, the Freedom Visa program has a yearly cap of 1,000 participants and seeks to entice investors seeking residency and citizenship.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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