Bukele Re-elected, What Is El Salvador's Bitcoin Policy?
On February 4th, Salvadoran President Nayib Bukele officially announced his successful re-election, winning an astonishing 85% of the vote, securing the top position. Despite the expectation that Bukele will lead for another five-year term, investors in Bitcoin are eagerly anticipating his announcement of significant plans for the future of cryptocurrency.
Salvadoran President Nayib Bukele declared a historic victory in the presidential election, with preliminary results showing him winning an overwhelming majority of over 85% of the votes. Additionally, the president stated that his party had won at least 58 out of 60 seats in the National Assembly. If these numbers are accurate, Bukele stated that this achievement sets a new record in the democratic history of all countries worldwide.
Despite the International Monetary Fund (IMF) recommending a review of El Salvador's legal tender status for Bitcoin in credit negotiations, President Nayib Bukele reaffirmed his commitment to cryptocurrency in his anticipated second term. Vice President Félix Ulloa also firmly supports this commitment.
This announcement comes after the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Additionally, future plans include issuing Bitcoin-backed bonds and constructing a Bitcoin city, which will serve as a tax haven for cryptocurrencies.
According to Nayibtracker data, the Salvadoran treasury holds 2,825 Bitcoins, valued at an astonishing $120.6 million. With the current Bitcoin price of $43,150, the country is currently enjoying moderate returns. Bukele stated that they will continue to accumulate Bitcoin in his second term.
Nayib Bukele Receives Credit Rating Upgrade
Despite El Salvador being classified as "junk" status, reports indicate that President Nayib Bukele has successfully obtained credit rating upgrades from S&P Global Ratings and Fitch Ratings. Bukele's fiscal strategies, including bond buybacks, retirement debt exchanges, and refinancing initiatives, have played a crucial role in improving El Salvador's market position.
Bloomberg emphasizes that the fiscal measures implemented by the Bukele government have had a positive impact on El Salvador's financial situation and President Nayib Bukele's leadership position, contributing to an improvement in the country's credit rating, despite being classified as junk status.
Bukele's term has become a model, reflecting his skills in successfully addressing international financial complexities and fulfilling domestic policy management responsibilities. With strong voter authorization and cautious optimism from the global financial community regarding his economic management, Bukele's approach to economic management reflects success.
El Salvador also announced a Bitcoin-based free visa and citizenship program in December 2023. The country's success may encourage other Latin American countries, especially countries like Argentina, to join this movement.
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