El Salvador’s Pro Bitcoin President Nayib Bukele Claims Victory in Re-election Poll

El Salvador’s incumbent president Nayib Bukele has claimed an overwhelming victory in the country’s presidential election poll.

Bukele announced his commanding lead shortly after the polls closed. According to Bukele’s latest post, the preliminary counts secured his victory with more than 85% of the vote. He also claimed that his party, Nuevas Ideas, is set to gain a significant majority in the legislative assembly, with at least 58 of 60 seats.

De acuerdo a nuestros números, hemos ganado la elección presidencial con más del 85% de los votos y un mínimo de 58 de 60 diputados de la Asamblea.

El récord en toda la historia democrática del mundo.

Nos vemos a las 9pm frente al Palacio Nacional.

Dios bendiga a El Salvador.

— Nayib Bukele (@nayibbukele) February 5, 2024

“According to our numbers, we have won the presidential election with more than 85% of the votes and at least 58 of the 60 deputies of the Assembly,” declared Bukele.

“This is a record in the entire democratic history of the world,” said Bukele. “See you at 9 pm in front of the National Palace.”

Despite the absence of official results from electoral authorities, the President’s statement aligned with the poll report by the Costa Rican research firm CID Gallup, which indicated that Bukele and Nuevas Ideas won the election by 87%.

Nayib Biukele es reelegido como presidente en El Salvador (CID Gallup – Boca de Urna) #EleccionesElSalvador2024 #cidgallup #bocadeurna pic.twitter.com/27LNpVknqj

— CID Gallup (@cidgallup) February 5, 2024

Nayib Bukele’s Bitcoin Strategy Yields Profits

The re-election came two months after President Nayib Bukele announced that El Salvador was making money from its Bitcoin investments. The price of Bitcoin went over $42,000 in early December 2023, and Bukele took to social media to share the good news.

“El Salvador’s Bitcoin investments are in the black!” said Bukele. He explained that selling their Bitcoin now would not only get back the country’s original investment but also earn them a profit of $3.62 million. But El Salvador intended to keep its Bitcoin for the future.

El Salvador adopted Bitcoin as official currency in September 2021 and completed the implementation of supportive digital asset laws in January 2023.

El Salvador Launches Citizenship for Crypto Investment

Furthermore, in December 2023, El Salvador introduced legislation allowing foreign nationals to acquire Salvadoran citizenship through Bitcoin investment.

This legislation, voted in favor by the Bukele-led Salvadoran legislature, aimed to stimulate economic growth by simplifying the path for international investors, removing the standard five-year residency requirement.

According to Reuters, Bukele may be the first Salvadoran president in nearly a hundred years to win re-election. Should his projections hold true, he could gain unparalleled authority, potentially enabling him to amend El Salvador’s constitution.