- February 5, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
El Salvador president Nayib Bukele revealed he won his re-election bid in the Central American country by a landslide, according to a Feb. 5 statement on social media platform X (formerly Twitter).
Bukele said:
“According to our numbers, we have won the presidential election with more than 85% of the votes and a minimum of 58 of 60 deputies in the Assembly. The record in the entire democratic history of the world.”
CID Gallup data corroborated his claim, showing that he secured 87% of the cast votes.
His victory at the poll was expected mainly as he had enjoyed great popularity in the country and led in pre-election polling by a wide margin. Competitors like Manuel Flores, Joel Sanchez, and Luis Parada garnered only 7%, 4%, and 1.6% of the votes, respectively.
Pro-crypto first-term moves
Bukele positioned El Salvador as a pro-Bitcoin hub during his first term by legalizing it as an official currency in 2021.
While the crypto community greatly applauded the move, the country faced steep criticism from major international financial bodies like the International Monetary Fund (IMF). However, despite the opposition, El Salvador has steadfastly maintained its pro-BTC inclinations, purchasing more than 2,825 of the top cryptocurrencies valued at over $120 million, according to Nayibtracker.
Besides that, the country introduced the Freedom Visa program last year, powered by Bitcoin. This initiative granted Salvadoran citizenship to foreign investors investing $1 million in BTC or Tether’s USDT in the country and was approved by the country’s lawmakers. CryptoSlate reported that the government has raised $153 million through this scheme since December 2023.
In addition, El Salvador is set to launch the world’s inaugural highly-anticipated Bitcoin bonds in the first quarter of the year. This innovative financial instrument aims to establish a unique Bitcoin-centric capital market, offering investors a 6.5% annual return over ten years.
Notably, Vice President Felix Ulloa reportedly said the country will double down on these pro-BTC moves in Bukele’s second term.
The post El Salvador to expand Bitcoin initiatives following Bukele’s landslide re-election appeared first on CryptoSlate.
