Bitcoin President Nayib Bukele Declares Victory in El Salvador Elections

The president of El Salvador Nayib Bukele declared victory in the country’s presidential election, although the results have not been officially confirmed. This would mark his second term in office, a move that has been met with criticism.

What happened: President Bukele, known for his tough stance on criminal gangs, announced his victory on social media, saying he had secured 85% of the vote, the BBC reported. His candidacy for re-election was approved by the Constitutional Court, despite the ban on consecutive terms.

Under his leadership, El Salvador would see a significant reduction in crime, transforming it from one of the most violent countries in the world to one of the safest in Latin America.

However, his methods have been controversial, with human rights groups accusing his administration of arbitrary arrests during the anti-gang campaign. According to the report, the government has detained around 75,000 people under emergency measures, which have been extended several times.

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His bid for re-election has also been met with criticism, as it violates the constitution. The Constitutional Court, made up largely of his supporters, allowed him to run again on the condition that he resign before the start of his second term. Bukele nominally resigned as president several weeks ago and will be sworn in again in June.

Because matter: Bukele’s re-election comes after a series of controversial decisions, including El Salvador’s adoption of Bitcoin Bitcoin/USD as legal tender in 2021. This move has been met with both praise and criticism, with some hailing it as a bold step towards financial inclusion and others expressing concerns about the potential risks and implications.

Additionally, a group of Democratic lawmakers, led by Rep. Ilhan Omar (D-Minn.), recently urged the Biden administration to address Bukele’s “authoritarian” actions, citing concerns of “democratic regression” and a rise in human rights abuses in El Salvador.

Despite the controversy, Bukele’s leadership achieved some successes. In December, he announced that El Salvador’s Bitcoin investment had turned a profit, with the country boasting an unrealized gain of $3.6 million.

Read next: Biden The Master Oil Trader, Part III? President fills emergency supplies as crude oil prices fall

Image via Shutterstock


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