Bitcoin-friendly president Nayib Bukele on an early election victory in El Salvador

El Salvador president Nayib Bukele is set to lead the country for another five years after winning the election with an overwhelming majority. Preliminary results showed Bukele headed for a win with 87.7% support after voting closed on Sunday evening.

In a post on X (formerly Twitter), Bukele celebrated the early lead, claiming also to have secured at least 58 out of 60 deputies in the Assembly.
Bukele’s victory was expected as he had enjoyed high popularity in El Salvador, despite his once controversial moves. During his first term, he engaged in mass incarcerations seeking to weed out criminal gangs in the country.

Win cements pro-crypto policies in El Salvador

Bukele’s win will be celebrated among crypto enthusiasts keen on his favourable policies in the sector. In 2021, the country became the first in the world to adopt Bitcoin as legal tender.

El Salvador also introduced the Chivo crypto wallet to encourage Bitcoin adoption. Bukele engaged in a series of Bitcoin purchases, with the president claiming they are part of a long-term strategy and wasn't willing to sell the digital asset.

However, El Salvador’s bold move to legalise Bitcoin was highly criticised by financial watchdogs, including the International Monetary Fund (IMF). The institutions warned of the risks cryptocurrencies posed to financial stability.

It now remains to be seen on El Salvador’s new chapter in crypto as Bukele earns a deserved re-election in the eyes of the citizens. The inevitable discussions are whether his pro-crypto stance will be reflected in more global pursuits of decentralised finance at a time when countries seek to free themselves from dollar domination.