El Salvador’s Pro-Bitcoin President Naib Buquele Announces Re-Election Bid

During a September 15 Independence Day live event, El Salvador’s President Naib Buquele announced his bid for re-election after his term expires in 2024.

Buchel’s announcement came despite El Salvador’s law prohibiting presidents from serving consecutive terms. The President emphasized.

“Developed countries have re-election, and thanks to the new democratic institutional structure of our country, now so does El Salvador.”

Overall, Bukele shows signs of strong support, with a CID Gallup poll last month showing 85% approval of his presidency and 95% approval of his administration on security issues.

However, El Salvadorians took to the streets to protest against the announcement. Thousands of protesters protested Buckel’s corruption and Bitcoin merger, including controversial issues during his presidency.

During his presidency, Buckele introduced Bitcoin as legal tender in the country in September 2021. The introduction of the largest cryptocurrency in the country recently hit its one-year anniversary, after a year of steady price declines.

Despite introducing bitcoin-centric education programs like “Mi Primera Bitcoin” – My First Bitcoin – and setting an example for neighboring countries like Colombia and Venezuela, the local population is not as interested in crypto as expected.

Related: El Salvador ‘suffered no losses’ from plunging bitcoin price, says finance minister

A nationwide survey conducted in February of this year showed that 20% of the population was actively using El Salvador’s preferred crypto wallet for Bitcoin transfers. Otherwise, more than double the number of downloads for the first $30 gift.

Only 20% of business owners polled said they accept crypto payments. Most businesses were large enterprises rather than small shops.

On the other hand, the emergence of Bitcoin as legal tender has introduced a new type of crypto-tourist to the country despite its bear market. According to official figures, domestic tourism increased by 82.8% this year.

Critics continue to go back and forth on the topic of El Salvador’s use and acceptance of Bitcoin. Thousands may be protesting on the streets against the policies surrounding the digital currency. However, some still see it as a technological and financial development for a developing country like El Salvador.