Here’s What Nayib Bukele’s Re-Election as President of El Salvador Means for Bitcoin Investors
On Sunday, February 4, El Salvador’s President Nayib Bukele confirmed his re-election victory, thus gaining a staggering 85% of the vote. As Bukele prepares to take office for another five-year term, Bitcoin investors will be eagerly waiting for him to unveil his next big plans.
Doubling Down on Bitcoin Bets
El Salvador President Nayib Bukele has officially announced what he claims is a historic victory in the presidential election. According to Bukele, preliminary results indicate a landslide victory with more than 85% of the vote.
Also, the president claims He said his party won at least 58 of the 60 seats in Parliament. If the numbers are correct, Bukele claims that this achievement would set a new record in the entire world democratic history.
El Salvador reiterated its commitment to cryptocurrency and confirmed that Bitcoin will retain its legal tender status throughout President Nayib Bukele’s expected second term. Despite the International Monetary Fund’s (IMF) suggestion to reconsider this stance during loan negotiations, Vice President Felix Ulloa remains determined.
Additionally, this statement is consistent with the U.S. Securities and Exchange Commission’s (SEC) recent approval of Bitcoin ETFs. Additionally, there are also upcoming plans to launch Bitcoin-backed bonds and establish a tax-free cryptocurrency haven known as Bitcoin City.
According to data from Nayibtracker.com, El Salvador keeps 2,825 Bitcoins worth $120.6 million in its treasury. While the Bitcoin price is trading at $42,799, the country is facing small profits for now. Nayib Bukele confirmed that they will continue to accumulate Bitcoin during his second term.
El Salvador President Nayib Bukele Increased Garners Credit Score
El Salvador President Nayib Bukele recently received credit rating upgrades from S&P Global Ratings and Fitch Ratings, despite maintaining the country’s classification in the “junk” category. Bukele’s fiscal strategies, including bond buybacks, pension debt swaps, and refinancing initiatives, played a crucial role in elevating El Salvador’s position in the market.
Bloomberg emphasizes that these fiscal maneuvers carried out by the Bukele administration collectively contributed to the improvement in the country’s credit ratings, which had a positive impact on both El Salvador’s financial situation and the leadership of President Nayib Bukele.
Nayib Bukele’s tenure has become a testament to his ability to manage the complexities of international finance and fulfill the responsibilities of domestic governance. The combination of a strong electoral mandate and the cautiously optimistic outlook of the global financial community reflects the success of Bukele’s approach to economic governance.
In December 2023, El Salvador also announced its own Bitcoin-based Freedom Visa and Citizen program. The country’s success may encourage other Latin American countries, such as Argentina, to join the bandwagon.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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