Nayib Bukele, president of El Salvador and Bitcoin enthusiast, officially filed his candidacy for the 2024 presidential election. Despite criticism and legal concerns over his eligibility for re-election, Bukele’s political party, Nuevas Ideas, continues to have a strong public support, indicating possible greater adoption of Bitcoin.
El Salvador’s President Nayib Bukele, a renowned Bitcoin advocate, formally filed his candidacy for the 2024 presidential election, sparking discussions and anticipations of continued adoption of cryptocurrencies in the country. Addressing thousands of people during his nomination, Bukele emphasized the need for an additional five-year term to advance the development of the nation. The moment, captured in a tweet by Eduardo Menoni, highlighted Bukele’s popularity and commitment to Bitcoin:
“BREAKING NEWS: Shouting ‘five more, five more and not one step back’, Nayib Bukele gives his speech in front of thousands of Salvadorans after registering his presidential candidacy for re-election. ‘We need 5 years to continue improving our country’.”
Since his rise to power in 2019, Bukele and his party have revolutionized El Salvador’s political landscape, breaking the three-decade bipartisan dominance. An important part of his presidency has been his unwavering support for Bitcoin, culminating in the historic decision to legalize it as legal tender in September 2021. This bold step has positioned El Salvador as a pioneering nation in cryptocurrency adoption, aligning with Bukele’s vision for the economy. innovation and financial inclusion.
Nayib Bukele Wants Five More Years
For the opposition he is a dictator, for most people, the president who changed the destiny of El Salvador forever… and for the better. For the bitcoiner, he is the politician who embraced bitcoin and who is carrying out certainly ambitious projects in this area.
During the next few months of the electoral campaign Bukele will be primarily the candidate who will most likely bring home the next elections. Bukele is accused of not being able to run for president due to current constitutional provisions, although the Constitutional Court has already ruled in favor of the government in power.
What is certain, for now, is that the possible re-election of Nayib Bukele to El Salvador will guarantee continuity to the different projects launched in the country for the introduction of Bitcoin. In addition to payments, which according to the data do not seem to be very widespread, there are educational programs and projects for mining, some of which have already started and others are also being cooked thanks to the participation of well-known groups in the cryptographic environment.
Bukele’s re-election campaign, however, is not without controversy. Critics argue that his candidacy defies the Salvadoran Constitution’s restrictions on consecutive presidential terms. Salvadoran lawyer Alfonso Fajardo has expressed his opinion on this issue, reminding the public of the constitutional prohibition.
However, a 2021 Supreme Court ruling has given Bukele legal backing, allowing him to run for a second term. Despite these legal debates, Bukele’s party enjoys overwhelming public support: 70% of voters reportedly back Nuevas Ideas.
What Kind of News Is This for Bitcoin?
It will surely depend on the elections: the citizens of El Salvador will decide if Nayib Bukele deserves another mandate or if it will be better to send him home and make room for the opposition candidates.
Re-election, barring sensational riots, could be a walk in the park for a president whose polls show him at well over 64%. The population reservation will be dissolved immediately: in fact, Salvadorans will be called to vote on February 4, 2024.
By Audy Castaneda
