El Salvador's president expected to extend term with Bitcoin
With El Salvador's President Bukele actively supporting Bitcoin (BTC), he is expected to receive overwhelming support and continue his five-year term. President Bukele has been greatly loved since 2019 when he was first elected, and the results of this election were expected as he was far ahead of other candidates in pre-election opinion polls.
President Bukele said on his Twitter, "As a result of the vote count, we received more than 85% of the votes in the presidential election and secured at least 58 seats out of 60 members of the House of Representatives." His supporters have supported him, evaluating his policies and ideology over the past five years positively.
Additionally, during his first term, President Bukele received attention for his active stance on the virtual currency Bitcoin, along with his policy of mass incarceration to crack down on gang violence. In 2021, El Salvador became the first country to adopt the world's largest cryptocurrency as legal tender. Accordingly, President Bukele made efforts to develop and introduce the cryptocurrency wallet 'Chivo' and secure Bitcoin for investment purposes.
President Bukele's move received great support from Bitcoin enthusiasts, but was criticized by international organizations such as the International Monetary Fund (IMF). In particular, this year, El Salvador plans to issue a Bitcoin-based 'Volcano Bond', which plans to fund a Bitcoin mining industry powered solely by renewable energy. This decision is causing conflict with international organizations.