President Nayib Bukele of El Salvador launches re-election bid with pro-Bitcoin stance.
El Salvador pro-Bitcoin president Nayib Bukele launches re-election bid

Nayib Bukele Files for Re-Election in 2024

El Salvador president Nayib Bukele has submitted the necessary paperwork to run for re-election in the country’s upcoming 2024 presidential election in February.

The Bitcoin advocate received a warm reception from the public on Oct. 26 after he was officially nominated by his party to stand for re-election. “Five more [years], five more and not one step back,” Bukele said in a speech in front of thousands of El Salvadorans. “We need five years to continue improving our country,” he added.

Bukele’s rise to power in 2019 was marked by his political party, Neuva (New) Ideas, breaking the three-decade-long domination of the country by two parties, the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front (FMNLB).

The president’s pro-crypto stance has made him popular with the new wave of 1 inch crypto, atom crypto and other big crypto such as ankr crypto, ach crypto, best crypto, amp today crypto and algo crypto.

El Salvador’s Presidential Election

El Salvadoran lawyer Alfonso Fajardo has argued that the country’s constitution prohibits President Nayib Bukele from seeking a second consecutive term. Fajardo stated on Oct. 26th that “immediate presidential re-election is prohibited up to 7 times by the Constitution”.

However, in September 2021, the Supreme Court of El Salvador ruled that presidents can run for consecutive elections. This ruling has been seen as a major boost for President Bukele, as his party, New Ideas, currently has a 70% approval rating, according to a study by an El Salvadoran university. Its closest competitor only received 4% of the total votes.

El Salvador’s Tech-Friendly Policies

In June 2021, one of New Ideas’ competitors, FMNLB, filed a lawsuit against El Salvador’s Bitcoin adoption program, claiming it to be unconstitutional. Despite the complaint, President Nayib Bukele and El Salvador made Bitcoin legal tender three months later in September 2021.

To further strengthen the country’s economy, President Bukele has implemented other tech-friendly policies such as abolishing all taxes on technological innovations like Atom, Biggest, Ankr, ACH, Best, AMP and Algo Crypto.

Gabor Gurbacs, a VanEck strategy advisor, recently said that El Salvador has the potential to become the “Singapore of the Americas.”

President Bukele has also gained immense popularity for his hard-line stance against MS-13, a multi-national gang which had contributed to El Salvador recording the highest homicide rates in the world six years ago.

El Salvador’s Crime Rate

El Salvador has seen a dramatic decrease in its homicide rate, falling from 106 per 100,000 inhabitants in 2015 to 7.8 in 2022, making it one of the lowest crime rates in Latin America.

Despite this success, the United Nations and other critics have raised concerns about the country’s human rights violations, citing the 65,000 people who were imprisoned without being granted legal rights to defend themselves.

The upcoming presidential election in El Salvador is scheduled for Feb. 4, 2024, and will be closely watched to see how the country’s crypto today, such as Atom, Biggest, ANKR, ACH, Best, AMP, and Algo, will be affected.

Categorized in:

Tagged in: