El Salvador Election: Bukele Declares Win

Nayib Bukele, the incumbent President of El Salvador, the first country to adopt Bitcoin (BTC) as legal tender in September 2021, is set to return as the Central American country’s leader. 

As reported earlier by TheCoinRise, under Bukele’s reign, El Salvador has adopted a friendly approach to the regulation of digital assets, being the only country with BTC as legal tender until the Central African Republic (CAR) also decided to bring in digital asset regulations for the development of its economy.

Exit Polls were in Favor of Bukele

Currently, the official numbers have not been revealed, but as per exit polls data, Bukele, the leader of the “Nueva (New) Ideas Party,” is leading with his party holding 87% of votes, while his closest competitors Manuel Flores and Joel Sanchez hold 7% and 4% of the votes, respectively.

It is crucial to note that Bukele will once again assume the leadership of El Salvador and remain president until 2029. 

El Salvador Elections Break Records

As pointed out by Bukele, 42, while declaring himself the winner in a post on social media platform X, his New Ideas party also captured at least 58 positions in El Salvador’s 60-seat legislative assembly, setting a record for the world to see. 

“A record in the entire democratic history of the world,” Bukele said on X, formerly known as Twitter. “See you at 9pm in front of the National Palace.”

Meanwhile, many people on X posted videos of the streets of El Salvador erupting in fireworks as Bukele once again secured victory in the elections. 

https://twitter.com/JackPosobiec/status/1754360393449849022

First President to be Re-Elected

An important fact to mention here is that Bukele is the first president in El Salvador who has been re-elected in almost a century. As pointed out by Reuters, if Bukele’s predictions are accurate, he will wield unprecedented power and be able to overhaul the Central American nation’s constitution, which his opponents fear will result in the scrapping of term limits.

Under Bukele’s reign, the murder rates in the country have declined significantly, while the economy has also improved, with significant income coming from tourism and other industries. Bitcoin has also played a major role in putting the country on the world map. 

El Salvador and Bitcoin

As per earlier reports, El Salvador passed a new law in December 2023 to extend citizenship to foreign investors who hold a significant stake in Bitcoin (BTC). Further, the country also established a National Bitcoin Office (ONBTC) to manage all cryptocurrency-related initiatives.

As per venture capitalist Tim Draper, Bitcoin will make El Salvador one of the world’s richest countries.