According to CoinDesk, El Salvador's bitcoin-friendly president Nayib Bukele is likely to secure another five-year term, as exit polls show him with a significant lead after voting ended on Sunday evening. Bukele, who has served as president since 2019, enjoyed great popularity in the country and led in pre-election polling by a large margin. During his first term, Bukele made headlines by cracking down on gang violence with mass incarcerations and embracing bitcoin (BTC). In 2021, El Salvador became the first nation to adopt the largest cryptocurrency as legal tender, developed and introduced a crypto wallet called Chivo to enhance bitcoin adoption, and started buying the asset as an investment.

While Bukele's bitcoin policies were widely applauded by enthusiasts, they drew criticism from international organizations such as the International Monetary Foundation (IMF). This year, El Salvador plans to issue its long-awaited bitcoin-backed 'Volcano bonds' after receiving regulatory approval in December. The bonds would fund a BTC mining industry powered solely by renewable energy.