Nayib Bukele, Pro-Bitcoin President, Returns To El Salvador

Nayib Bukele, president of pro-Bitcoin El Salvador. (Photo; Doc. Coin86)

JAKARTA - Nayib Bukele, President of El Salvador, who initiated a law that made bitcoin legal tender in his country, managed to maintain his post in the general election which took place on Sunday. This Latin American leader, known as a fan and supporter of bitcoin, won the election with 85% of the vote, beating his competitors by a huge margin.

Bukele, 40, is the youngest president in Latin America. He was elected president of El Salvador for the first time in 2019, with a promise to eradicate corruption, reduce poverty, and increase security in violence-hit countries.

It has also attracted the world's attention with its bitcoin-related policies, such as adopting bitcoin as an official currency along with the US dollar, providing free 30 US dollars (IDR 421,500) bitcoin to every citizen who registers in the government's crypto wallet app, and building infrastructure that supports the use of bitcoins, such as crypto ATMs and geothermal power plants that use heat from the volcano.

In his winning speech, Bukele expressed his gratitude and gratitude to the people of El Salvador, who have given extraordinary support to himself and his party, Nuevas Ideas (Ide-Ide Baru). He also claimed that the election results were a record in the history of world democracy.

"We have won presidential elections with more than 85% of the votes and at least 58 of the 60 members of the council in the Assembly. A record in the history of world democracy," Bukele said.

Bukele also invited the people of El Salvador to celebrate the victory at the National Palace, where he promised to continue working to realize his vision and mission as president.

One of Bukele's most controversial visions is building Bitcoin City, a city fully funded and operated with bitcoin. To make this happen, Bukele plans to issue Volcano Bonds, which will offer a yield of 6.5% per year to investors interested in funding the project.

These bonds will be sold through the Bitfinex crypto platform, with a total value of US$1 billion (Rp 14 trillion). Part of the funds will be used to buy bitcoin, while the rest will be used to build city infrastructure, such as roads, schools, hospitals, and other facilities.