The Central American country of El Salvador’s Bitcoin (BTC) proponent president Nayib Bukele, was reelected with an overwhelming majority immediately following the end of voting on February 4th. Bukele’s reelection is particularly important for cryptocurrency investors, especially those in Bitcoin.
The Second Term of Nayib Bukele Begins in El Salvador
Bukele, who has been serving as the President of El Salvador since 2019, was expected to win the elections by a large margin due to his high popularity in the country and the pre-election polls. Bukele announced their victory in a tweet from his personal account, saying, “According to the numbers we have, we won the presidential election by getting more than 85% of the votes and at least 58 out of 60 parliamentary seats.”
In his first term, Bukele gained significant fame for suppressing gang violence with mass incarcerations and making ambitious plans for Bitcoin.
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AAPLAs known, El Salvador became the first country in the world to accept the largest cryptocurrency as legal tender in 2021. To increase Bitcoin adoption in the country, the cryptocurrency wallet Chivo was developed and made available to the public. Additionally, seeing BTC as an investment tool, Bukele started making regular investments in the leading cryptocurrency as a country. This move received widespread support from Bitcoin enthusiasts, while drawing criticism from international organizations like the International Monetary Fund (IMF).
According to data from Nayibtracker.com, El Salvador’s treasury currently holds 2,825 BTC valued at $120.6 million. With the price of Bitcoin being over $42,000, the country faces unrealized profits, albeit low at the moment. Bukele had announced that they would continue to accumulate Bitcoin during his second term.
Anticipation Builds for the Long-Awaited Volcano Bonds
This year, the country plans to issue the long-awaited Bitcoin-backed Volcano bonds, which will finance a Bitcoin mining industry powered solely by renewable energy, following regulatory approval received in December. Additionally, the continuation and completion of the “Bitcoin City” project is expected.
With Bukele’s reelection, the path has been cleared for progress in these two significant projects. Now, the cryptocurrency world is eagerly awaiting developments on this front.
