Bitcoin Advocate Nayib Bukele Poised for Second Term as El Salvador's President Despite Controversy
Summary:
Nayib Bukele, a strong advocate for Bitcoin, is on track for a second term as El Salvador's president following a strong showing in exit polls for the February 4, 2024 general election. Bukele's Bitcoin-friendly policies, including making the cryptocurrency legal tender and supporting Bitcoin-based projects, are set to continue. However, his second term bid has sparked controversy with critics arguing that the country's constitution prohibits consecutive presidential terms.
Nayib Bukele, an advocate of Bitcoin, looks set for a second term as president of El Salvador following strong exit poll performances in the Salvadoran general election held on February 4, 2024. Bukele, spearheading the party called "Nueva Ideas," saw his posted vote tally stand at 87%, according to CID Gallup's February 5 post. If officially confirmed, his leadership will extend until 2029.
Bukele is regarded not just for his Bitcoin endorsement but also for his robust stand against the gang-associated crimes that plague El Salvador. Notably, the country had the world's highest murder rate just seven years prior. Vice President Félix Ulloa has reportedly affirmed, in a February 1 Reuters report, that Bukele's Bitcoin strategy shall stay untouched if his occupancy as president is confirmed. During his first term, the president had maneuvered the acceptance of Bitcoin and successfully made the digital currency a national legal tender in September 2021. He extended support to various Bitcoin-focused projects in the country, including the Volcano Bond that got the green light from El Salvador’s Digital Assets Commission in December. As per the National Bitcoin Office, this will kick off before April.
El Salvador is also cultivating a tax-exempt Bitcoin City and offering passports to those investing Bitcoin worth $1 million or more. Bukele hasn't sailed smoothly into his prospective second term, however, facing critical views from some quarters. Salvadoran attorney Alfonso Fajardo, among others, insists the nation's constitution debars Bukele from a consecutive second term. On learning of Bukele's nomination papers for rerunning in October, he mentioned how the constitution seven times disallows immediate presidential re-election.
El Salvador is seen as the upcoming "Singapore of the Americas," according to Vaneck strategy adviser Gabor Gurbacs. He predicts an influx of investment capital and people into the country. However, there are concerns about a future scenario where Bitcoin's value escalates to $1 million.
Published At
2/5/2024 4:09:06 AM
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