Nayib Bukele: El Salvador’s Bitcoin Loving, Anti-Gang President
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El Salvador’s President, Nayib Bukele, is making headlines for his views on a range of issues.
One thing is certain: the president adores the TikTok social media tool. He had posted a video of himself on the video-sharing app in which he was seen gliding on a military vehicle while hundreds of soldiers saluted him.
The video was discussed, but what contributed to the conversation was the video’s soundtrack.
The featured music was Bichota, a reggaeton tune. Bichota is a slang phrase for big shot. The video quickly went viral, with over 2.6 million views on the platform alone.
El Salvador’s 39-year-old president was originally a marketing executive who rose to fame and popularity through the deliberate and strategic use of the social media platform.
He took the oath of office as president two years ago. In his presidential vow, he stated that he would fight gangs, dismantle corruption, and make the entire system more open. He also stated that he would break with the nation’s entrenched political parties.
His approval ratings were unusual in that they appeared to be approximately computed at 90%, which is not practically attainable given the political context.
People eventually had to see the president’s shift toward tyranny, and he employed plans and techniques to attack and repress the press and media.
He also started suppressing civil society, and he is a piece of dramatic news that took up the Legislative Assembly of El Salvador.
He occupied the Legislative Assembly with the help of military soldiers in response to MPs’ reluctance to endorse an anti-crime expenditure bill.
However, none of this astonished global politics and international leaders. Even after commencing all of this, his approval ratings remained consistent, at around 90 percent.
His party easily won the midterm elections in February, receiving 53 percent of the vote. Following that, the country’s new legislature was sworn in in May. Nayib Bukele does have supporters and those who defend him.
These supporters deposed him and staged a coup. Self-coup was a political action in which they illegally seized political power in order to remove detractors of their idol from the Supreme Court and the Attorney General’s office.
Nayib Bukele was a notable supporter of the digital currency Bitcoin. Bitcoin is the most popular cryptocurrency. Nayib Bukele had made Bitcoin legal in his country the previous year. Under his administration, El Salvador became the first country in the world to make a move and embrace Bitcoin as legal cash.
There were suspicions that he was doubling down on the digital currency due to a significant drop in its value. He allegedly responded to the cryptocurrency slide with a commitment. In the vow, he stated that the government of El Salvador would buy one Bitcoin every day from now on.
Nayib Bukele’s administration has forwarded a measure to El Salvador’s national Congress with a proposal to allow the government to issue $1 billion in so-called “volcano bonds,” or government debt. The debt was denominated in US dollars, with bondholders receiving 6.5% interest per year.
This was done in order to purchase extra cryptocurrencies and construct a coastal metropolis called “Bitcoin City.” On November 22, the authorities in Bukele made this choice.
In a survey, the people of El Salvador did not appear to be interested in BitCoin, inverting the digital currency, or mining the digital currency, in contrast to the president’s actions and ideas.
The study was done in person one-on-one with around 1,269 citizens of the country. The José Simeón Caas Central American University released it in October (UCA).
According to the survey results, it was determined that approximately
In the year 2022, less than a quarter of respondents who were citizens of the country had used digital currency. The percentage of those who thought the Bitcoin rollout was a success was only 17%. In contrast, 66 percent of those polled believe it is a complete disaster and failure.
When asked how many people wanted Bukele, the president, to take action to avoid using public monies to buy Bitcoin, 77 percent said yes. When it comes to Bitcoin adoption, it was widely assumed that popular sentiment was against Bukele.
Even after the study was proven to be biassed against Bukele, it was discovered that it had no effect on his approval ratings. It was never less than 85%.
These efforts drew widespread attention to Bukele on the world stage. It was successful in attracting media attention from all around the world.
Bukele was also heavily criticised for authoritarian acts such as mass arrests and the removal of supreme court judges who opposed his agenda with the help of his loyalists. He has announced a candidature for reelection in 2024, which is unlawful.
Bukele is convinced that widespread Bitcoin acceptance would significantly improve his country’s well-being. It remains to be seen whether his visions will come true. There is no dispute about his effectiveness and the fact that he would never accomplish anything without a good plan.
However, there are numerous unsolved questions. The primary ones are whether the people of El Salvador, particularly the youth, would accept the president’s proposed digital money, and whether the dictatorial rule that he is adopting is appropriate for the modern period of 2023?!