Bitcoin

Nayib Bukele, the incumbent President of El Salvador, the first country to adopt Bitcoin (BTC) as legal tender in September 2021, is set to return as the Central American country’s leader.&nbsp;
As reported earlier by TheCoinRise, under Bukele’s reign, El Salvador has<a href="https://thecoinrise.com/digital-securities-bill-introduced-in-el-salvador/" rel="noopener noreferrer nofollow"> adopted a friendly approach to the regulation of digital assets</a>, being the only country with BTC as legal tender until the<a href="https://thecoinrise.com/car-sets-up-committee-to-design-its-crypto-legal-framework/" rel="noopener noreferrer nofollow"> Central African Republic (CAR) also decided to bring in digital asset regulations</a> for the development of its economy.
<h2 id="span-style-font-weight-400-exit-polls-were-in-favor-of-bukele-span">Exit Polls were in Favor of Bukele</h2>
Currently, the official numbers have not been revealed, but as per exit polls<a href="https://twitter.com/cidgallup/status/1754305616212885699" rel="noopener noreferrer nofollow"> data</a>, Bukele, the leader of the “Nueva (New) Ideas Party,” is leading with his party holding 87% of votes, while his closest competitors Manuel Flores and Joel Sanchez hold 7% and 4% of the votes, respectively.
It is crucial to note that Bukele will once again assume the leadership of El Salvador and remain president until 2029.&nbsp;
<h3 id="span-style-font-weight-400-el-salvador-elections-break-records-span">El Salvador Elections Break Records</h3>
As pointed out by Bukele, 42, while declaring himself the winner in a<a href="https://twitter.com/nayibbukele/status/1754307883586494722" rel="noopener noreferrer nofollow"> post</a> on social media platform X, his New Ideas party also captured at least 58 positions in El Salvador’s 60-seat legislative assembly, setting a record for the world to see.&nbsp;
“A record in the entire democratic history of the world,” Bukele said on X, formerly known as Twitter. “See you at 9pm in front of the National Palace.”
Meanwhile, many people on X posted<a href="https://twitter.com/JackPosobiec/status/1754360393449849022" rel="noopener noreferrer nofollow"> videos</a> of the streets of El Salvador erupting in fireworks as Bukele once again secured victory in the elections.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Streets of El Salvador erupting in fireworks as Bukele re-elected in HISTORIC landslide <a href="https://t.co/dLm9OmJlPe" rel="noopener noreferrer nofollow">pic.twitter.com/dLm9OmJlPe</a>
 — Jack Poso <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@JackPosobiec) <a href="https://twitter.com/JackPosobiec/status/1754360393449849022?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 5, 2024</a>
</blockquote>
<h2 id="span-style-font-weight-400-first-president-to-be-re-elected-span">First President to be Re-Elected</h2>
An important fact to mention here is that Bukele is the first president in El Salvador who has been re-elected in almost a century. As pointed out by<a href="https://www.reuters.com/world/americas/el-salvador-president-bukele-poised-another-landslide-voters-head-polls-2024-02-04/" rel="noopener noreferrer nofollow"> Reuters</a>, if Bukele’s predictions are accurate, he will wield unprecedented power and be able to overhaul the Central American nation’s constitution, which his opponents fear will result in the scrapping of term limits.
Under Bukele’s reign, the murder rates in the country have declined significantly, while the economy has also improved, with significant income coming from tourism and other industries. Bitcoin has also played a major role in putting the country on the world map.&nbsp;
<h3 id="span-style-font-weight-400-el-salvador-and-bitcoin-span">El Salvador and Bitcoin</h3>
As per earlier reports, El Salvador passed a new law in December 2023 to<a href="https://thecoinrise.com/el-salvador-implements-new-law-to-lure-foreign-bitcoin-investors/" rel="noopener noreferrer nofollow"> extend citizenship to foreign investors</a> who hold a significant stake in Bitcoin (BTC). Further, the country also<a href="https://thecoinrise.com/el-salvador-has-established-a-national-bitcoin-office-onbtc/" rel="noopener noreferrer nofollow"> established a National Bitcoin Office</a> (ONBTC) to manage all cryptocurrency-related initiatives.
As per venture capitalist Tim Draper, Bitcoin will make El Salvador<a href="https://thecoinrise.com/el-salvador-will-become-rich-billionaire-tim-draper/" rel="noopener noreferrer nofollow"> one of the world’s richest countries</a>.
The post <a href="https://thecoinrise.com/el-salvador-election-bukele-declares-win/" rel="noopener noreferrer nofollow">El Salvador Election: Bukele Declares Win</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

El Salvador Election: Bukele Declares Win

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