On Sunday the self-proclaimed “world’s coolest dictator” Nayib Bukele announced his reelection as the president of El Salvador hours after the polls. In an X post, Bukele claimed to have won the election with 85% votes.
The tweet demonstrated that if Bukele’s projection materializes then he will be declared as the 44th president of El Salvador. Shortly after Bukele shared the tweet, hundreds of Salvadorian residents marched on the streets to celebrate the victory.
Nayib Bukele Triumph for Reelection as El Salvador President
Even though the outcome of the February 4 election has not been released the community expressed their excitement for the re-election of the pro-Bitcoin president. In a subsequent tweet, the Chinese Embassy in El Salvador acclaimed the re-election of President Bukele.
The embassy labelled Bukele’s reelection as a historic win in these elections. Based on the past election Bukele will be the first president to be reelected in El Salvador. Before the election, the opinion polling demonstrated that Bukele would win the election.
Even though his previous regime was not ranked as the best, 8 out of 10 voters supported the Bukele to serve a second term. A review of his previous achievements illustrated that President Bukele reduced the homicide cases in El Salvador.
He established a nine-month crackdown on illicit gangs that rule some of the parts of the country. The gang were alleged to have forcefully taken money from businesses to finance the unlawful activities.
The efforts made by President Bukele impacted the conviction of hundreds associated with the notorious gang. Also the 42 years politician restored national security and enforced corrective measures that reduced the murder cases in the Central American Country.
El Salvador Awaits for Election Outcome
In March 2022 President Bukele introduced the state of emergency that impacted the arrest of 75,000 gang members. The arrested criminals were associated with the 1993 civil war that claimed the lives of 120,000.
Besides protecting the Salvadoran citizen from external threats Bukele has been at the forefront in promoting economic growth in the country. Driven by the desire to attain financial stability, Bukele enforced policies that enabled the Salvadorian authority to tap the benefits of digital assets.
In 2021 Bukele was the first president to accept Bitcoin as a legal tender. The legalization of Bitcoin positioned El Salvador as a crypto-friendly state in Central America.
The suitability of the El Salvador crypto market has attracted fast-paced crypto exchanges to expand their footprint in the region. Apart from this President Bukele plans to establish the first Bitcoin city in the world.
He believed that the establishment of the Bitcoin City would transform most of the industries in the region.
Reviewing President Bukele’s Achievement
Bukele silenced the ongoing chorus on the volatile nature of crypto assets after he shared the significance of Bitcoin to the Salvadoran economy. He vowed to remain committed to achieving the Bitcoin dream that would expand government revenue and attract foreign investment.
To attain the Bitcoin bid Bukele joined forces with key industry players to support the realization of his dream. In May 2022 Bukele approved the design shared by the Mexican architect Fernando Romeo for the proposed Bitcoin city.
To support the attainment of the Bitcoin bid Bukele introduced a crypto wallet dubbed as Chivo to allow the Salvadoran to use BTC in day-to-day activities. The launching of Chivo aimed at promoting the use case of Bitcoin in the region.
El Salvador Bitcoin Dream
Besides Chivo wallets, the Bukele led Bitcoin initiative plans to launch Volcano bond this year. A volcano bond is described as the brainchild of the government of El Salvador that emanated from the idea of powering Bitcoin mining activities using green energy from the Conchagua volcano.
The revenue generated from the Volcano bond will support the establishment of the proposed Bitcoin city. Despite the efforts to improve the attractiveness of El Salvador’s crypto industry Bukele has faced tides of criticism from the International Monetary Fund (IMF).
In an earlier report, the IMF official urged the government of El Salvador to abandon the Bitcoin dream. The global regulators cautioned the Bukele administration on the risk associated with crypto assets.
The IMF argued that Bitcoin could affect the country’s financial stability leading to violation of consumer protection rights and responsibilities. Despite the speculation, Bukele has vowed to remain committed to the Bitcoin goal in his second term.
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