Nayib Bukele (born: Nayib Armando Bukele Ortez) is running for re-election. As president, he was the face of his country’s pro-Bitcoin policy. On February 4, voters will either invite him to the head of state’s office again or throw him out of office and send him into political retirement.
El Salvador elects new authorities
On Sunday, Salvadorans will elect a new president, vice president and members of parliament. Three parties are mainly important in the fight for power: New Ideas, led by Bukele, the right-wing Republican Nationalist Alliance and the left-wing National Liberation Front Farabundo Marti. Let us emphasize right away that this race is not fair. The Ministry of Treasury refused to grant the last two parties the funds for their election campaigns guaranteed by law.
Voters, however, will probably forgive Bukele the above. According to polls, he enjoys the support of nearly 70% of citizens. He will probably win the election again and serve as president for another term.
Bukele’s success is important for the cryptocurrency market. As president, he ensured that bitcoin is a legal tender in his country. This was followed by the construction of Bitcoin City, a city of the future whose inhabitants are to be exempt from taxes. It is also intended to be a technology center in the region. In addition, a public network of bitcoin ATMs was established in El Salvador (215 locations).
Bukele’s colleague, Vice President Félix Ulloa, has already confirmed that as soon as the current ruling camp wins the election, it will continue its bitcoin policy.
Why do voters love Bukele?
But why is a politician fighting for re-election so involved in the adoption of bitcoin in the country? He must believe that it is profitable for El Salvador. This does not earn him many votes from voters. Only 6.8% of citizens believe that recognizing BTC as a means of payment has improved their lives.
So where does the Bukele phenomenon come from, if not from the promotion of cryptocurrencies? It’s mainly about his effective fight against the gangs that previously ruled the country. The young (currently only 42-year-old) president declared war on them. As a result, he filled the prisons with criminals. Even having a tattoo with the symbol of a criminal organization can put you behind bars.
The election results will probably be known on Monday, but there are many indications that the current party and its leader will remain in power.