News - "Bitcoin-president" Nayib Bukele herkozen tot staatshoofd

By Luc Vesters

"Bitcoin-president" Nayib Bukele herkozen tot staatshoofd

Bitcoin (BTC)

El Salvador's former president, Nayib Bukele, has been re-elected as the country's head of state. In the early morning hours on X. explained Bukele's victory. According to his own statements, 85 percent of the population voted for him. It is a "record in the entire democratic history of the world," the re-elected president said.

In December 2023, Bukele resigned from office early in preparation for the upcoming elections. The second term of office of the "Bitcoin President" is now scheduled to last until 2029. He became famous in 2021 with the introduction of the most important cryptocurrency as the official currency of El Salvador. The state itself holds several thousand BTC.

Mixed results

So far, however, the Bitcoin experiment has shown mixed results. According to a study of the Universidad Centroamericana, Bitcoin use in the country has dropped sharply from last year. The "coolest dictator in the world," as he once called himself, became popular for his tough leadership style against gang crime.

Giving the police special powers and restricting certain rights of criminal suspects, crime in the country is at an all-time low. About a year ago, he opened a massage prison for as many as 40,000 inmates.

Bitcoin's introduction also cost the country several downgrades from international rating agencies, although it has gained some ground here recently.

El Salvador is planning the first "Bitcoin government bonds," so-called Volcano bonds, to be issued this quarter. They were originally scheduled for November 2021, but were postponed because of the crypto bear market.

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