El Salvador’s President Nayib Bukele, known for his pro-Bitcoin stance, has officially launched his bid for re-election in the upcoming 2024 presidential election. Despite his strong public support, some critics have raised concerns regarding the constitutionality of his re-election.
Bukele, who gained power in 2019, broke the long-standing dominance of the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front (FMNLB) with his party, Nuevas Ideas (New Ideas).
While Bukele enjoys significant popularity among the people, critics, including El Salvadoran lawyer Alfonso Fajardo, argue that the country’s constitution prohibits consecutive presidential terms. However, in September 2021, the El Salvadoran Supreme Court ruled in favor of consecutive presidential elections.
Backed by around 70% of the voting population, New Ideas has emerged as a dominant political force, leaving its competitors far behind. One of the notable initiatives of Bukele’s administration was the adoption of Bitcoin as legal tender, despite initial legal challenges.
The government has also implemented technology-friendly policies, including the elimination of taxes on technological innovations, aiming to bolster the country’s economy. Gabor Gurbacs, a VanEck strategy advisor, has even suggested that El Salvador has the potential to become the “Singapore of the Americas.”
Bukele’s aggressive measures against the notorious MS-13 gang have significantly contributed to the drastic reduction in the country’s homicide rate, once among the highest in the world. Nevertheless, these measures have faced criticism from the United Nations and other human rights groups, citing concerns about the infringement of the rights of thousands of imprisoned individuals.
As the presidential election approaches on February 4, 2024, the country remains divided over Bukele’s bid for re-election, with ongoing debates surrounding the legality and implications of his potential second term.
