Bitcoin remains in El Salvador: Bukele wins at the polls.

Nayib Bukele, the pro-bitcoin president of El Salvador, has won a resounding victory in the 2024 presidential elections. Bukele, known for his bold policies, including the adoption of bitcoin as legal tender in 2021, garnered overwhelming support, with over 85% of the votes according to exit polls. The move to adopt Bitcoin as legal tender has positioned El Salvador as a pioneer in experimenting with cryptocurrencies at the national level and thrust the Central American country into the spotlight of the digital asset market.

Under Bukele's leadership, El Salvador has embarked on a path of economic and social renewal through the integration of Bitcoin, not only as a medium of exchange but also as an investment tool. The government has accumulated a bitcoin reserve worth $131 million, recording a profit of $3.6 million. This Bitcoin fund places El Salvador among the top five governmental Bitcoin holders globally.

Bukele's reelection promises to keep Bitcoin at the center of the country's economic strategy. Vice President Felix Ulloa has confirmed that the government will continue to support BTC as legal tender, aiming to strengthen El Salvador's position as an innovative hub for technology and cryptocurrencies. Among the initiatives launched are the "Freedom Visa," which offers residency or citizenship in exchange for investment in Bitcoin or USDT, and the approval of bonds based on geothermal energy from volcanoes, scheduled for early 2024.

These policies are not without challenges and criticisms. The adoption of Bitcoin has raised concerns internationally, particularly from the International Monetary Fund, which has urged reconsideration due to the cryptocurrency's volatility. However, Bitcoin's value recovery in the second half of 2023 has allowed the country to offset initial losses and repay an $800 million loan to the IMF.

El Salvador's approach to Bitcoin and blockchain technology represents a bold experiment in the global economic landscape, with potential implications for monetary sovereignty, financial inclusion, and technological innovation. As Bukele continues to receive widespread support domestically, the world watches with interest as this small Central American country ventures into uncharted territory, challenging conventional financial norms and perhaps charting a new path for the digital economy.