El Salvador’s President Nayib Bukele has officially submitted his candidacy for the 2024 presidential election, despite constitutional debates surrounding his eligibility for re-election. As an advocate for Bitcoin, Bukele enjoys substantial popularity and was nominated by his party, New Ideas, on October 26, gaining strong public support.
Addressing a crowd of thousands of Salvadorans, Bukele expressed his desire for “five more [years], five more and not one step back.” He emphasized the need for this time to further improve the country.
Bukele’s ascent to power in 2019 marked a significant political shift, breaking the three-decade dominance of the Nationalist Republican Alliance and the Farabundo Martí National Liberation Front in Salvadoran politics. Despite his popularity, critics like Salvadoran lawyer Alfonso Fajardo argue that the constitution prohibits consecutive presidential re-election.
However, in September 2021, El Salvador’s Supreme Court ruled that presidents can run for consecutive terms, providing legal grounds for Bukele’s candidacy.
New Ideas boasts strong support, backed by 70% of the country’s voting population, according to a study by a Salvadoran university. In contrast, its closest competitor only garnered 4% of the total votes.
One of Bukele’s political rivals, FMNLB, attempted to challenge his Bitcoin adoption program’s constitutionality through a lawsuit filed in June 2021. However, the program was officially established when El Salvador made Bitcoin legal tender in September 2021, rendering the complaint ineffective.
Under Bukele’s leadership, El Salvador has also implemented tech-friendly policies, such as eliminating taxes on technological innovations, aimed at bolstering the country’s economy. Gabor Gurbacs, a VanEck strategy advisor, has highlighted El Salvador’s potential to become the “Singapore of the Americas.”
Bukele’s strong crackdown against the MS-13 gang, which contributed to El Salvador having the highest homicide rates globally six years ago, has significantly boosted his popularity. The crackdown has led to a remarkable 92.6% reduction in the homicide rate, from 106 per 100,000 inhabitants in 2015 to 7.8 in 2022, resulting in one of the lowest crime rates in Latin America.
Nevertheless, Bukele’s approach to human rights has drawn criticism from the United Nations and other quarters. Critics argue that El Salvador violated human rights laws by detaining 65,000 individuals without affording them the legal rights to defend themselves.
El Salvador’s presidential election is scheduled for February 4, 2024.
