President Nayib Bukele, a staunch supporter of Bitcoin in El Salvador, is anticipated to secure a second term based on early voting data, suggesting his party, New Ideas, will win 87% of the vote. While official results from the Supreme Electoral Tribunal (TSE) are yet to be announced, Bukele's party has already garnered more than 1.1 million votes, holding a vote share of 31.5%. Exit polls reported by CID Gallup earlier indicated a substantial lead for New Ideas, with 87% of the vote, while other candidates trailed significantly.
Bukele, who has been a key figure in promoting Bitcoin adoption in El Salvador, was confident of his victory, stating that party data indicated he won the election with over 85% of the vote and secured at least 58 out of 60 representatives in the legislative assembly. The official results are expected to confirm a higher percentage of votes for Bukele, according to a spokesperson from the country’s National Bitcoin Office.
The president's Bitcoin strategy, including the adoption of Bitcoin as legal tender, is likely to continue if he secures re-election, as confirmed by Vice President Félix Ulloa on February 1. Bukele initiated the move to make Bitcoin legal tender in El Salvador in September 2021, marking a historic step for cryptocurrency adoption.
Despite his pro-Bitcoin stance, Bukele's leadership has faced criticism for a perceived decline in human rights protection, with Amnesty International citing a "shocking regression" in 2023. Critics, including Salvadoran lawyer Alfonso Fajardo, have raised constitutional concerns, claiming that Bukele may be prohibited from seeking a second consecutive term. The re-election campaign has sparked controversy, adding a layer of complexity to the political landscape in El Salvador.
While Bukele envisions El Salvador as the "Singapore of the Americas," some anticipate increased investment and immigration to the country if he secures another term. Gabor Gurbacs, a strategic advisor at VanEck, sees potential for more capital and people to flow into El Salvador in the coming years under Bukele's leadership.
