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Bitcoin is on the ballot in El Salvador

The President of El Salvador, Nayib Bukele, is on track to win re-election in the elections taking place this Sunday, February 4th in El Salvador. And with that Bitcoin jumps onto the ballot for the first time, as a fundamental part of the project that is building its economy on digital currencies in search of a better future.

Now the decentralized e-cash network is proving on Sunday that it will and can remain more relevant than ever have influence when it comes to electing a new president or giving continuity to a government project.

In 2021, Bukele became visible to the world when he announced this on June 5th would recognize Bitcoin as legal tender. From that moment on, the Salvadoran president made the digital currency invented by Satoshi Nakamoto a central part of his state policy.

At the time, concerns about monetary issuance measures promoted by central banks were reflected in the draft Bitcoin law.

This was pointed out in Article IV: “Central banks are increasingly taking actions that could harm the economic stability of El Salvador.” And then the need to stick to a healthier form of money became clear.

“In order to mitigate the negative impact of central banks, it is necessary to authorize the circulation of a digital currency with an offer that cannot be controlled by any central bank and that will only be changed according to an objective and calculable criterion.” .

Bitcoin law project in El Salvador.

Said this way, at a Bitcoin conference like the one held in Miami this year, it became an ideal platform for a country's derogatory christened president “America’s Little Thumb” will pique the interest of the rest of the world.

Although Bukele's nationwide popularity is due in large part to his crackdown on gangs, it is no less true that his presidency was particularly recognized internationally for his decision to make Bitcoin legal tender in his country.

2024, Bitcoin’s election year

More than two years have passed since the Bitcoin Law came into force, making the digital currency officially accepted as a means of payment throughout El Salvador.

Difficulties prevailed during this time, but eventually Bukele continued to gain popularity thanks to Bitcoin. And so more and more Bitcoin users moved to the Central American country as the government continued to strengthen its pro-Bitcoin state policies.

There were difficulties during this time, but still Thanks to Bitcoin, Bukele became increasingly popular. And so more and more Bitcoin users moved to the Central American country as the government continued to strengthen its pro-Bitcoin state policies.

El Salvador then became increasingly popular with foreign residents who came to the country attracted by Bitcoin, as well as tourists. All praise the ease of use of the digital currency in daily life, as well as the positive impact it has had on the Salvadoran economy.

With all this and other aspects of various kinds, Bukele established a form of government that won the support of 90% of Salvadorans and became the most popular ruler in the region, according to data of the year Latinobarometro 2023.

Bukele is the most popular president in the entire region. Source: anamaq_figueroa.

The Bukele Effect is said to be spreading throughout Latin America and other parts of the world. There are now pro-Bitcoin politicians in various parts of the world.

Bitcoin will prove its great relevance in Sunday’s elections Your ability to influence the election of a new leader or in the continuity of a government project.

First, Bitcoin will join Bukele in the elections in El Salvador and then in the United States, as Bitcoin is also part of the race for the White House.

What is unique is that there were four pro-Bitcoin candidates in the US presidential election campaign, and after three of them dropped out of the race, it will apparently be Robert Kennedy who will carry the orange BTC flag on November 5th this year will be hoisted when the… The country elects the person who will rule for the next four years.

In short, all of this is happening in a world where the growth of adoption and further maturation of the Bitcoin ecosystem They show that the Bitcoin population is no longer going unnoticed by presidential candidates.

In the United States, for example, there are 45 million users of Bitcoin and other cryptocurrencies, representing at least 16% of the country's population, a not insignificant number when looking for support to advance in the presidential race.

In El Salvador, 10% of the population used Bitcoin last year, according to a survey conducted by the University Institute of Public Opinion (Iudop) of the Central American University José Simeón Cañas.

As is the case today in the United States, the trend of Bitcoin and Citadel communities favoring politicians who demonstrate knowledge of the cryptocurrency ecosystem may be strengthening in El Salvador.

In this way, they ensure that policies are enacted, regulated and implemented that benefit the industry within the industry. In any case, it is these pro-Bitcoin politicians who tend to make better decisions to best protect something that an increasingly larger portion of the population considers valuable.

In an interview, Bukele told Tucker Carlson that Bitcoin has made even Wall Street have a positive opinion of him and his country. Source: Nayib Bukele/Twitter.

Bitcoin does not believe in states or politicians, but states need sound money

Those who are going to the polls this year with Bitcoin in mind to cast their vote definitely represent that part of the population that is becoming increasingly individualistic, skeptical and money-conscious. They know that Bitcoin can serve to defend the values ​​they believe in regardless of their political affiliation or the candidate they vote for.

Yet they will choose those who know that legislation, policy and regulation will have a major impact on the ecosystem and on the role their countries will play in the global economy and the future of finance.

Today, millions of people in the world are of the opinion that Bitcoin is decisive in an election, and El Salvador does not escape this fact because, for example, a resident of the Berlin Citadel in the east of the country could cast his vote for Bukele, just because you know , that this would be the most likely alternative for your city to become a Bitcoin city or to locate in close proximity to it.

There seems to be no doubt that Bukele will win the elections, given the overwhelming support he has, but beyond that there is the fact that this is the case With Bitcoin, El Salvador has a truly democratic currency available, as an alternative to the dollar. And at the same time, there are more ways to stimulate its economy, more opportunities to attract foreign investment and greater financial freedom.

It is a country that does not impose on its population the use of a currency that it controls and with which it forces its citizens to follow its rules. For this reason and many other advantages, Bitcoin is winning the elections in El Salvador today and is approaching a phase where it will no longer be an experiment but will become an example of how a state can thrive with an economy based on Bitcoin.

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