In an Independence Day live-streaming event on Sept. 15, Nayib Bukele, El Salvador’s pro-Bitcoin president declared his bid for re-election after his existing term ends in 2024.
Bukele claims that despite past laws which prohibited the re-election of presidents, El Salvador can follow in the footsteps of developing nations.
Bukele’s announcement comes even though past presidents in El Salvador were prohibited by law from having successive terms in office. The president emphasized that:
“Developed countries have reelection, and thanks to the new configuration of the democratic institution of our country, now El Salvador will too.”
Anyway, Bukele shows signs of solid support, as a CID Gallup poll directed last month revealed an 85% approval rating of his presidency and 95% approval of his governance in security matters.
Though, in light of the announcement El Salvadorians took to the streets in protest. Thousands of protestors pushed back against Bukele’s exploitation and the integration of Bitcoin, among other matters found disagreeable during his presidency.
During his presidency, Bukele presented Bitcoin as a legal tender in the country back in September 2021. The introduction of the largest cryptocurrency in the country celebrates its anniversary, after a year of fixed price declines.
In spite of presenting a Bitcoin-centric educational program such as “Mi Primera Bitcoin” – my first bitcoin- and being set an example to countries like Columbia and Venezuela, the local population is not as keen on crypto as expected.
A national survey from February of this year showed that 20% of the population actively used the Chivo Wallet, El Salvador’s chosen crypto wallet, for Bitcoin transitions. Or else, more than two-fold the number downloaded for the initial free gift of $30.
Only 20% of business owners when asked said they accept crypto payments, most of which were larger enterprises rather than small-scale-shops.
On the other hand, the adoption of Bitcoin as a legal tender has introduced a new type of crypto-tourist to the country, despite the bear market. Rendering to official numbers, local tourism was up by 82.8% just this year.
Opponents started discussing the topic of El Salvador’s usage and adoption of Bitcoin. Thousands may be protesting on the street against the policies adjacent digital currency. Though, some still see it as technological and financial progression for a developing country like El Salvador.
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