{"id":10431,"date":"2024-02-05T15:20:37","date_gmt":"2024-02-05T13:20:37","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-advocate-nayib-bukele-re-elected-as-president-of-el-salvador\/"},"modified":"2024-02-05T15:20:37","modified_gmt":"2024-02-05T13:20:37","slug":"bitcoin-advocate-nayib-bukele-re-elected-as-president-of-el-salvador","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-advocate-nayib-bukele-re-elected-as-president-of-el-salvador\/","title":{"rendered":"Bitcoin Advocate Nayib Bukele Re-elected as President of El Salvador"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Nayib Bukele has been re-elected as President of El Salvador.<\/li>\n<li>The country&#8217;s Vice President Felix Ulloa affirmed commitment to the Bitcoin strategy.<\/li>\n<li>Experts anticipate an influx of specialists and capital into the country.<\/li>\n<\/ul>\n<\/div>\n<p>Bitcoin supporter Nayib Bukele has secured another five-year term as President of El Salvador. He garnered the support of 83% of voters (with 31% of votes counted), according to <a href=\"https:\/\/www.reuters.com\/world\/americas\/el-salvador-president-bukele-poised-another-landslide-voters-head-polls-2024-02-04\/\">Reuters<\/a>.<\/p>\n<p>The agency noted that Bukele&#8217;s victory was attributed to his successful actions against criminal gangs, which improved the country&#8217;s security situation.<\/p>\n<p>It is expected that the president&#8217;s party, Nuevas Ideas, will secure 58 out of 60 seats in the local legislative body.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"es\" dir=\"ltr\">De acuerdo a nuestros n\u00fameros, hemos ganado la elecci\u00f3n presidencial con m\u00e1s del 85% de los votos y un m\u00ednimo de 58 de 60 diputados de la Asamblea.<\/p>\n<p>El r\u00e9cord en toda la historia democr\u00e1tica del mundo.<\/p>\n<p>Nos vemos a las 9pm frente al Palacio Nacional.<\/p>\n<p>Dios bendiga a El Salvador.<\/p>\n<p>\u2014 Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1754307883586494722?ref_src=twsrc%5Etfw\">February 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Reuters recalled that Bukele came to power in 2019 with promises to eradicate gang violence and revive the stagnant economy.<\/p>\n<p>One of the steps taken was the adoption of digital gold as legal tender, which drew criticism from the <span data-descr=\"International Monetary Fund\" class=\"old_tooltip\">IMF<\/span>.<\/p>\n<p>Plans to create Bitcoin City \u2014 a special economic zone with no income, property, capital gains, or payroll taxes, where volcanic energy is used for mining the first cryptocurrency \u2014 have not progressed, according to journalists.<\/p>\n<p>The agency noted that at the end of 2023, the IMF described the country&#8217;s financial situation as &#8220;fragile.&#8221; Previously, the organization acknowledged that the risks of Bitcoin legalization &#8220;did not materialize.&#8221;<\/p>\n<p>At the time of writing, El Salvador&#8217;s authorities hold 2381 BTC valued at $102.8 million, according to <a href=\"https:\/\/www.buybitcoinworldwide.com\/treasuries\/#countries\">Buy Bitcoin Worldwide<\/a>.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Continuation of the Bitcoin Strategy<\/strong><\/h2>\n<p>Shortly before the elections, El Salvador&#8217;s Vice President Felix Ulloa confirmed to Reuters the state&#8217;s commitment to the adopted Bitcoin strategy. These plans include issuing bonds backed by digital gold and continuing the construction of Bitcoin City.<\/p>\n<p>The official expressed hope for successful negotiations with the IMF regarding a new funding tranche amid a reduction in national debt.<\/p>\n<p>Earlier, Ulloa stated that the legalization of Bitcoin in 2021 was a crucial element in the country&#8217;s crisis recovery. According to him, the anti-gang program and digital gold were key factors in initiating a tourism boom.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Parallels with Singapore and a Model to Follow<\/strong><\/h2>\n<p>VanEck strategy advisor Gabor Gurbacs predicted an increase in capital inflow and immigration to El Salvador in the coming years. He suggested that the country could become the &#8220;Singapore of the Americas.&#8221;<\/p>\n<p>This was in response to a positive comment by TV host and Nayib Bukele&#8217;s advisor Max Keiser, who called the country &#8220;The New Land of Freedom.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas. I expect continued increase in immigration to, capital investment in and overall growth in El Salvador. <a href=\"https:\/\/t.co\/CmT554x12j\">https:\/\/t.co\/CmT554x12j<\/a><\/p>\n<p>\u2014 Gabor Gurbacs (@gaborgurbacs) <a href=\"https:\/\/twitter.com\/gaborgurbacs\/status\/1718304783105159227?ref_src=twsrc%5Etfw\">October 28, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>El Salvador&#8217;s legalization of the first cryptocurrency has become an example for authorities in other countries. They may consider this measure as a solution to economic problems or to expand financial freedom.<\/p>\n<p>In March 2022, Lugano (Switzerland) recognized digital gold, Tether, and the city token LVGA as legal tender.<\/p>\n<p>In April of the same year, the <span data-descr=\"Central African Republic\" class=\"old_tooltip\">CAR<\/span> granted Bitcoin similar status. In the same month, authorities in the Pr\u00f3spera economic zone in Honduras made a similar decision. In January 2024, local businesses and residents of the special territory were allowed to <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-recognised-as-a-unit-of-account-in-honduras\">set prices<\/a> for goods and services in digital gold.<\/p>\n<p>In November 2023, Argentina concluded its presidential elections, resulting in the election of libertarian and Bitcoin supporter Javier Milei, an opponent of central banks.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Lzuc12o5I0\"><p>How Argentina&#8217;s New President Could Impact the Crypto Market \u2014 Experts Explain<\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u00abHow Argentina's New President Could Impact the Crypto Market \u2014 Experts Explain\u00bb \u2014 ForkLog\" src=\"https:\/\/u1f987.com\/news\/kak-novyj-prezident-argentiny-povliyaet-na-kriptorynok-obyasnyayut-eksperty\/embed#?secret=rOTncFmr9L#?secret=Lzuc12o5I0\" data-secret=\"Lzuc12o5I0\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>Despite the Salvadoran authorities&#8217; extensive promotion of digital gold&#8217;s benefits, Bitcoin&#8217;s integration into the country&#8217;s economy remains low.<\/p>\n<p>A recent survey by the Jos\u00e9 Sime\u00f3n Ca\u00f1as Central American University <a href=\"https:\/\/u1f987.com\/en\/news\/study-reveals-12-of-salvadorans-used-bitcoin-for-purchases-in-2023\">revealed<\/a> that 12% of Salvadorans used the first cryptocurrency for purchases in 2023.<\/p>\n<p>In December 2023, the authorities introduced the &#8220;Bitcoin Freedom Visa.&#8221; Under the program, El Salvador offers residency and the chance to obtain citizenship for investments of $1 million through digital gold or USDT.<\/p>\n<p>In February 2024, El Salvador&#8217;s authorities registered the platform for trading tokenized stocks and bonds, Bitfinex Securities, as the first licensed crypto service provider.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nayib Bukele has been re-elected as President of El Salvador. The country&#8217;s Vice President Felix Ulloa affirmed commitment to the Bitcoin strategy. Experts anticipate an influx of specialists and capital into the country. Bitcoin supporter Nayib Bukele has secured another five-year term as President of El Salvador. He garnered the support of 83% of voters [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1278,1280,1150],"class_list":["post-10431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-el-salvador","tag-elections","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10431"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10430"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}