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El Salvador pro-Bitcoin president Nayib Bukele launches re-election bid

Despite Bukele’s popularity, some critics argue he isn’t eligible to be re-elected under El Salvador’s constitution.

El Salvador president Nayib Bukele has filed paperwork to be re-elected in the country’s upcoming 2024 presidential election in February.

Bukele, a Bitcoin advocate, received strong support from the public on Oct. 26 after he was officially nominated by his party to run for re-election.

“Five more [years], five more and not one step back,” Bukele said in a speech in front of thousands of El Salvadorans. “We need five years to continue improving our country,” he added.

Bukele rose to power in 2019 when his political party, Neuva (New) Ideas, broke three decades of two-party dominance between the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front (FMNLB).

However, despite his popularity among the local population, critics such as El Salvadoran lawyer Alfonso Fajardo maintain that the country’s constitution prohibits Bukele isn’t eligible to seek a second consecutive term.

“Today is a good day to remember that immediate presidential re-election is prohibited up to 7 times by the Constitution,” he said on Oct. 26.

However, in September 2021, El Salvador’s Supreme Court ruled that presidents can run for consecutive elections.

New Ideas is backed by 70% of the country’s voting population, according to Reuters, which cited a study by an El Salvadoran university. Its closest competitor only received 4% of the total votes.

One of New Ideas’ competitors, FMNLB, filed a lawsuit in June 2021 claiming Bukele’s Bitcoin adoption program is unconstitutional. However, that complaint made little ground as Bukele and El Salvador made Bitcoin legal tender three months later September 2021.

The Bukele government has also implemented other tech-friendly policies aimed at strengthening the country’s economy, such as eliminating all taxes on technological innovations.

Gabor Gurbacs, a VanEck strategy advisor, recently said that El Salvador has the potential to become the “Singapore of the Americas.”

Related: El Salvador launches first Bitcoin mining pool as Volcano Energy partners with Luxor

Much of Bukele’s popularity comes from his heavy-handed crackdown against MS-13, a multi-national gang which contributed towards El Salvador recording the highest homicide rates in the world six years ago.

As a result of the crackdown, El Salvador's homicide rate has fallen a staggering 92.6% from its peak of 106 per 100,000 inhabitants in 2015 to 7.8 in 2022. It now boasts one of the lowest crime rates in Latin America.

However, the United Nations and other critics argue El Salvador breached human rights laws by imprisoning 65,000 without affording them legal rights to defend themselves.

El Salvador’s presidential election will take place on Feb. 4, 2024.

Magazine: What it’s actually like to use Bitcoin in El Salvador

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Polls suggest Elizabeth Warren’s anti-crypto army strategy won’t pay off

Elizabeth Warren has long been a crypto-critic, and appears to be making it a focus as her re-election bid kicks off.

The United States Senator for Massachusetts Elizabeth Warren is making her “anti-crypto” agenda one of the centerpieces of her re-election campaign, despite polls suggesting the majority of Americans think crypto is a key innovation for the future.

In a March 30 Tweet, Warren suggested she was fighting to put “government on the side of working families,” and prominently quoted a Politico headline that said: “Elizabeth Warren is building an Anti-crypto Army.”

The ‘Pro-crypto Army’ took to Twitter to lambast the Senator. Popular YouTuber Coin Bureau ridiculed the strategy, saying, “Imagine thinking that building an 'anti-crypto army' is going to win you votes?” while crypto advocate Lord TJ suggested that the stance will “push innovation offshore.”

While the Senator undoubtedly has access to her own private polling on the issues, recent polls commissioned by the industry suggest the stance will not be a vote winner among the majority of the population.

In a Feb. 24 survey commissioned by crypto exchange Coinbase, a whopping 76% of the representative sample believed that “cryptocurrency and blockchain are the future.”

A survey commissioned by digital asset management firm Grayscale Investments in November 2022 shared similar sentiments, with the responses interestingly suggesting that 59% of Democrats consider crypto to be the future of finance. That's more than the 51% of Republicans who said the same thing.

Democrats vs Republicans on crypto as the future of finance. Source: Grayscale

However in Warren's favor, the crises of 2022 such as the collapses of BlockFi, FTX, and Terra Luna have weighed heavily on crypto sentiment among the public, with a recent survey from Morning Consult finding that trust in crypto had plummeted over the course of the year.

The phrase “Elizabeth Warren is building an anti-crypto army” was first featured in a Feb. 14 Politico article, which claimed she was “starting to recruit conservative Senate Republicans to her anti-crypto cause and getting some early positive vibes from bank lobbyists.”

Related: Elizabeth Warren is pushing the Senate to ban your crypto wallet

The Senator appears to have taken a liking to the phrase, however, considering she has prominently featured it in her re-election campaign.

Warren has long been a vocal critic of crypto, and even suggested that it will ruin the economy in a Wall Street Journal op-ed soon after the collapse of crypto exchange FTX.

On Feb. 14 Warren vowed to re-introduce an Anti-Money Laundering (AML) bill she had previously pushed, which would extend to decentralized finance (DeFi) and Decentralized autonomous organizations (DAOs), while also requiring unhosted wallets, miners, and validators to implement AML policies.

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Study Finds El Salvador Remains One of the Countries Most Interested in Bitcoin

Study Finds El Salvador Remains One of the Countries Most Interested in BitcoinA recent study that examined the interest of several countries in bitcoin and crypto ranked El Salvador as second for having the most interest in the issue. While the U.S. was still ranked first, El Salvador’s high rank comes amidst criticism President Nayib Bukele has drawn from Salvadorans for his push for bitcoin adoption. El […]

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White House Reporter Says Inflation Has Become ‘Biden’s Political Nightmare’ as Critics Slam Government Spending

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New Poll Shows How Many Americans Want Bitcoin To Become Legal Tender

Bitcoin is officially legal tender in El Salvador – but would the same setup work in the United States? A new YouGovAmerica poll asks 4,912 adult Americans whether they support the idea of the world’s largest cryptocurrency becoming legal tender in the US. Overall, a total of 27% participants say they support the idea. Among […]

The post New Poll Shows How Many Americans Want Bitcoin To Become Legal Tender appeared first on The Daily Hodl.

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