El Salvador President Nayib Bukele Claims Landslide Victory in Re-Election Bid

According to CryptoPotato, El Salvador's incumbent President Nayib Bukele has claimed a landslide victory in the recent Presidential election held on February 4, 2024. Bukele's administration is known for cracking down on gang violence and making history by adopting Bitcoin as a legal tender in the country. In a post, Bukele declared himself the winner, stating that his political party, Nuevas Ideas (New Ideas), won with over 85% of the votes and a minimum of 58 of 60 deputies in the Assembly. Subsequent reports, such as The Guardian, confirmed his announcement with slight deviations in percentages, showing Bukele winning 83% of the votes. Preliminary results from El Salvador's highest electoral authority, Tribunal Supremo Electoral (TSE), show that Nuevas Ideas was leading the votes with nearly 1.3 million. Bukele first revealed plans to run for re-election in 2022, despite El Salvador's constitution prohibiting Presidents from having two consecutive five-term tenures. However, a Supreme Court ruling in 2021 allowed the incumbent President to run for a second term. Since becoming the President of El Salvador in 2019, Bukele has enjoyed high approval ratings from the public, with major achievements including the crackdown on gang violence and the adoption of Bitcoin as a legal tender. Bukele is a vocal supporter of Bitcoin, and under his administration, El Salvador became the first country in the world to adopt the cryptocurrency as a legal tender. The country's stash of 2,825 BTC is currently valued at over $121 million. Bukele has also introduced Bitcoin-friendly initiatives, such as volcano bonds and plans to establish a Bitcoin City. If officially confirmed as the winner of the current Presidential elections, Bukele's administration will continue to forge ahead with its Bitcoin plans, including the planned launch of Bitcoin-backed bonds in Q1 2024, according to El Salvador's Vice President, Felix Ulloa.