- His party New Ideas holds almost 90% of the votes, exit poll data shows
- His Bitcoin strategy will remain unchanged if he's reelected
El Salvadorian President Nayib Bukele, who established Bitcoin as legal tender in the country in September 2021, is an overwhelming favorite in the upcoming elections.
If he is elected, it will be his second term as president. Exit poll data cited by Cointelegraph indicates his party New Ideas has won almost 90% of the votes. Around 32% of the vote had been counted at the time of writing, and New Ideas leads the runner-up, the Farabundo Martí Front, by over 1.1 million votes. The left-wing party has around 110,000 votes, followed by the right-wing Nationalist Republican Alliance with just under 97,000.
If Bukele maintains these results, he will become president on a five-year term and remain in office until 2029.
Bukele proclaimed victory
In an X post, Bukele proclaimed victory before any official results were released. According to a spokesman for El Salvador’s National Bitcoin Office, Bukele expects to receive even more votes once the official results are out.
Vice President Félix Ulloa allegedly confirmed the president’s Bitcoin strategy would remain unchanged if he were reelected.
A deteriorating human rights record
Bukele is equally known for his support of the world’s flagship crypto as he is for his crackdown on gangs. Last year, Amnesty International criticized the El Salvadorian government for a deteriorating human rights record. According to the international institution, gang violence might be replaced with state-perpetrated violence.
The critics
According to attorney Alfonso Fajardo, El Salvador’s constitution actually bans acting presidents from seeking a second consecutive term in office. He said that today was “a good day to remember” that the constitution banned immediate presidential reelection up to seven times.
The economic future
According to Vaneck strategy adviser Gabor Gurbacs, the Central American country has the potential to become the “Singapore of the Americas.” The expert expects even more immigrants and investment capital to flow into El Salvador in the near future.
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