El Salvador’s Bitcoin Dream Continues With Nayib Bukele Victory

Bitcoiner Nayib Bukele has claimed victory as exit poll data shows a commanding lead in El Salvador’s presidential election. Nevertheless, the official count has yet to be released, but the news looks good for the continuation of Bitcoin adoption in the country.

On February 5, President Nayib Bukele declared himself the winner of El Salvador’s national elections in a landslide with more than 85% of the votes. 

El Salvador Bitcoin Dream Continues 

In a post on X late on Sunday night in Central America, Bukele said [translated]: 

“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.”

According to Gallup poll data, Bukele’s Nuevas Ideas party has 87% of the votes. 

Bukele, who has been labeled by Western media as the “world’s coolest dictator,” remains wildly popular in El Salvador. 

Salvadorans packed the capital’s central square on Sunday evening to celebrate his expected reelection.

Shortly after casting his vote, Bukele silenced his critics at a news conference, stating: 

“We are not substituting democracy because El Salvador never had democracy. This is the first time in history that El Salvador has democracy. And I’m not saying it, the people say it.”

He now seems poised to become the first Salvadoran president in almost a century to win reelection.

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The crypto community widely celebrated the victory. Tether CTO Paolo Ardoino said,

“El Salvador population chooses once again freedom, security, and prosperity.”

Meanwhile, Max Keiser described him as a:

“Philosopher King that makes all other leaders look weak.”

Bitcoin Stash In the Black 

Aside from his Bitcoin drive, Bukele has also become popular for his nationwide crackdown on gangs which has reduced violence and crime in the country.  

Nayib Bukele made Bitcoin legal tender in the country in September 2021, ushering in a number of incentives to support digital assets such as volcano bonds. 

According to Nayib Tracker, El Salvador’s Bitcoin treasury currently stands at 2,825 BTC. This is currently valued at roughly $120 million.

After months in the red during the bear market, Bukele’s Bitcoin stash is back in the black at current prices, but only just. The dollar cost average price paid per coin is $42,443, 0.3% above current spot prices.