Nayib Bukele Prepares for Re-election in El Sa

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Salvadoran President Nayib Bukele has formally submitted documentation to run for another term in the presidential election scheduled for February 2024.

Nayib Bukele Gathers Substantial Backing

According to the recent report, on October 26, Nayib Bukele garnered substantial backing from the public following his official nomination by his political party to seek re-election.

Bukele expressed: “Five more [years], five more and not one step back,” he added: “We need five years to continue improving our country.” He said: “Today is a good day to remember that immediate presidential re-election is prohibited up to 7 times by the Constitution.”

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70% Support 

According to a study conducted by a Salvadoran university, New Ideas enjoys support from a substantial 70% of the country’s electorate, as reported by Reuters. In stark contrast, its closest rival secured a mere 4% of the total votes.

Nayib Bukele as President of El Salvador

Notably, Nayib Bukele’s ascent to the presidency in 2019 marked a significant departure from the long-standing political landscape of a three-decade-long era of two-party dominance in El Salvador. 

His party, Nueva (New) Ideas, shattered the entrenched dominance of the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front (FMLN) that had endured for three decades.

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Despite his widespread appeal to the local population, there are dissenting voices, including Salvadoran attorney Alfonso Fajardo, who argue that the country’s constitution bars Nayib Bukele from pursuing a consecutive second term. 

Noteworthy, in September 2021, the Supreme Court of El Salvador rendered a decision, allowing presidents to seek consecutive terms in elections.

Bitcoin as Official Currency

El Salvador, as the pioneering nation to embrace Bitcoin as an official form of currency, has consistently demonstrated its commitment to fostering Bitcoin adoption among the younger generation in the region. The country has also broadened its approach to cryptocurrencies by introducing a legislative proposal for legalization. 

Notably, this fresh bill is designed to establish a legal framework for the issuance of debt through cryptocurrencies, thereby paving the way for the launch of Bitcoin (BTC) bonds commonly referred to as ‘Volcano Bonds.’

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