Wed August 24, 2022 ▪ 4:00 p.m. ▪
min read – by
France has known many stories of “blocking votes”, which consisted in electing a candidate that we do not like at the expense of another less liked. This is particularly the case of the presidential elections of April 2022, where 42% of French people had to grant a second term to Macron in order to avoid the arrival of Le Pen in power. For their part, Salvadorans are preparing for a presidential election in 2024. After pushing Nayib Bukele, a 40-year-old will-o’-the-wisp businessman in power. He does not hesitate to take the country on a crazy adventure. And this “crazy adventure” is called bitcoin.
Nayib Bukele inherited a bloodless Salvador
When Bukele took over in June 2019, El Salvador had a disappointing socio-economic record. The two five-year terms of the Farabundo Marti Front for National Liberation were not satisfactory in the eyes of voters. The 2.5% growth of the local economy recognized by the IMF (Source: Directorate General of the French Treasury) did not impact their daily lives. And even less the title of “4e economy of Central America”.
It was therefore a young 37-year-old president who took matters into his own hands. A big project awaited him, in particular a fight against organized crime and measures to improve the socio-economic situation of the country.
El Salvador is one of the developing countries that is largely dependent on international aid. Both to run the administrative machine and to build infrastructures linked to development. To say that recently, the UN wants to put an end to the use of cryptocurrencies in these countries.
As for the security of El Salvador, Nayib Bukele had his first gang crisis at the end of March 2022. In order to remedy it, he had to use force, and secretly make agreements with gang leaders. The Intercept talked about it extensively in his article ” Nayib Bukele’s broken bitcoin promise “.
But one of the particularities of Bukele lies in its choice of bitcoin as legal tender in El Salvador. A decision which had the approval of the National Assembly of the country, and not the approval of the opponents and the IMF.
The Volcano Bonds, Casa del Bitoin, Bitcoin City, repetitive purchases of BTC, and others are not the pleasant kind in their eyes. To drive the point home, cryptocurrencies are currently going through one of the worst crises in history.
A question arises: will Nayib Bukele manage to win a second term in 2024?
Another quinquennium powered by bitcoin?
According to France 24, no Salvadoran president is allowed to cumulate 2 consecutive mandates. Except that the Supreme Court of El Salvador declared in 2021 that we can close our eyes this time. This seems quite normal since Bukele himself appointed the judges composing this body.
A ” Rebellion » lambasted his opponents and the international community. Of the ” dictatorship said other biased observers. However, we will note here that Nayib Bukele does not hide his pride in being called a dictator. Didn’t he choose as a title on his twitter account ” El Dicator mas cool del mundo mundial »? Translation : ” The coolest dictator in the world “.
If he is to run for a second term in 2024, it will be up to him to win over his voters again. And in a smart way. And simultaneously those who have not yet understood its bitcoin-based monetary policy, to the detriment of the US dollar.
The other people he has already rallied in his camp believe that he will make the queen of cryptocurrencies his hobbyhorse during political propaganda.
Max Keizer, one of the strongest supporters of the proliferation of bitcoin in El Salvador, welcomes the idea of a re-election of Bukele in 2024. He even validated the award of a Nobel Prize to the incumbent president, a proposal of Ciprian Reyes, president of the Dominican Democratic Party (PDD).
The influencer with 484k followers on Twitter believes that Bukele will integrate (or better integrate) bitcoin into his slogan for the next presidential elections. It should definitely lead to this:
” God – Union – Freedom – Bitcoin »
As for the outcome of these elections, Bukele will be able to use the financial freedom promised by bitcoin among his arguments. Admittedly, it has not yet achieved the expected goals in terms of the adoption of cryptocurrencies by the local population. But with the dynamism displayed by this pro-bitcoin president, particularly in strengthening purchasing power through crypto assets and the help he had just offered to SMEs, his rivals will have to support solid ideas to hope for a victory. . In short, despite the fact that these are only personal opinions, yours truly hopes for a rallying of enthusiasts to this cause.
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The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it