Naib Bukele Runs for Re-Election as Vaniek Tutts El Salvador Bitcoin Model

It's official. Naib Bukele will run for another term as president of El Salvador next year.

The popular reformer, anti-violence crusader and bitcoin advocate needs the Electoral Tribunal's approval to run again.

The Special Court Greenlights Buckel's re-election bid

Under El Salvador's constitution, a president is limited to 5 years. Moreover, according to the nation's constitution, a series of contracts have also been banned.

A ruling from the Special Supreme Electoral Court, however, allowed Buckel to return in the 2024 presidential election. The decision follows a 2021 ruling by El Salvador's Supreme Court allowing Buquele to run for a second term.

Bukele in 2010 He announced that he wants to be re-elected for another 5-year term until 2022. In September last year, during Independence Day celebrations, the then 41-year-old president:

I am announcing to the Salvadoran people that I have decided to run for President of the Republic. […] Developed countries held elections again. And thanks to our country's new democratic institution, now El Salvador does the same.

El Salvador's president has received high public approval for curbing gang violence. Bukele is contesting on the ticket of his founding party, the populist New Idea Party.

He is also one of the most outspoken government advocates for Bitcoin and blockchain in the world.

VanEck Touts El Salvador's Bitcoin Policy

Meanwhile, VanEck consultant Gabor Gurbax recently mentioned El Salvador's approach to Bitcoin. A Wall Street hedge fund strategist said the Central American country “has the potential to be the Singapore of America.”

Here's a full quote from Gurbacs X's post:

I often say to portfolio managers and property seekers that El Salvador has the potential to be the Singapore of America. I expect a continued increase in immigration, capital investment and overall growth in El Salvador.

— Gabor Gurbacs (@gaborgurbacs) October 28, 2023

Gurbacs left this note in a retweet of a post by top Bitcoin authority Max Keizer. So it is clear that he is referring to the Central American country as a leader in Bitcoin. Mr. Keizer is the chairman of Volcano Energy, an El Salvador-based bitcoin mining startup.

Due to global social unrest, Keizer revised his Bitcoin price target to $220,000 in October.

Not everyone is so optimistic about El Salvador's embrace of Bitcoin. The IMF has warned that El Salvador's adoption of bitcoin this summer will come with risks and challenges.