Bitcoin-friendly Salvadoran President Nayib Bukele heads for re-election

Nayib Bukele, El Salvador's bitcoin-friendly president, is on track for another five-year term, according to Exit surveys that shows he has an overwhelming lead after voting ended Sunday.

“According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly,” Bukele said in a February 5 statement. mail.

Nayib Bukele Drives El Salvador's bitcoin Adoption

Bukele made an impact during his first term by combating gang violence with mass incarceration. He has also been a big proponent of bitcoin (btc). El Salvador passed a new law on December 21 that offers foreign investors who make a bitcoin donation a path to quick citizenship.

The law will effectively allow qualified individuals to bypass the conventional naturalization requirement of a five-year continuous residence for citizens of non-Hispanic countries, or a two-year residence for those married to a Salvadoran citizen.

El Salvador passes law to offer citizenship to foreign bitcoin investors

The Congress of El Salvador approved a new law that allows foreign citizens to obtain citizenship by investing in bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin.#CryptoNewshttps://t.co/3hCj6BXhK7

– Criptonoticias.com (@cryptonews) December 22, 2023

In 2021, El Salvador also became the first nation to adopt btc as legal tender. Although this measure was applauded by bitcoin enthusiasts, it also generated criticism from international organizations such as the International Monetary Fund (IMF).

The president of El Salvador responds to criticism

In a December 4 publication, Bukele fend to critics who had ridiculed the country's decision to purchase btc. He revealed that if the country had sold its btc back then, it would have made a profit of approximately $3.6 million.

On the day of publication, btc was able to rise from $41,631 to $41,929. Currently, the cryptocurrency is trading at $43,152.83 as of 5:10 am EST, according to CoinMarketCap. bitcoin/”>data.

El Salvador's bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Investments are in the black!

After literally thousands of articles and articles ridiculing our supposed losses, all of which were calculated based on bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinThe market price at that time…

with the current bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin market price, if we sold… pic.twitter.com/gvl2GfQMfb

— Nayib Bukele (@nayibbukele) December 4, 2023

Despite this, he revealed that El Salvador has no intention of selling its bitcoin. Bukele added that the country anticipates short-term fluctuations in the price of btc, but said that “this does not affect our long-term strategy.”

He also urged those who published “critical articles” criticizing the country's btc investments to retract their statements and apologize.

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