Wednesday August 24, 2022 ▪ 4:00 pm ▪
min read – with
France knows many stories about a “blocking vote”, which was to elect a candidate we don’t like at the expense of another less popular one. This is especially true in the presidential elections of April 2022, when 42% of the French people had to grant Macron a second term to avoid Le Pen coming to power. For their part, the Salvadorans are preparing for a presidential election in 2024. At the moment, they are pushing for power a will-o’-the-wisp 40-year-old businessman, Nayib Bukele, who does not hesitate to take the country. crazy adventure. And this “crazy adventure” is called bitcoin.
Nayib Bukele inherited a bloodless Salvador
When Bukele took office 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 the voters. The 2.5% growth in the local economy identified by the IMF (Source: French Directorate General of Finance) had no impact on their daily lives. And even less the title “4e economy of Central America”.
He was therefore a young 37-year-old president who took matters into his own hands. A big project was waiting for him, especially the 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 highly dependent on international aid. To run the administrative machine and to build infrastructure related to development. To say that recently, the United Nations wants to end the use of cryptocurrencies in these countries.
Regarding the security of El Salvador, Nayib Bukele had his first gang crisis at the end of March 2022. To cure it, he had to use force, and make secret agreements with gang leaders. The Intercept covered this extensively in their article “ Nayib Bukele’s broken bitcoin promise “.
But one of Bukele’s specialties lies in his choice of bitcoin as a legal tender in El Salvador. A decision which had the approval of the National Assembly of the country, and which did not have the approval of the opponents and the IMF.
The Volcano Bonds, Casa del Bitoin, Bitcoin City, repetitive BTC purchases, and others are not pleasant 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 authorized to accumulate 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 who composed this body.
A” Rebellion castigated 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, he will have to win back his voters. And in a smart way. In particular, those who do not yet understand his bitcoin-based monetary policy, at the expense of the US dollar.
The others who have already become his camp believe that he will turn the queen of cryptocurrencies into a hobby horse during political propaganda.
Max Keizer, one of the strongest supporters of the proliferation of bitcoin in El Salvador, welcomes the idea of Bukele being re-elected in 2024. He even confirmed the awarding of the Nobel Prize to the current 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 in his slogan for the next presidential elections. This should definitely come up:
” God – Union – Liberty – Bitcoin »
Regarding 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 reached the expected goals for the adoption of cryptocurrencies by the local population. But with the dynamism shown by this pro-bitcoin president, especially in strengthening purchasing power through crypto-assets and the aid he has given directly to SMEs, his rivals will have to support solid ideas to hope win In short, despite the fact that these are only personal opinions, you can truly expect an enthusiastic rally for this cause.
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The blockchain and crypto revolution is underway! And the day the effects are felt on the most fragile economy in this world, against all hope, I will say that I was involved.