Bitcoin bull Nayib Bukele declares win for second term as El Salvador president

Quick Take

  • El Salvador, under Bukele’s leadership, adopted bitcoin as its legal tender in 2021.

El Salvador’s pro-bitcoin president Nayib Bukele declared his win in the 2024 presidential election held on Sunday before the electoral body announced the results.

"According to our numbers, we won the presidential election with more than 85% of the votes and a minimum of 58 out of 60 Assembly deputies," Bukele said on X. CID Gallup’s exit poll data also showed that 87% voted in his favor. 

If the official voting results confirm Bukele’s win, he will serve as president until 2029. 

Bukele, whose support rose after tackling the country’s gang crime, is expected to continue supporting bitcoin. His vice president Felix Ulloa told Reuters last week that the government plans to maintain bitcoin as its legal tender upon re-election. 

Bukele spearheaded El Salvador’s decision to adopt bitcoin as its legal tender in September 2021. Since then, the nation has also been purchasing bitcoin, accumulating a portfolio worth $131 million and a profit of $3.6 million as of early December last year, according to Bukele

In December, El Salvador introduced “Freedom Visa,” which aims to offer residency or citizenship to up to 1,000 applicants per year for a $1 million investment in bitcoin or USDT.

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