Bitcoin-friendly El Salvador President Nayib Bukele is on track for another five-year term. Polls show him with an overwhelming lead shortly after voting ended Sunday evening.
The result was widely expected as Bukele, who had been president since 2019, enjoyed wide popularity in the country and was leading by a wide margin in pre-election polls.
“According to our numbers, we won the presidential election with more than 85% of the vote and at least 58 out of 60 deputies in parliament,” Bukele tweeted.
Bukele made waves during his first term as he cracked down on gang violence with mass arrests and big bets on Bitcoin (BTC).
In 2021, El Salvador became the first country to adopt the largest cryptocurrency as legal tender, developed and launched a crypto wallet Chivo to promote Bitcoin adoption, and also began purchasing the asset as an investment. While the move was widely welcomed by Bitcoin enthusiasts, it was met with criticism from international organizations such as the International Monetary Foundation (IMF).
The country plans to issue its long-awaited Bitcoin-backed “Volcano bonds” this year after receiving regulatory approval in December to fund a BTC mining industry based entirely on renewable energy.
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